In this episode of US-UK Tax Talk, host Aidan Grant is joined by his Collyer Bristow colleague Nick Mann, Partner in the Private Client Property Team, for a clear and practical guide to the UK conveyancing process when buying or selling residential property.

Aidan and Nick walk listeners through the key stages of a UK property transaction, from offer and acceptance through to exchange and completion. They explain the differences between freehold and leasehold ownership, the role of searches and due diligence, and why the UK process can be unfamiliar to international buyers, particularly given that transactions are not legally binding until exchange of contracts.

The discussion also highlights common points of confusion for overseas buyers, including the impact of property chains, mortgage timing, and third-party delays. The episode provides practical insight into how buyers can better prepare, reduce risk, and navigate the process more efficiently with the right legal support.

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Key Take Aways

When does a UK property purchase become legally binding?
An accepted offer is not legally binding in the UK. Either party can withdraw until exchange of contracts, when signed agreements are exchanged, a deposit is paid, and a completion date is fixed.

Why involve a solicitor early?
Early legal involvement helps identify risks, manage expectations on timing, and ensure key issues are addressed before costs escalate. It also clarifies financing requirements and property suitability from the outset.

What is the difference between freehold and leasehold?
Freehold means owning the property and land outright, with greater control. Leasehold typically applies to flats and involves ownership for a fixed term, alongside obligations such as service charges and landlord consent for certain changes.

What does due diligence involve?
Due diligence includes reviewing title documents, raising enquiries, and conducting searches such as local authority and environmental checks. This helps identify legal, financial, and practical risks before exchange.

Why can the process take longer than expected?
Delays are often caused by property chains, mortgage approvals, search turnaround times, and third-party responsiveness. Buyers can only fully control their own readiness, so preparation is key to avoiding unnecessary delay before exchange.

YouTube Timestamps:
00:00 Introduction to the episode and guest
00:01 Overview of the UK conveyancing process
00:04 Key stages from offer to completion
00:06 Why exchange is the critical legal moment
00:08 Starting the property search and making an offer
00:10 Financing considerations and choosing a solicitor
00:12 Freehold vs leasehold explained
00:16 Leasehold complexities and additional costs
00:21 Due diligence and property searches explained
00:25 Common risks buyers should be aware of
00:29 Chains and managing multiple parties
00:35 Mortgages and lender requirements
00:40 Preparing for exchange of contracts
00:46 Risk between exchange and completion
00:55 Value of good legal advice and final thoughts