IBB Law - Conveyancing Guide.pdf

The Conveyancing
Process
YOUR GUIDE TO

Conveyancing covers the process of transferring
home ownership from one person to another and
it is the role of the conveyancing lawyer to ensure
any move, whether selling or buying, proceeds as
smoothly as possible. It is therefore important -
whether you are selling, buying, or assisting with
a home move - to know what is involved in the
conveyancing process.
This complimentary digital guide sets out some
of the most important stages of the conveyancing
process and helps you understand the terms you are
very likely to hear.
The Conveyancing Process
3
find out more at: www.ibblaw.co.uk
YOUR GUIDE TO
There are many stages, including:
1
5
2
6
3
7
4
8
Instructing
a Lawyer
Enquiries
The Contract
Package
Report
on Title
Property Survey
and Searches
The Exchange
Process
The
Mortgage
The Completion
Process
Scan here to visit our
YouTube channel
It is the role of the
conveyancing lawyer
to ensure any move,
whether selling or
buying, proceeds as
smoothly as possible.
to visit our YouTube channel and have a look at our videos
and explainers on the Conveyancing Process.

When dealing with initial instructions, it is
important to collate all the information as
efficiently as possible, ideally prior to the
transaction being agreed. A sale or purchase
can then proceed to the next stage sooner and
more smoothly. On a sale transaction, this will
also give your lawyer a chance to review the title
documentation early on and to resolve any issues
before they cause unnecessary delays.
It is also important at this point to complete
the Protocol Forms. These are comprehensive
documents required throughout the conveyancing
process and, if completed at the earliest
opportunity, will ease progression to the next stage
of the transaction.
1. An instruction form
2. ID documents - photographic ID and a proof of address
3. The source of funds for the transaction
4. Details of any Landlords or Managing Agents if the property is leasehold
5. Any documents relating to works undertaken - such as planning and building control documents
6. Funds on account to cover disbursements
5
To minimise delays, you should instruct a lawyer as soon as possible in the process.
The process of instructing a lawyer will include providing:
Instructing a Lawyer
STAGE 1
FAQs
When do I pay my lawyer?
You will usually be asked to provide an initial payment on account to cover the
cost of the disbursements incurred throughout your transaction, with the legal
fees payable on completion.
Protocol Forms
The Law Society Property Information (TA6), Leasehold Information (TA7) and
Fittings and Contents (TA10) forms.
Glossary
It is important to collate
all the information as
efficiently as possible.
YouTube channel

7
It is useful if the Contract Package also includes
additional information such as planning and
building regulation documents for any works
historically carried out on the property along with
any guarantees/warranties for such works (and
referred to in the Protocol Forms). Where the
property is leasehold, replies to leasehold enquiries
from the Landlord and/or Management Company
should also be provided.
Ensuring that the Contract Package is full and
complete will prevent the buyer’s lawyer needing
to raise enquiries about missing documents. This
can cause significant delays especially where
third parties need to be contacted, such as a Local
Authority for planning documents.
If a property is unregistered, then additional
work is required to compile the Contract Package
as an Epitome of Title will need to be prepared.
It is therefore important to provide any and all
documentation held in respect of the Title for
the Property.
Purchasing a property is one of the biggest investments you are likely to make and should not be left to
chance. As the buyer, it is important for your peace of mind to ensure that the correct searches are carried out
for the specific property being purchased and that all potential issues are identified, highlighted and resolved.
1. The Draft Contract
2. Title Register and Plan for the Property
3. Any associated documents referred to in the Title Register for the Property
4. The Protocol Forms
5. Energy Performance Certificate
1. Local Authority Search
2. Drainage and Water Search
3. Environmental Search
4. Mining Search
5. Energy and Infrastructure Search
Preparing the Contract Package is the first stage of the conveyancing process once a lawyer has been
instructed in full and a sale has been agreed. The Contract Package is prepared by the seller’s lawyer and
will include, as a minimum, the following:
A buyer needs to find out as much as they can about the property before deciding whether to go ahead.
Although it is possible to carry out some of the local and visual investigations yourself, we would
recommend instructing a surveyor to assess the structure of the house and its services.
The due diligence that a lawyer will carry out on behalf of the buyer will include searches. The decision
as to what searches are needed will depend on where the property is located and any mortgage lender
requirements. Common searches include the following:
The Contract Package
Property Survey and Searches
STAGE 2
STAGE 3
Epitome of Title
A schedule of all the documents required to deduce (prove) title to unregistered
land and prove ownership.
Glossary FAQs
Can I rely on my lender’s valuation rather than instructing my own surveyor?
A mortgage valuation is not the same as a house survey and you should not
rely on this. A full structural survey should be carried out to alert you to any
potential issues before you buy.
YouTube channel
to see our video on what Property Searches are and why
they should be carried out.

9
You should speak with your Independent Financial Adviser
to ensure that the most suitable mortgage product is
chosen for your individual circumstances.
On receipt of the Mortgage Offer, the buyer’s lawyer (and
also the buyer) should review the offer in detail to ensure its
accuracy and that it contains the relevant information. This
prevents issues further down the line - when requesting
mortgage funds and when registering the mortgage at the
Land Registry. Potential errors on Mortgage Offers include
not having your middle name detailed, a mistake with the
property address or even the wrong purchase price.
This is likely the biggest loan you will take out during your
lifetime so it is important that you read and understand
the Mortgage Offer’s special conditions. Any questions
or queries should be raised with your lawyer and/or
Independent Financial Adviser.
The Mortgage Offer is not triggered, and the funds are not
drawn down, until a Certificate of Title is sent by your lawyer
to the lender. The buyer’s lawyer is required to investigate
the title to the property from a legal perspective and, in order
to provide the Certificate of Title, they will have reviewed the
information at hand in conjunction with either the UK Finance
Lenders Handbook or the Building Societies Association
Mortgage Instructions - as these set out the instructions and
specific requirements of each individual lender.
A Certificate of Title will usually be submitted on Exchange
of Contracts and will notify the lender of the date on which
the funds are required, usually the working day before the
completion date.
1. The mortgage term
2. The amount being borrowed
3. The repayment type
4. The interest rate
5. Early repayment charges
A mortgage offer must be received by a buyer’s lawyer before
proceeding to the Exchange Process. The Mortgage Offer
will set out the product terms you have chosen which could
include, but is not limited to:
The Mortgage
STAGE 4
This is likely the biggest
loan you will take out
during your lifetime so
it is important that you
read and understand
the Mortgage Offer’s
special conditions.
YouTube channel

11
The information provided during the enquiry stage is incorporated into the Report on Title. It is important
that a Buyer is made aware of and understands any potential issues revealed as these will become the
Buyer’s responsibility when the purchase completes.
1. Lack of access rights
2. A short Lease
3. An unregistered title
4. Breaches of covenants
5. Planning and building regulation issues
1. What is physically being bought
2. Whether the seller has the right to sell
3. Charges on the land
4. Rights for the owner or neighbours that benefit or burden the land
5. The seller’s answers to the buyer’s lawyer’s Enquiries
6. The results of the Property Searches
7. Any other relevant information such as reporting on a mortgage offer
An essential step in the conveyancing process is to find out as much about the property as you can before
it is purchased. The questions a lawyer asks and the answers the seller gives are an important part of
the information relied upon to decide whether or not to go ahead with the purchase and help ensure the
buyer’s investment is sound. Some of the questions are in a standard format prescribed by the Law Society
Conveyancing Quality Scheme under a system called the Protocol. These are the Protocol Forms which
usually make up part of the Contract Package. This allows buyers and sellers to follow a process that
ensures the right questions are asked and at the right time, and lets both sides know what to expect.
The content of the Contract Package, the Property Survey and Searches also makes sure the buyer’s lawyer
asks the right questions and investigates potential issues fully. For example, if a local authority search
highlights that there are no planning documents available, but the Contract Package suggests an extension
has been built, an additional enquiry would need to be raised to resolve this potential issue.
The lawyer will be looking to identify and resolve title and other issues which could include:
Whether buying a home or making a property investment, an essential step in the process is for a lawyer to
thoroughly research the legal title to the land and to report on this.
The Report on Title sets out all of the information the lawyer has collected about the legal title to the
property and explains what it means to the buyer.
When the buyer understands the title information, they are able to make a fully-informed decision about
whether or not to buy and, if they do, what to expect in relation to their ownership.
Most reports on title will also include additional information and are not limited to the legal title, for example:
Enquiries Report on Title
STAGE 5 STAGE 6
FAQs
FAQs
When are the enquiries raised?
Usually after the Contract Package has been received and the search results
have been made available. The aim is to raise the enquiries only after as much
relevant information as possible has been received.
When will I receive the Report on Title?
Usually once your lawyer is satisfied they have obtained all the necessary
information, although occasionally it is provided in advance of this.
YouTube channel
To see our video about what enquiries are raised and why
this is such an important part of the process.
To see our video on what a Report on Title is and why it is
important to understand the title information so you can
make an informed decision on the purchase of a property.

13
At Exchange of Contracts the
parties become contractually
bound to proceed.
YouTube channel
13
The Exchange of Contracts is the key moment in the Conveyancing Process. This is when the parties become
contractually bound to proceed with the sale or purchase and the completion date is set. After this point, neither
party can back out without major penalties. When buying with a mortgage, the minimum time between Exchange
of Contracts and the completion date is usually 5 working days – subject to the lender’s requirements.
Exchange of Contracts cannot take place until the previous stages have been completed in full, the buyer and
seller have signed and returned the Contract and the buyer has provided the agreed deposit to their lawyer.
The Exchange Process takes place over the phone. The lawyers agree for the signed contracts to be sent to
one another with the result that the seller’s lawyer holds the buyer’s signed contract and vice versa. Where
there is a property chain, your lawyer, with the help of the Estate Agent, will ensure all parties are ready to
exchange before instigating the process.
It is important to know that the deposit being transferred is almost always held by the lawyer as
“stakeholder” and this means that although the deposit has been paid by the buyer, it cannot be released to
the seller until completion.
A buyer should ensure that they start their buildings insurance policy from the point of Exchange of
Contracts as it is at this stage that the beneficial interest of the Property passes to the buyer.
Following Exchange of Contracts there are pre-completion formalities to be undertaken by the lawyer
including carrying out Land Registry searches to confirm that there have been no new onerous matters
entered on to the title since it was provided as part of the Contract Package.
The Exchange Process
STAGE 7
FAQs
Can I use the deposit received on my sale for my purchase?
If you are selling and buying at the same time, the deposit that is available on
your sale will be utilised on your purchase.
How much of a deposit must be paid?
Usually, a 10% deposit of the property purchase price is to be paid. In some
cases a seller may accept a lesser deposit. However the contract will normally
require that the balance of a 10% deposit be paid by the buyer if completion
does not take place on the completion date.
Can I exchange and complete on the same day?
Sometimes it is possible to exchange and complete on the same day, but this is
usually best avoided especially where mortgage funds are involved.
What if I change my mind and no longer wish to purchase or sell the property?
You can withdraw without penalty from the transaction at any point prior to
Exchange of Contracts. If you are considering withdrawing, you should notify
your lawyer as soon as possible and definitely prior to Exchange of Contracts.

15
The
Completion Process
STAGE 8
The key element on the
day of completion is for
the buyer’s lawyer to
transfer the balance of
the completion funds to
the seller’s lawyer
YouTube channel
The day of completion is an exciting day for both buyer and
seller. But there is more to the process than simply moving
in and out of the property. The key element on the day of
completion is for the buyer’s lawyer to transfer the balance
of the completion funds to the seller’s lawyer. The funds are
transferred electronically between the lawyers using the CHAPS
system to ensure that the funds are released and received on
the same day.
A buyer’s lawyer will have checked the account details with the
seller’s lawyer to ensure these are accurate and often will use
electronic verification software to protect against fraud.
Completion officially takes place when the completion funds are
received by the seller’s lawyer. The seller’s lawyer will contact
the buyer’s lawyer to confirm the funds have been received and
will then speak to the Estate Agents to release the keys. It is
at this point that the buyer can collect the keys and can start
moving into the new property once the seller has vacated.
Following completion, the buyer’s lawyer will arrange for
the purchase to be registered at the Land Registry and on
completion of their application, they will make contact with the
buyer to provide them with a copy of the updated title register -
evidencing the buyer’s ownership of the property.
At the seller’s end, the seller’s lawyer will transfer the proceeds
of the sale to the seller and arrange to redeem any mortgages.
FAQs
When will my mortgage funds be received?
If you are purchasing with a mortgage, your lawyer will have requested
the funds at the point of Exchange of Contracts and these would usually
be received the day before completion to avoid any delay.
What time will completion take place?
Most transactions complete between midday and 2pm.

Private Client Services
Residential Conveyancing Wills, Trusts & Probate Family & Matrimonial
Contentious Probate Education Law Personal Injury
0330 175 7617
ibblaw.co.uk
enquiries@ibblaw.co.uk
Ascot Office
Tel: 0330 175 7617
Uxbridge Office
Tel: 0330 175 7617
Reading Office
Tel: 0330 175 7617
Chesham Office
Tel: 0330 175 7617

IBB Law - Conveyancing Guide.pdf

Recommended

Recommended

More Related Content

Similar to IBB Law - Conveyancing Guide.pdf

Similar to IBB Law - Conveyancing Guide.pdf (20)

More from IBB Law

More from IBB Law (20)

Recently uploaded

Recently uploaded (20)

IBB Law - Conveyancing Guide.pdf