The Conveyancing Process

• Published date: 31 August 2023
• Subject Matter: Real Estate and Construction, Conveyancing, Real Estate
• Law Firm: Myerson Solicitors LLP
• Author: Myerson Solicitors LLP

Buying and selling a property can be a stressful life event. Having an understanding of the legal processes involved can help you feel more in control and prepared about what is to come. The guide below sets out a brief summary of the legal procedure for a typical sale and purchase to help you have a better understanding as you go along.

1. Offering on the Property

The conveyancing process begins when an offer on a property has been made by the proposed buyer and accepted by the owner of the property. Buyers and sellers should instruct a solicitor as soon as an offer is agreed. If an estate agent has been involved with the marketing of the property, once they have the details of the chosen solicitors, they will issue a memorandum of sale to the solicitors confirming the agreed purchase price and each parties' details together with details of their solicitors.

2. Initial Lending Arrangements and Financing

If the buyer is buying with a mortgage and already have an agreement in principle from the mortgage lender, they will need to pass the details of their chosen lender onto their solicitor, who will likely also act for their mortgage lender.

There are some occasions where the solicitor's firm may not be on the panel of the lender which would mean that they cannot act for the lender so it is best to check this with the solicitor or mortgage broker as early as possible.

In an ideal world, the buyer should already have a mortgage offer but if not, this could add an extra few weeks to the timeline to account for the time it takes to secure a mortgage offer.

When the formal mortgage...