Conveyancing is the legal process of transferring ownership of property from a seller to a buyer. It covers searches, contract checks, the exchange of contracts and completion, and is usually handled by a solicitor or licensed conveyancer.
In one line: Conveyancing is the legal work of transferring property ownership from seller to buyer.
How conveyancing works
The conveyancer carries out local authority and environmental searches, reviews the contract and lease, raises enquiries, handles the deposit and registers the new owner with HM Land Registry after completion.
On a 250,000 GBP purchase, conveyancing fees might run to around 1,200 GBP plus disbursements such as search fees and Land Registry charges, with any stamp duty paid through the conveyancer at completion.
The legally binding point is exchange of contracts, after which neither side can withdraw without penalty; completion is when keys change hands.
Conveyancing in practice
Conveyancing differs from a survey: the survey assesses the building's condition, while conveyancing handles the legal title and transfer.
Until exchange of contracts the sale is not binding, which is the window in which gazumping can occur. A buyer can instruct a licensed conveyancer or a solicitor, and the legal work runs alongside the mortgage offer so exchange and completion can be coordinated.
Primary source: GOV.UK: Buying a home