Conveyancing Discipline

Conveyancing Solicitors in the UK
Conveyancing
What is Conveyancing?

Conveyancing in England and Wales, is normally carried out by a solicitor or a licensed conveyancer. The domestic conveyancing market is price competitive, with a high number of firms of solicitors and conveyancing companies offering a similar service.

Under English and Welsh law agreements are not legally binding until contracts are exchanged. This gives the seller and purchaser the benefit of freedom before contracts are exchanged, but also the downside of this can be wasted time and expense in the event the deal is not concluded.

The standard transaction will begin by the buyer negotiating an agreed price with the seller, the buyer will then organise a survey on the property and have the solicitor carry out their searches and pre-contract enquiries. The seller`s solicitor will prepare the draft contract which will then need to be approved by the buyer`s solicitor. The seller`s solicitor will also collect and prepare property information to be provided to the buyer`s solicitors, in line with the Law Society`s Protocol for residential conveyancing.

It takes on 2 - 3 months to complete a conveyancing transaction, but some are quicker, many take longer. The timescale is determined by a host of things - for example legal, personal, social and financial. at the time prior to exchange either party can pull out of the deal for any reason, with no legal commitment to the other. This gives rise to a risk of gazumping - which is when another buyer comes in with a better offer,or gazundering which is when the offer is reduced.

The position in Scotland is different in that the contract is generally finalised at an earlier stage, and the offer, once accepted, is binding. This results in a system where buyers undertake their survey before making an offer - this is undertaken via their solicitors . If there is other interest in the property, sellers will normally set a closing date for offers. The contract sorted out between each parties solicitors, this is called missives. Once the terms of the contract are agreed, the missives are concluded, and the contract binding.

There are normal conditions attached to the contract – such as the seller being able to prove the property is theirs to sell, the advantage of the Scottish system is that you rarely get guzumping, the disadvantage is undertaking a survey only to find you do not get the property.

Changes from 1st December 2008 properties will have to have a home report, which consists of 3 document- survey – Energy Report and property Questionnaire, this is made available to buyers upon request.