Selling a home Archives

Exchange and completion: Essential guide for home buyers and sellers

Posted on 7 March 202525 March 2025 by Sarah O'Sullivan

Buying or selling a house can be an exciting process but we understand there is a great deal of terminology involved which can be difficult to get to grips with.

Two such terms are ‘exchange of contracts’ and ‘completion’. Here is an explanation of precisely what these terms mean and answers to some commonly asked questions:

When buying a house, do you exchange or complete first?

Completion, as the name suggests, is the final stage of the conveyancing process. It is the day on which the purchase price is paid to the seller, and the buyer can collect the keys to their new property.

The exchange of contracts happens before completion.

What does ‘exchange of contracts’ mean?

The exchange of contracts is the point at which the sale or purchase becomes legally binding between the parties. It commits the buyer to purchase the property and the seller to sell it for the agreed price on the agreed completion date.

Can a buyer pull out between exchange and completion?

After an exchange of contracts, if a buyer pulls out of the purchase and fails to complete on the agreed completion day, the buyer will be in breach of contract. The contract will contain provisions for the buyer to forfeit, i.e., lose, their deposit to the seller, and other provisions for compensation for losses.

Before the exchange of contracts, either party may withdraw from the transaction without any legal consequences because no contract has been made between the buyer and the seller. There are a number of reasons why a party might withdraw. The conveyancing process in England and Wales allows buyers the opportunity to make a full investigation of the property before making a legal commitment to buy it.

Do I need to be present during the exchange of contracts?

The exchange of contracts is an entirely remote process. Your solicitor will have asked you to sign and return a copy of the contract in advance. This signed copy is held on file until the exchange of contracts takes place. You will need to be contactable either by phone or email on the day of exchange as your solicitor will request your express authority to proceed with exchange of contracts on your behalf, this makes sure you have not changed your mind and is an opportunity for any last-minute queries to be dealt with prior to committing you to the sale/purchase.

How does my solicitor prepare for the exchange of contracts?

If you are selling a property, your solicitor will prepare to exchange contracts by making arrangements for you to sign and return a copy of the contract.

If you are buying a property, your solicitor will need to have completed the following steps before proceeding with exchange of contracts:

Made arrangements for the buyer to sign and return the contract
Received deposit funds from the buyer (usually 10% of the purchase price)
Complete land registry checks to ensure nothing has changed on the title since it was provided by the seller

Whether you are selling or buying or both, your solicitor will contact you to request your express authority to proceed with exchange of contracts that day, we always want to make sure you have not changed your mind and are able to book your removals company before committing you to a contract.

How does my solicitor exchange contracts?

Exchange of contracts involves a telephone call with the solicitor representing the other party. The solicitors will read through the details of the contract to ensure the terms in each contract are exactly the same.

When the solicitors are satisfied that both contracts are identical, they will agree to date the contract which brings the contract into existence.

I’m in a chain; can we exchange contracts whenever we are ready?

If you are selling your current home and moving into a new one, you are part of a chain of transactions and exchange of contracts must align with all other parties in the chain, who must also agree the all-important completion date.

This can take some coordination and estate agents are well placed to bring the chain to an agreement that suits everyone involved.

Once the dates are agreed and all parties ready to exchange, the solicitors will ‘release’ the contract to the solicitor above them. The next solicitor in the chain does the same and this process is repeated until the top of the chain is reached and the top contract is exchanged. Confirmation is then communicated back down through the chain by each solicitor until the solicitor at the bottom is reached.

What happens between exchange and completion?

Between exchange and completion, the final administrative tasks are completed, such as requesting estate agent invoices and mortgage funds in readiness for completion.

What is a normal gap between exchange and completion?

Most lenders require 5 working days’ notice to arrange payment of mortgage funds, this usually determines the gap between exchange and completion however sometimes parties agree on a longer gap. Most clients are comfortable with a week before completion as it allows time to make final preparations for completion day such as notifying utility companies and arranging to forward post.

A shorter gap can also be agreed in certain circumstances. Your solicitor will check how much time is required between exchange and completion and ensure sufficient time will be allowed before proceeding with exchange of contracts.

It is also possible to exchange and complete on the same day if needed, this is known as ‘simultaneous exchange and completion’. This requires planning in advance and is usually only possible if there is no wider chain involved.

What does my solicitor do on completion day?

If you are selling a property, your solicitor waits to receive the purchase funds from the buyer’s solicitor. Once received, they will contact you to confirm this and check whether you are ready for the estate agent to release the keys to the buyer. The solicitor will also arrange to repay any outstanding mortgage on the property.

If you are buying a property, your solicitor will send the purchase monies to the seller’s solicitor and await confirmation of receipt. Once confirmed, they will contact you to confirm you can collect the keys from the estate agent. In the background, they will then arrange to submit your stamp duty return to HMRC and payment of the stamp duty owed. They will then attend to registration of your ownership of the property at HM Land Registry.

Can I do building work between exchange and completion?

Between exchange and completion the property still belongs to the seller. It is possible to do building work between exchange and completion but it must be agreed with the seller in advance via a ‘Key Undertaking’. This is an agreement to allow you access to the property to carry out specific pre-agreed works. It is usually agreed that you must return the keys to the estate agent at the end of each day.

Can things go wrong between exchange and completion?

It is very rare that things go wrong between exchange and completion but it can happen and certain things are beyond your solicitor’s control. For example, banking systems can go down which can affect the transfer of completion funds between solicitors. A key undertaking is sometimes agreed in such situations to allow buyers into their new properties before completion is finalised.

Call us for a conveyancing quote

When you’re ready to move, call us for a conveyancing quote. We work on fixed fees so you have additional peace of mind.

2024 Property trends: Sales, demand, and 2025 outlook

Posted on 6 January 202525 March 2025 by Sarah O'Sullivan

As we approach the new year, Zoopla has highlighted trends in the UK property market in 2024.

It is expected that, by the end of the year, there will have been 1.1 million sales completed – 10% more than last year. Meanwhile, January was the busiest month for visitors to the Zoopla site, followed by March and February. Interestingly, 80% of potential buyers were looking at the floorplans of a property before the photos, highlighting that pictures aren’t everything.

As for sellers, May was the most popular month to put a home up for sale – just in time for the summer, which is typically the busiest period for house moves. August saw 104,740 completions – the busiest month of the year according to HMRC. It took the average homeowner 33 days to sell – a slight reduction on 34 days in 2023. The most popular property type this year was a three-bedroom semi-detached house.

The top five fastest moving markets in the UK were all located in Scotland – Falkirk took the top spot with an average of 15 days to sell. In Scotland, properties are listed with a valuation and survey upfront, thus speeding up the sales process.

Where has buyer demand increased?

Comparison site GetAgent has revealed the levels of buyer demand in cities across Britain.

The report highlighted the areas with the strongest growth in buyer activity this year. Out of 21 major cities, Sunderland came out on top; half of all homes on the market have currently found a buyer – 10% more than the start of the year. Leicester was second on the list with a 9% increase in buyer demand, followed by Liverpool (8%), Newcastle (7%) and Leeds (6%).

Aberdeen saw the lowest increase, with only a +0.2% change in buyer demand this year. London was also near the bottom of the list, with a 3.3% increase in activity. Although some increases were marginal, it is promising that every major UK city did see some growth in buyer demand in 2024.

What’s in store for residential property investment?

2025 is expected to be a good year for residential property investment despite recent policy changes.

Labour’s target to build 1.5 million new homes during this Parliament is likely to encourage investment in the residential property market. Capital Gains Tax on residential property remained unchanged in the Chancellor’s Autumn Budget, which came as a relief for many. However, those buying a second home are now subject to a higher rate of Stamp Duty Land Tax.

Following the Budget, the Bank of England warned that inflation could rise again, causing interest rates to fall at a slower pace. There was concern that this could make the UK less appealing to European investors, who could play an important role in achieving the government’s housing target. The impact remains to be seen; however, the Bank still hopes to reduce interest rates in 2025.

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

All details are correct at the time of writing (18 December 2024)

Budget uncertainty sparks market shifts and opportunities

Posted on 21 November 202425 March 2025 by Sarah O'Sullivan

There was some uncertainty within the housing market ahead of the Autumn Budget at the end of October, which was reflected in muted consumer activity.

House price growth slowed ahead of the first Labour Budget in 14 years according to Savills. Mortgage rates rose slightly at the end of October as lenders repriced their fixed rates around the Chancellor’s announcements. However, Knight Frank do still expect house prices to increase by 3% this year.

Rachel Reeves confirmed that the lower Stamp Duty thresholds will be reinstated in April 2025, which is likely to cause a flurry of purchases in Q1 of 2025. Meanwhile, the increase in Stamp Duty on additional residential properties could reduce supply into the private rental sector.

Overall, many experts think that the Budget will cause inflation rates to be higher than initially predicted. This would lead to elevated mortgage rates, with less likelihood of strong house price growth.

Hope for the rental market?

Conditions could start improving for renters, with Savills commenting that residential rental prices may have reached an ‘affordability ceiling.’

Figures from Zoopla show that UK annual rental growth slowed to 4.3% in September – a further decline from 4.6% in August.

Plus, it seems that the Renters’ Rights Bill may not have prompted too many landlords to leave the market, with Knight Frank reporting that between January – August this year, there were 6% more new lettings listings in Prime London than the same period in 2023. This is a welcome relief, as limited supply is already an issue across the rental sector.

Commenting on the Renters’ Right Bill, Gary Hall, Head of Lettings at Knight Frank, said, “The new rules are likely to cause some logistical problems for landlords, but we are not expecting an exodus. Those who were on the fence have already left and those who stayed have benefited from strong rental value growth in recent years.”

Increase in chain-free homes for sales

Nearly a third of homes listed on Zoopla are currently chain-free.

From April 2025, homeowners and investors could be charged up to twice the amount of Council Tax on their second homes, which has prompted many to sell. In turn, there has been a 33% increase in buyer enquiries on chain-free properties.

Perhaps unsurprisingly, the UK’s second home hotspots have the highest proportion of chain-free homes for sale – the North West (36.5%), Yorkshire and The Humber (35.9%) and the South West (35.9%).

Senior Property Researcher, Izabella Lubowiecka at Zoopla, commented, “Those looking at buying a home before Stamp Duty rates increase in April 2025 should think about buying a chain-free home as they tend to complete much faster. Now is a great time to look for properties, with more chain-free homes available than in previous months.”

All details are correct at the time of writing (20 November 2024)

What to expect from your Conveyancer: A complete guide to property transactions

Posted on 2 October 202425 March 2025 by Sarah O'Sullivan

Buying or selling a property is a significant milestone, but it can often feel overwhelming. That’s where a conveyancer comes in – to navigate the legal complexities and ensure your transaction is seamless.

What is a conveyancer?

A conveyancer is a legal professional specializing in property transactions. Their expertise ensures the legal transfer of property ownership is conducted efficiently and correctly.

Key responsibilities of a conveyancer

A conveyancer handles all the legal aspects of your property transaction, including:

Drafting and reviewing contracts
Conducting property searches
Liaising with mortgage lenders
Ensuring all legal documents are accurate
Managing the transfer of funds
Registering the property with the Land Registry

Why you need a conveyancer

Property transactions are often the largest financial investments people make. A conveyancer’s legal knowledge helps prevent costly mistakes and protects your interests. If you are using a mortgage, most lenders will also require a conveyancer to ensure their loan is properly secured against the property.

Who else is involved in a property transaction?

In addition to your conveyancer, other professionals may play a role, including:

Mortgage Brokers: Help secure a mortgage with favorable terms.
Surveyors: Assess the property’s condition to identify any structural issues.
Estate Agents: Represent sellers by marketing the property and negotiating terms.

Ensure any agreements made with third parties are confirmed with your conveyancer to ensure they are legally binding.

Risks of not using a conveyancer

Without a conveyancer, you risk legal oversights that can lead to severe consequences, including:

Title discrepancies
Boundary disputes
Uncovered restrictive covenants
Complications in property registration

A conveyancer provides a vital safety net, identifying potential issues before they become costly problems.

The conveyancing process: Step-by-step

Understanding the process can ease some of the stress associated with property transactions. Here’s what to expect:

1. Initial consultation

Your conveyancer will explain the process, gather key information, and outline the expected timeline. This is your opportunity to discuss any concerns or special requirements.

2. Drafting and reviewing contracts

For buyers, your conveyancer will review the draft contract pack from the seller’s solicitor. For sellers, they will draft the sale contract. Your conveyancer ensures the contracts are fair, clear, and protect your interests.

3. Conducting searches and raising enquiries

Property searches, including local authority checks and drainage reports, are essential to uncover any legal or environmental issues. Your conveyancer will also raise enquiries to clarify any concerns identified in the searches.

4. Exchanging contracts

Once both parties are satisfied and all legal requirements are met, contracts are exchanged. At this point, the transaction becomes legally binding, and the buyer usually pays a deposit (typically 10% of the purchase price).

5. Completion

On completion day, funds are transferred to the seller, and the buyer receives the keys. Your conveyancer will handle final legal formalities, including registering the property and paying any Stamp Duty Land Tax.

How long does the conveyancing process take?

While timelines can vary, the process typically takes 8 to 12 weeks. Factors like property chains, legal complications, or mortgage approval delays may impact this timeline.

Why Choose Tees

Choosing an experienced independent conveyancer can make all the difference in ensuring a smooth and successful property transaction. From legal protection to peace of mind, our support is invaluable. Whether you’re buying or selling, having our dedicated legal professional by your side will help you navigate the property market with confidence.

If you’re ready to take the next step, reach out to today to our qualified conveyancers to guide you through your property journey today.

Bank of England cuts interest rate for first time in four years

Posted on 2 September 202425 March 2025 by Sarah O'Sullivan

The Bank of England has reduced Bank Rate for the first time in more than four years.

The rate is now 5%, having been held at 5.25% since August 2023, after 14 consecutive increases. The Monetary Policy Committee (MPC) marginally voted in favour of reducing Bank Rate, by 5 votes to 4. Many major mortgage lenders had already reduced their rates in anticipation of the cut and more are expected to follow suit. Despite this, the reduction is not expected to make a significant difference to mortgage affordability overall, however it is hoped to be the first of more cuts which should alleviate some of the financial pressures on homebuyers.

Matt Smith, Rightmove’s mortgage expert, commented, “While those looking to take out a mortgage soon shouldn’t expect to see drastically lower mortgage rates, we would expect the downward trend we’ve started to see continue.”

Renters’ Rights Bill – what’s in it

The government has released notes on what to expect in the Renters’ Rights Bill, which is due to introduced in the autumn.

As promised in Labour’s manifesto, the Bill will include the end of ‘no fault’ evictions but will have clear possession grounds for landlords needing to reclaim their properties. Renters will also have improved rights enabling them to challenge rent increases. Plus, the government plans to end ‘bidding wars’ on rental properties, although property experts Rightmove commented that this may be difficult as there are currently 15 prospective tenants for every rented property.

Tenants will gain the right to request a pet, which the landlord must consider and cannot unreasonably refuse, however they can request appropriate insurance is purchased to cover any accidental damage. A Decent Homes Standard is also expected to be applied to the Private Rented Sector to improve the quality of rental properties.

The UK’s fastest selling homes

Research by Zoopla has revealed the homes that sell the fastest in the UK.

In England and Wales, almost half (49%) of homes find a buyer within 30 days of going on the market. This figure increases to 75% in Scotland where properties are valued and surveyed upfront, thus speeding up the homebuying process.

In Q2 of this year, the fastest-selling property type on Zoopla was two-bed terraced houses, which took an average of 27 days to sell. It then usually takes another four months for the transaction to be completed. These properties appeal to a range of buyers, from first-time buyers to empty-nesters looking to downsize. Notably, there is also more competition for this kind of home due to limited supply, as they made up only 7% of new properties listed in the last three months.

Interestingly, the slowest-selling properties are detached homes with at least four bedrooms, taking an average of 40 days before a sale is agreed. This is probably due to associated higher mortgage costs combined with a spike in supply of larger homes.

All details are correct at the time of writing (19 August 2024)

All details are correct at the time of writing (19 August 2024)

A new Labour government – what’s next for housing?

Posted on 31 July 202426 March 2025 by Sarah O'Sullivan

Residential property review June 2024 – The UK housing market continues to show modest signs of recovery, according to the latest data from Savills.

Despite some house price growth, a significant upturn is unlikely until mortgage affordability improves.

Buyer activity continues to improve, as the number of sales agreed in May was 10% higher than the 2017-2019 average, according to TwentyCI.

The rental market remains relatively consistent. Data from Zoopla shows that, in April, annual UK rental growth was 6.6% – slightly lower than the 6.7% recorded in the previous month. The region with the strongest annual growth was the North East (9.5%), followed by Scotland (9.3%). Rental growth is accelerating in locations close to large cities, such as North Tyneside and Midlothian – more evidence that the pandemic’s ‘race for space’ appears reversed.

New homes in the capital – demand outstrips supply

Demand for new buildings in the capital is increasing, but supply is limited due to high development costs.

Knight Frank data indicates confidence is picking up among London buyers. In April, the number of offers placed on new homes increased 9% year-on-year, while viewings rose 17%. Similarly, for mid-to-upper markets, the number of prospective buyers interested in purchasing a new build was 15 to 20% higher than the previous year.

Despite this growing demand, building costs in the capital have put off some developers. As a result, new starts fell by 20% over a 12-month period, and about 35,000 new homes are being delivered per year – over 30% lower than the Mayor of London’s target of 52,500.

How will the General Election affect the housing market?

Ahead of the 2024 General Election, new homes are the unanimous focus of the manifestos regarding housing.

If the Conservatives remain in government, Rishi Sunak aims to build 1.6 million new homes over the next five years – slightly more than the Labour Party’s target of 1.5 million and less than the Liberal Democrat’s promise of 380,000 new builds per year. Ed Davey stated that 150,000 will be social housing; Keir Starmer prioritises building new social rented homes.

The Labour, Liberal Democrat and Conservative manifestos pledge to fully abolish Section 21 ‘no fault’ evictions. Davey also pledged to create a national register of licensed landlords and make three-year tenancies the default.

If the Labour Party comes to power, they propose increasing the Stamp Duty rate for non-UK residents. Meanwhile, the Conservatives would abolish Stamp Duty for first-time buyers (FTBs) on homes up to £425,000. To further support FTBs, Sunak promised a new and improved Help-to-Buy scheme. Similarly, the Labour manifesto pledged a permanent mortgage guarantee scheme.

All details are correct at the time of writing (19 June 2024)

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice, and the accuracy and completeness of the information cannot be guaranteed. It does not provide individually tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applied or proposed and are subject to change; their value depends on the investor’s individual circumstances. No part of this document may be reproduced without prior permission.

A new Labour government – what’s next for housing?

Posted on 31 July 202426 March 2025 by Sarah O'Sullivan

Residential property review July 2024 – Following the Labour Party’s landslide election win, what changes might be in store for the UK housing market?

In the Prime Minister’s introduction to the King’s Speech on 17 July, Sir Keir Starmer stated “Too many people currently live with the threat of insecurity and injustice, and so we will make sure everyone can grow up in the secure housing they deserve. We will introduce tough new protections for renters, end no-fault evictions and raise standards to make sure homes are safe for people to live in.”

Several key Bills relevant to the housing market were announced:

Renters’ Rights Bill – rent caps and longer-term tenancy agreements to stabilise the rental market
Planning and Infrastructure Bill – simplified planning procedures and infrastructure funding
Draft Leasehold and Commonhold Reform Bill – abolishment of ground rent and simplification of leasehold extensions and freehold purchases.

Housing market update

Completions and house prices rose in June, but buyer activity fell as the nation awaits a cut in Bank Rate.

The start of 2024 saw a boost in sales agreed, resulting in positive effects being seen in June, with the highest number of completed transactions since March 2023, according to HMRC.

However, a slight decline in mortgage approvals and sales agreed indicate that buyer activity has waned halfway through 2024. Savills report that supply of homes has continued to increase, thus widening the gap between supply and demand. Buyer confidence should be restored once mortgage affordability improves and is dependent on Bank Rate reducing, which Oxford Economics predict will happen in August.

UK annual rental growth fell to 5.8% in May according to Zoopla – down on the 6.6% recorded in April. Commuter belt regions continue to show the strongest growth, particularly in the north of England.

BTL landlords intend to raise rents

Many buy-to-let (BTL) landlords plan to raise their rents within the next year, according to a survey by Landbay.

Nearly 85% of respondents intend to increase rents over the next 12 months, with 37% of this group planning to put rents up by between 6% and 10%. Meanwhile, 36% said they would raise rents by up to 5% and a further 8% of BTL landlords will put them up by between 11% and 19%. The reasons cited for the increases included higher interest rates and increased operating costs.

According to the survey, half of the landlords raising rents self-manage their properties, 27% use an estate agent and a fifth rely on a professional management company. The survey also found that 42% of landlords have between four and ten properties, while 28% own at least 20 rental properties.

All details are correct at the time of writing (18 July 2024)

UK Housing market mid-2024: Recovery amid challenges

Posted on 28 June 202426 March 2025 by Sarah O'Sullivan

Residential property review June 2024 – The UK housing market continues to show modest signs of recovery, according to the latest data from Savills.

Despite some house price growth, a significant upturn is unlikely until mortgage affordability improves.

Buyer activity continues to improve, as the number of sales agreed in May was 10% higher than the 2017-2019 average, according to TwentyCI.

New homes in the capital – demand outstrips supply

Demand for new buildings in the capital is increasing, but supply is limited due to high development costs.

How will the General Election affect the housing market?

Ahead of the 2024 General Election, new homes are the unanimous focus of the manifestos regarding housing.

All details are correct at the time of writing (19 June 2024)

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice, and the accuracy and completeness of the information cannot be guaranteed. It does not provide individually tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applied or proposed and are subject to change; their value depends on the investor’s individual circumstances. No part of this document may be reproduced without prior permission.

Shared ownership homes: Repairs and home improvements

Posted on 2 December 202326 March 2025 by Sarah O'Sullivan

If you’re considering a shared ownership property, one of the most common questions is: Who is responsible for repairs and home improvements? Understanding your responsibilities can help you budget effectively and avoid any unexpected surprises.

What is shared ownership?

Shared ownership allows you to buy a percentage share of a property while paying rent on the remaining share, typically owned by a housing association or landlord. While this offers a more affordable route to homeownership, it also comes with specific responsibilities for repairs and improvements.

Who handles repairs and improvements?

Structural changes and home improvements

While you’re free to decorate and make minor cosmetic changes, any significant structural changes require approval from your landlord. This is because structural modifications can impact the property’s market value, which may affect the price if you decide to staircase (buy additional shares).

Keep in mind that a landlord is not responsible for upgrades like a new kitchen or bathroom if your motivation is purely aesthetic.

Initial repair period

Some shared ownership properties come with an initial repair period, typically lasting up to 10 years. This applies if you own less than 100% of the property.

During the initial repair period:

The landlord covers essential repairs but cannot use the reserve fund or service charges to pay for them.
You are still responsible for paying your service charges as usual.
You may be able to claim up to £500 per year from your landlord for certain repairs, including issues with water, gas, electricity, or heating systems.

You can check whether your property has an initial repair period by referring to the Key Information Document provided by your landlord before you reserve the home.

External and structural repairs

For new-build homes, external and structural repairs are usually covered by a building warranty for the first 10-12 years. If you purchase a shared ownership resale property, any remaining warranty period will transfer to you.

For flats, external repairs are typically the responsibility of the freeholder or building owner. The cost is then divided among all flat owners through your service charge.

What to Do if Repairs Are Needed

If an issue arises, contact your landlord as soon as possible. They will assess the problem and determine whether the repair is essential. Keeping clear records of all communications and repair requests can be helpful.

For further information, visit the government website for official guidelines.

By understanding your responsibilities, you can enjoy the benefits of shared ownership without unexpected repair costs.

What is conveyancing?

Posted on 5 April 202326 March 2025 by Sarah O'Sullivan

Conveyancing is the word typically used to refer to the legal process of buying or selling a house.

Buying and selling a house can be an exciting process – but it can also be stressful! Our team of Conveyancing experts are on-hand to provide guidance at every stage, as we want to achieve the best result for you – without any stress or worry on your part.

While first-time buyers or sellers may benefit greatly from our guide, even seasoned house movers should stay informed about any changes. Here are the important points that you should be aware of to make the process smoother and more successful:

What documents do I need to sell a house?

To help, we’ve come up with a list of the Top 10 documents which will assist when selling your home:

Title deeds and plans
Planning permission for work completed in the last 20 years
Building Regulations approval and certificates
FENSA certificates from 1 April 2002
GASAFE certificates from 1 April 2005
Electrical certificate from 1 January 2005
Guarantees and warranties for works completed
Any reports such as a flood risk or radon gas
EPC Certificate
Any indemnity insurance documents

If you are unable to provide these, we can assist in obtaining copies for you or your agent may also be able to help.

How long will it take?

This depends upon whether the sale or purchase is a one off transaction or caught up in a chain of transactions. If for example the property is empty and the buyer does not need a mortgage and the paperwork is received promptly by the buyer’s lawyer, a sale and purchase can be completed very quickly.

However, more often than not, a mortgage will be needed and there will be a chain of transactions. If this is the case, it will usually take about four to six weeks to exchange contracts and another two weeks between the exchange of contracts and final completion, making a total of six to eight weeks from start to finish.

We will always work hard to minimise delays and to try to complete your transaction as soon as possible. It is not possible however to guarantee the time it will take when a chain of transactions is involved. This is because a transaction in a chain can only proceed as quickly as the slowest person in the chain. Examples where delays could arise include when someone is waiting to receive a mortgage, to have a survey carried out or a transaction has started off later than the others in the chain or has previously fallen through.

When selling your property, we recommend gathering together all of the documentation relevant to your property and providing this to your solicitor at the beginning of the process. This will make the transaction quicker and easier to deal with.

When do I need to pay any money?

If you are buying a property your solicitor will ask you for funds, typically £350 at the start of the transaction to cover search fees. Then a few days before contracts are due to be exchanged, your solicitor will ask you for the deposit which is payable on exchange of contracts. This is usually agreed at 10% of the asking price of the property but can vary. The balance of the purchase money and solicitor’s costs including Stamp Duty Land Tax and land registration fees are payable a few days before the completion date as we must have cleared funds on the date of completion.

Do I need a survey?

The legal position is ‘buyer beware’ and that you buy a property in its existing condition with no come back against the seller if there are any defects at all. This is why it is always advisable to have a survey carried out before contracts are exchanged and you are legally committed to buy the property. If you need a mortgage, the lender will insist on a valuation being carried out to check on the value of the property but this is not a survey. It depends on the type of property you are buying as to the type of survey that it is advisable to have carried out. We will be pleased to discuss this with you and have good relationships with various local surveyors and can put you in touch with them to get this advice.

What searches do you carry out?

If you are buying a property we will carry out all appropriate searches and pre contract enquiries for you against the property. The main searches are:

Local Authority Search
Drainage and Water search
Environmental Search
Chancel Search and Land Charges
Land Registry Searches

These searches are undertaken to check that there are no adverse matters registered against the property including for example breaches of planning, proposals for nearby new roads or traffic schemes, whether there are any risks from contaminated land or flooding and whether there is any potential liability to contribute towards the upkeep of the chancel of any medieval church in the vicinity. Our drainage and water search will show whether or not the surface and/or foul water drains run into a public or private sewer and the route that they take and whether the property is connected to the mains water supply. We also ask various questions of the Seller to identify a host of important things like who is responsible for the boundaries, when the central heating was last serviced, whether there are any guarantees for building work and whether they have had any problems with the neighbours.

When do I need to arrange building insurance?

Unless the insurance is being arranged by the lender or it is a leasehold property and the insurance is dealt with by the landlord, this must usually be arranged from exchange of contracts as the property will be at your risk from that time. You should make arrangements to have this in place immediately Contracts are exchanged.

What does exchange of Contracts mean?

Once all searches, pre contract enquiries and your survey has been carried out, any mortgage offer required has been received and you and the other parties in the chain are ready to proceed, Contracts can be ‘exchanged’. There are two parts to the Contract. One is signed by the seller and the other part by the buyer. Your solicitor will check with you and the other parties in the chain as to a suitable completion date and will then ‘exchange’ the Contract with his /her opposite number. This is usually dealt with on the telephone and it is only at that stage that you are a legally committed to the purchase or sale and that a completion date is agreed.

What is the ‘Completion Date’?

This is the date agreed on exchange of Contracts for you to complete your purchase or sale. It is the day that the buyer is entitled to collect the keys and move into the property.

What happens on the ‘Completion Date’?

This is when the buyer’s solicitor sends the balance of the purchase money through the banking system to the seller’s solicitors. Once received they will call the estate agents to authorise them to release the keys to the buyers. On completion the seller has to move out (give ‘vacant possession’) and remove all furniture and effects from the property. The seller’s solicitors will send the deeds of the property to the buyer’s solicitors and send to the seller the balance of the sale monies after payment of any outstanding mortgage, estate agents fee and legal costs.

What happens after Completion?

The buyer’s solicitors will pay any Stamp Duty Land Tax and arrange for the buyer and the lender to be registered as the new owner and lender at the Land Registry.

If you are looking to buy a property, please do not hesitate to get in touch. Our specialist lawyers are members of the Law Society’s Conveyancing Quality Scheme and are based in: