Buying or selling property can be tricky and extremely time consuming. Navigating the legal
field can be exhausting, and legal terminology can often prove confusing.
Luckily, we are here to help simplify the concept to ensure you know exactly what
conveyancing is and how it effects the buying and selling of your property.
What is conveyancing?
In a nutshell, conveyancing can be best described as a legal process by which property is
transferred from one owner to another. The process involves a conveyancing solicitor or a
licenced conveyancer who acts on behalf of the buyer to ensure their clients receive the
legal title to the property.
Conveyancing effectively encapsulates the entirety of the legal and administrative work
required to ensure your home or commercial property is transferred to you and any
mortgage is registered correctly.
The process typically has two main phases; exchange of contracts and completion.
What does Exchange of Contracts mean?
Exchange of contracts can be described as the point at which the contract for the sale
becomes legally binding. Before the exchange, the solicitor or licensed conveyancer will
need to conduct various searches and legal tasks. Only after this is carried out, can exchange
of contracts take place. It is usually conducted over the telephone and it is important to
note that both the buyer and the seller can withdraw from the transaction up until this
point without being held financially liable.
What happens on the Completion date?
The completion date is the point at which the ownership of the property is transferred to
the buyer. On completion day, the buyers’ solicitor will arrange for the purchase money to
be sent to the sellers’ solicitor, who will arrange for the keys to the property to be handed
over to the buyer.
How long does the conveyancing process take?
Typically the conveyancing process can take around 8 to 12 weeks, however, it is important
to note that conveyancing deals with people and not just property; each situation and
transaction is unique and unless you find experts such as our team at Philips Lewis Smith, it
can be a difficult and stressful process.
Our conveyancing team, made up of; Louise O'Farrell, Mahak Mohsin and Peter Phillips
have many years of experience in commercial and residential property and will be
there to guide and keep you in the know every step of the way.
Why do you need us?
Whether you are buying or selling a property, getting in touch with one of our
conveyancing solicitors will ensure you get the right advice, at the right time.
Phillips Lewis Smith Solicitors
Our conveyancing solicitors are situated just five minutes away from Charing Cross
Station. We are in the heart of the West End of London and are accredited members of
the Law Society’s Conveyancing Quality Scheme .
At Phillips Lewis Smith, not only do we recognise the importance on the providing legal
services of an exceptional standard, but also, the importance of keeping you informed and
guiding you through the conveyancing process. For specialist Conveyancing legal advice, visit
our website, or contact us on Tel +44 (0)20 7925 2244.