The Complete Conveyancing Timeline: A Step-by-Step Guide for Buyers, Sellers, and Movers

Weeks 9-10: The Point of No Return - Exchange of Contracts

• What is Exchange of Contracts? This is the moment the transaction becomes legally binding. Once contracts are exchanged, neither party can pull out without facing significant financial penalties.

• Agreeing on a Completion Date: Before the exchange, a completion date (your moving day) must be agreed upon by everyone in the property chain.

• The Exchange: The solicitors, usually over a recorded telephone call, will formally exchange the signed contracts. Your deposit is sent to the seller's solicitor, and the deal is sealed.

Weeks 10-12: The Final Lap - Completion

• Final Searches: Your conveyancer will perform pre-completion searches to ensure nothing has changed with the property or your legal title since the initial searches were done.

• Requesting Mortgage Funds: Your solicitor will request the mortgage funds from your lender, ensuring they arrive in time for completion day.

• Completion Day:

  • The remaining balance of the purchase price (purchase price minus the deposit already paid) is transferred from your conveyancer to the seller's conveyancer.

  • Once the seller's solicitor confirms receipt of the funds, they will authorise the estate agent to release the keys to you.

  • You can now collect the keys and move into your new home!

• Post-Completion: The work isn't quite over for your conveyancer. They will:

  • Pay the Stamp Duty Land Tax (SDLT) on your behalf within 14 days of completion.

  • Register the property in your name with the Land Registry.

  • Once registration is complete (which can take several weeks or months), they will send you a copy of the updated title deeds.

II. The Seller's Conveyancing Timeline: A Smooth Path to a Successful Sale

Pre-Offer Stage:

• Choosing a Conveyancer/Solicitor: Be proactive. Get quotes and instruct a solicitor as soon as you put your property on the market.

• Completing Property Information Forms: Your solicitor will ask you to fill out the TA6 (Property Information Form), TA10 (Fittings and Contents Form), and potentially a TA7 (Leasehold Information Form). Completing these accurately and upfront will save significant time later.

• Locating Documents: Gather all relevant documents, such as planning permissions, building regulation certificates, and any guarantees for work done on the property.

Week 1: Offer Accepted and Legal Work Commences

• Instructing Your Conveyancer: Formally instruct your chosen solicitor.

• Preparing the Draft Contract Pack: Your solicitor will prepare the draft contract and send it, along with the forms you've completed and the title deeds, to the buyer's solicitor.

Weeks 2-5: Responding and Clarifying

• Answering Pre-Contract Enquiries: The buyer's solicitor will raise a number of questions. You will need to work with your solicitor to provide clear and accurate answers.

• Providing Additional Documentation: You may need to provide further documents requested by the buyer's side.

Weeks 6-8: Preparing for Exchange

• Negotiating the Draft Contract: Your solicitor will negotiate the final contract terms with the buyer's solicitor.

• Agreeing on a Completion Date: You will need to agree on a suitable moving date with your buyer.

• Signing the Contract and Transfer Deed: You will sign the final agreed contract and the TR1 form.

Weeks 9-10: Legally Binding Agreement - Exchange of Contracts

• The Exchange Process: Your solicitor will exchange contracts with the buyer's solicitor, making the sale legally binding.

Weeks 10-12: The Final Stage - Completion

• Replying to Final Requisitions: Your solicitor will answer some final procedural questions from the buyer's solicitor.

• Completion Day:

  • Your solicitor confirms receipt of the full purchase price from the buyer.

  • You will be notified, and you can authorise the estate agent to release the keys to the new owner.

  • Your solicitor will redeem (pay off) your existing mortgage using the sale proceeds.

  • They will settle the estate agent's and their own fees.

  • The remaining net sale proceeds will be transferred to your bank account.

III. The Mover's Timeline: Juggling a Sale and a Purchase

The Importance of a Coordinated Approach

Managing a sale and a purchase simultaneously adds a layer of complexity. It's often beneficial to use the same conveyancer for both transactions as they can coordinate everything more effectively.

• Managing the Property Chain: A property chain involves a series of linked sales and purchases. A delay anywhere in the chain (e.g., a mortgage issue or a bad survey) can affect everyone. Communication is absolutely key. Your conveyancer plays a vital role in liaising with all other solicitors in the chain to keep things moving.

• Synchronising Exchange and Completion: The ultimate goal is to exchange and complete on your sale and purchase on the same day. This ensures you have the funds from your sale to complete your purchase and allows for a seamless move from one property to the next.

• Financial Considerations for Movers:

  • Using the Equity from Your Sale: The funds from your sale will be used directly for your purchase. Your solicitor will manage this financial juggling act.

  • Bridging Loans: In the rare event that there's a gap between your sale completion and your purchase completion, you may need a short-term bridging loan. This can be an expensive option and should be discussed thoroughly with a financial advisor. For more general advice on the moving process, resources like Citizens Advice can be very helpful.

Conclusion: Your Conveyancing Journey Summarised

Whether you are a buyer, seller, or mover, the conveyancing timeline follows a logical progression of legal checks, financial arrangements, and binding agreements. The key to a successful journey is preparation, patience, and clear communication.

Tips for a Smoother Conveyancing Process:

• Instruct a proactive and reputable conveyancer early.

• Complete all initial paperwork promptly and accurately.

• Have your finances, including your deposit and proof of funds, ready.

• Communicate regularly with your conveyancer and estate agent.

• Be prepared for potential delays and be flexible where possible.

Choosing the right conveyancer is the single most important decision you can make to ensure your property transaction stays on track. According to The Law Society, a good conveyancer helps manage client expectations and makes the process as transparent as possible.

4. How Homey Can Help You

At Homey, we understand that the conveyancing process can be daunting. That's why we've leveraged technology to make it as smooth and stress-free as possible. Our platform allows you to manage your entire conveyancing journey digitally, from start to finish.

We offer:

• Free Consultation: We provide a complimentary consultation where our experts help you understand the conveyancing process, identify your specific needs, and assist you in finding and choosing the right conveyancer for your property type and situation.

• Digital Workflow: Our intuitive online portal allows for secure document exchange, real-time updates, and easy communication with your chosen conveyancer, all from the comfort of your home.

• Expert Guidance: Beyond just connecting you with a conveyancer, Homey acts as your advocate, guiding you through each step of the process and representing your interests to ensure a transparent and efficient transaction. We're here to answer your questions, clarify complex legal jargon, and keep your purchase on track.

• Streamlined Communication: Say goodbye to endless phone tag and email chains. Our platform centralises all communication, making it easy to stay informed and address any queries promptly.

With Homey, you're not just getting a digital service; you're gaining a partner dedicated to making your homeownership dream a reality with confidence and ease.