Home movers across the UK are confused by the term "conveyancing", according to a survey by instant online quotes provider reallymoving.com.
Conveyancing is the legal process of transferring property ownership – but more than a third (37%) respondents did not know what the term meant.
This rises to 57% of those who were currently renting and half (51%) of adults living with parents.
Surprisingly, this also accounts for a quarter (23%) of homeowners who have actually been through the process.
A quarter of all respondents wrongly believed that a surveyor could carry out the process instead of a conveyancing solicitor and one in five (19%) believed it could be done by an estate agent.
Most of the confusion appears to lie between the concept of surveys and searches.
While 60% correctly answered that it was the conveyancing solicitor’s role to carry out searches, more than half (54%) wrongly believed they were also in charge of surveys, which are commissioned by the mortgage provider to confirm the value or the buyer to determine the condition of the property.
Top 5 activities respondents mistakenly believe are carried out by conveyancing solicitors:
1 Arrange a survey (54%);
2 Negotiate the price of a property (16%);
3 Negotiate mortgage rate with broker (11%);
4 Recommend a removals firm (4%);
5 Arrange your will (4%).
Due to the greater complexity of leasehold conveyancing, the process is more costly than it is with freehold property.
However, more than four out of five (81%) were unaware of the price discrepancy between freehold and leasehold.
In a bid to cut through the confusion, reallymoving.com has launched a step-by-step guide to offer comprehensive advice on each stage of the conveyancing process - available free to download from its website.
Reallymoving.com director Rosemary Rogers said: "While most people realise that there is a lengthy legal procedure when buying and selling property, many are unaware of the actual legal process and who is responsible for actions at which stage.
"Although you might expect this from non-homeowners, our survey shows that this lack of understanding extends to those who have already bought a property.
"It is important that people know who to chase and when, to make sure their sale is progressing, as well as a breakdown of costs involved. The conveyancing market is very competitive so it is possible to get a good deal for your move if you shop around for quotes to get exactly what you need, if not you may end up overpaying for a service."
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