Conveyancing Explained: What Happens Between Offer and Exchange

What a Conveyancer Does

A conveyancer is a legal professional who handles the transfer of property ownership. They can be a solicitor (a fully qualified lawyer who also handles conveyancing) or a licensed conveyancer (a specialist property lawyer regulated by the Council for Licensed Conveyancers). Both are qualified to carry out the same conveyancing work, and the choice between them usually comes down to cost, availability and personal recommendation.

The buyer’s conveyancer

When you buy a property, your conveyancer acts on your behalf throughout the transaction. Their responsibilities include carrying out property searches, reviewing the draft contract and title documents, raising enquiries with the seller’s conveyancer, reporting to your mortgage lender (most conveyancers are on lender panels and can act for both you and your lender), handling the transfer of funds, registering the transfer with the Land Registry and paying any stamp duty on your behalf.

When to instruct a conveyancer

Instruct a conveyancer as soon as your offer is accepted. Conveyancing is typically the longest part of the purchase process -- taking 8 to 14 weeks on average -- so any delay in starting adds time to your overall timeline. Some buyers appoint a conveyancer before they even make an offer, which means searches can be ordered immediately.

How much does conveyancing cost?

Conveyancing fees typically comprise a legal fee (the conveyancer’s charge for their work) and disbursements (third-party costs they pay on your behalf, such as search fees and Land Registry fees). Total costs for a straightforward freehold purchase are usually £1,000 to £2,000 including VAT and disbursements. Leasehold purchases cost more -- typically an additional £200 to £400 -- because the lease and any management pack need reviewing. If you are also selling a property, that is a separate conveyancing transaction with its own fees.

Property Searches

Property searches are enquiries made to various authorities and databases to uncover information about the property and its surroundings that might affect your purchase decision. Your conveyancer orders these searches on your behalf, and the results inform both your decision and your lender’s willingness to proceed.

Local authority search

The local authority search (sometimes called an LLC1 and CON29R) is one of the most important. It reveals information held by the local council including planning permissions granted or refused, building control records, whether the property is in a conservation area, whether any roads adjacent to the property are publicly maintained, tree preservation orders, smoke control zones, contaminated land entries and any enforcement notices.

Local authority searches can take anywhere from a few days to six weeks depending on the council. Some councils offer expedited searches for an additional fee. Your conveyancer should advise on likely timescales for the specific council.

Drainage and water search

The drainage and water search is made to the local water company and reveals whether the property is connected to mains water and mains sewerage, whether any public sewers or water mains cross the property or are nearby (which would restrict what you can build), the location of the nearest public sewer and the water pressure. If public drains cross your garden, you need permission from the water company before building over or near them.

Environmental search

The environmental search checks databases for contaminated land, landfill sites, flooding risk (from rivers, surface water and groundwater), ground stability (including subsidence risk from mining, clay shrinkage and other hazards), radon gas levels and industrial land use. If the environmental search reveals a flood risk or contamination issue, your conveyancer will advise on the implications and your lender may require additional information or insurance.

Chancel repair search

This somewhat obscure search checks whether the property is in a parish where the landowner could be liable for the cost of repairing the chancel (part of the parish church). While chancel repair liability is rare, it can be very expensive if it applies. Most conveyancers order this search as standard, and if liability is identified, chancel repair indemnity insurance is inexpensive (typically £20 to £50 for a one-off policy).

Other optional searches

Depending on the property location and type, your conveyancer may recommend additional searches. These can include a mining search (essential in former mining areas), a commons search (if the property is near common land), a highways search (if the roads serving the property may not be publicly adopted) and a HS2 search (if the property is near the planned High Speed 2 railway route). Your conveyancer will advise which additional searches are appropriate.

The Contract Pack

The seller’s conveyancer prepares a contract pack and sends it to your conveyancer. This pack is the foundation of the legal transaction and contains several key documents.

Draft contract

The draft contract sets out the terms of the sale: the parties, the property description, the purchase price, what is included in the sale (fixtures and fittings), the title guarantee given by the seller and the proposed completion date. Your conveyancer will review every clause and may negotiate amendments.

Title documents

These include the official copies of the register (showing who owns the property and any charges, restrictions or notices registered against it), the title plan (showing the extent of the property on a map) and any documents referred to in the register such as transfers, conveyances or lease documents.

Property information forms

The seller completes a property information form (TA6) covering boundaries, disputes, notices, guarantees, insurance, environmental matters, parking, rights and informal arrangements. They also complete a fittings and contents form (TA10) listing everything in the property and whether it is included in the sale, excluded or available by separate negotiation. Your conveyancer reviews these forms and raises further questions if anything is unclear or concerning.

Leasehold information (if applicable)

For leasehold properties, the pack will also include the lease itself, details of the service charge (current and historic), a management pack from the managing agent or freeholder, ground rent receipts and any planned major works. Obtaining this leasehold information can add weeks to the process, as managing agents often take time to compile the pack and may charge £200 to £500 for it.

Raising Enquiries

After reviewing the contract pack and search results, your conveyancer will raise enquiries -- formal written questions -- with the seller’s conveyancer. This is one of the most important stages of the process, as it is your opportunity to get answers to anything that is unclear, missing or concerning.

Common enquiries

• Planning and building control: Requesting certificates for any building work, extensions or conversions carried out by the seller.
• Boundaries: Clarifying which fences, walls or hedges belong to the property and whether there are any disputes.
• Rights of way: Confirming access rights, shared driveways or paths and who maintains them.
• Guarantees and warranties: Requesting copies of any guarantees for damp-proofing, timber treatment, roofing, double glazing or electrical work.
• Services: Confirming the location and condition of utilities, septic tanks or shared drainage.
• Flood risk: If the environmental search has flagged a flood risk, requesting details of any flooding that has occurred and any mitigation measures in place.

How long do enquiries take?

The enquiry stage can take several weeks, sometimes longer if the seller is slow to respond or if the answers raise further questions. Multiple rounds of enquiries are common. This is often the stage where the process feels like it has stalled, but it is essential not to rush. Unresolved enquiries before exchange can leave you exposed to problems after completion when you have no practical recourse.

Mortgage Offer

If you are buying with a mortgage, your lender will need to issue a formal mortgage offer before exchange can happen. This involves several steps beyond the initial mortgage in principle.

The full application

After your offer is accepted, you submit a full mortgage application to your lender. This includes detailed evidence of your income, employment, bank statements, credit commitments and identification. The lender carries out a full credit check and verifies your information.

Mortgage valuation

The lender instructs a valuation of the property to confirm it is adequate security for the loan. This may be a physical inspection or a desktop valuation based on comparable sales data. If the valuation comes in below the purchase price (a “down valuation”), you will need to make up the shortfall from your own funds, renegotiate the price with the seller, or in some cases, withdraw.

Conditions and the offer letter

Once the lender is satisfied, they issue a formal mortgage offer, typically valid for three to six months. The offer sets out the loan amount, interest rate, term and any conditions that must be met before completion (such as obtaining buildings insurance). Your conveyancer receives a copy and checks that the conditions can be met.

Timing

The full mortgage application and valuation process typically takes two to four weeks. Delays can occur if the lender requires additional documentation, if the valuation is delayed or if there are issues with the property that the valuer flags. Submit your full application as early as possible to avoid holding up the conveyancing.

Exchange of Contracts

Exchange of contracts is the point at which the sale becomes legally binding. Before exchange, either party can withdraw without penalty (though you lose any costs incurred). After exchange, pulling out has serious financial consequences.

What happens at exchange

The two conveyancers speak on the phone and formally exchange the signed contracts. Each side holds a copy of the contract signed by the other party. The buyer pays a deposit, usually 10% of the purchase price, which is held by the seller’s conveyancer. A completion date is agreed and written into the contract.

Pre-exchange checklist

Before your conveyancer will exchange, several things must be in place: all searches must be completed and reviewed, all enquiries must be satisfactorily answered, the mortgage offer must be in place, buildings insurance must be arranged from the date of exchange (you have an insurable interest from exchange, not completion), the deposit funds must be in your conveyancer’s client account and you must have signed the contract and transfer documents.

The gap between exchange and completion

The gap between exchange and completion is usually one to four weeks, though same-day exchange and completion is possible and common in some circumstances. During this gap, both parties are bound by the contract. If the buyer pulls out, they forfeit the deposit. If the seller pulls out, the buyer can sue for specific performance (forcing the sale) or damages.

Completion

Completion is the day the property becomes legally yours. It is the final step in the conveyancing process and the day you get the keys.

What happens on completion day

Your conveyancer transfers the remaining purchase funds to the seller’s conveyancer. Once the seller’s conveyancer confirms receipt of the funds, they authorise the release of the keys. The estate agent is notified and you can collect the keys from their office (or wherever agreed). Completion usually happens by early afternoon, though delays in the chain can push this later.

Post-completion

After completion, your conveyancer handles several administrative tasks. They pay any Stamp Duty Land Tax (SDLT) on your behalf within 14 days of completion. They register the transfer with the Land Registry, which updates the register to show you as the new owner. They also register the mortgage (if applicable) as a charge against the property. Registration can take several weeks but does not affect your ownership.

What Can Go Wrong

Conveyancing does not always run smoothly. Understanding the common problems helps you anticipate and mitigate them.

Slow searches

Local authority searches can take weeks in some council areas. If speed is important, ask your conveyancer about personal search alternatives, which involve a search agent physically visiting the council offices to inspect records. These are faster but carry a small risk of missing information that a full official search would catch. Some lenders do not accept personal searches.

Chain collapses

If you are buying in a chain (where your purchase depends on someone else’s purchase, which depends on someone else’s, and so on), a failure at any point in the chain can collapse the entire sequence. The longer the chain, the higher the risk. Being chain-free (a first-time buyer or someone who has already sold) gives you a significant advantage.

Down valuations

If the lender’s valuation comes in below the agreed purchase price, you face a funding gap. Options include renegotiating the price, increasing your deposit, applying to a different lender or walking away. Down valuations are particularly common in fast- moving markets where prices may have risen between the time comparable sales took place and the date of your purchase.

Unexpected search results

Searches can reveal issues that were not apparent from the listing or viewing: planning applications for a neighbouring development, environmental contamination, flood risk, public rights of way crossing the garden or chancel repair liability. Your conveyancer will advise on the significance of each issue and whether it can be resolved through further enquiries, insurance or a price adjustment.

Gazumping

In England and Wales, the sale is not legally binding until exchange of contracts. This means the seller can accept a higher offer from another buyer at any point before exchange, leaving you out of pocket for survey and legal costs with no property. While gazumping is legal, it is widely considered bad practice. Some sellers agree to take the property off the market once an offer is accepted, and lock-out agreements (where the seller agrees not to negotiate with other buyers for a set period) can provide some protection.

Gazundering

The reverse of gazumping: the buyer reduces their offer just before exchange, when the seller is most committed. While equally lawful, it is also considered poor practice. The best protection is to proceed as quickly as possible to exchange.

Tips for a smooth process

• Instruct your conveyancer immediately after your offer is accepted.
• Submit your full mortgage application as early as possible.
• Respond to requests for information within 24 hours.
• Chase your conveyancer weekly for a progress update.
• Ensure your deposit funds are ready and accessible well before exchange.
• Arrange buildings insurance before exchange, not on completion day.
• Be realistic about timelines -- 8 to 14 weeks is normal.