Buying or selling a house – the role of a conveyancing solicitor

Buying or selling a property is one of the most stressful things you will ever do. Dealing with the legalities of buying and selling properties is called conveyancing. Appointing a solicitor who is expert in conveyancing can make the difference between a smooth transaction and a deal falling through.

The Conveyancing Process

  • You appoint a conveyancing solicitor after you have had an offer on the property accepted.

  • You apply for a mortgage from a bank or building society. This can take three weeks.

  • The solicitor, who also acts on behalf of your mortgage provider, makes a series of searches and enquiries about the property. You may also want to pay for a full survey to check the condition of the property.

  • In England and Wales, once the conveyancing solicitor is satisfied everything is in order you exchange contracts, at which point the transaction becomes binding. This is usually around two months after you appointed the solicitor. You usually pay a deposit of 10 percent of the purchase price at this point.

  • The transaction is usually completed four weeks after exchange of contracts.

  • In Scotland there is no two stage process and the contract can become binding at a relatively early age. Rather than sign contracts, the parties’ solicitors sign a series of letters called “missives”. Contracts can be signed on an 'offers over’ basis, on a ‘fixed price’ basis or ‘subject to survey’.

Aside from the purchase price, what other costs are there?

  • Your solicitor’s conveyancing fees plus VAT

  • If you are buying a leasehold property, you are normally required to pay the landlord’s solicitor fees

  • Stamp duty of 1 percent of the purchase price for properties above £175,000, rising to 4 percent on properties above £500,000

  • Mortgage arrangement fees

  • Search fees

  • Land registry fees

  • Survey fees

Your Solicitor’s Conveyancing Fees

Charges vary depending on the type of firm you deal with and the size and complexity of the transaction. Some solicitors charge a fixed fee, while others charge on an hourly basis. It is a good idea to shop around for quotes. Licensed conveyancers can also deal with property transactions.

Find a conveyancing solicitor

Confidentially search for details of local conveyancing solicitors close to where you live or work.

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