If you’re planning to buy or sell a property, you’ll certainly want to know how the conveyancing process works and how long you can expect it to take.

Even if you currently own a property or you’ve purchased a property in the past, learning more about the conveyancing process in the UK can help to speed up property transactions in the future and even enable you to reduce your costs.

With this in mind, read on to find out everything you need to know about conveyancing and what to expect as part of the conveyancing process:

Conveyancing is the legal process by which ownership of a property is transferred from one person to another.

If you’re buying a property with someone else, such as a partner, or purchasing a property from a third party, the conveyancing process in the UK might involve transferring the ownership of the property from two or more people to more than one person.

Similarly, the commercial property conveyancing process may involve transferring the ownership of a property from one company or entity to another.

We enter into contracts and buy and sell things all of the time, so why is a special process required when it comes to buying and selling property?

Well, the act of buying/selling real estate is more complicated than transferring ownership of a car or purchasing an item in a shop. There are more things that can go wrong, which means both parties need to be legally protected.

Furthermore, property is a major asset, which means a significant proportion of your finances is tied to the real estate you’re buying / selling. Due to this, the extra safeguards that the conveyancing process puts in place can protect your investment and give you peace of mind.

In addition to this, it’s important to remember that other parties may have a vested interest in verifying the details of the transaction.

If you’re taking out a mortgage to finance a property purchase, for example, the mortgage lender will want to ensure that the property meets relevant criteria before accepting it as collateral on a secured loan.