If you’re moving home, you may not have heard the term conveyancing before. Conveyancing is simply the legal process of transferring ownership of a property. Here’s what you need to know.
The buyer and seller are both responsible for paying for conveyancing work during a house sale and will both need to find a conveyancer.
You will need to pay your conveyancer if the sale falls through. The amount you will have to pay will depend on how far along the sale is.
With a no sale, no fee agreement, you will not have to pay the legal costs if the sale falls through. However, you may still have to pay for additional costs such as disbursements, searches, and any surveys or valuations.
The average time frame for conveyancing is 8-12 weeks. Factors such as the complexity of the property chain and survey results can have an impact on this time frame.
The three main conveyancing searches that you will need to have done are:
Local Authority Search
Water and Property Search
Environmental Search
If you are purchasing with a mortgage, these are the searches that lenders will require you to have done.
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