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What is conveyancing?
In simple terms conveyancing is the transfer of legal title of a property from one person to another. Conveyancing as with other things in the legal world have to follow and adhere to a process to be completed successfully and in the shortest time frame.
The conveyancing process starts with an offer being accepted on a property and the seller’s solicitor will than draft the contract. The contract will include the terms and conditions of the sale, the price and any other particulars that are relevant. The seller’s solicitor will also send over information on the property relating to legal title to the property.
The buyer’s conveyancing solicitor will than check all the paperwork and contract, and make further checks regarding the property. Any concerns at this stage will be passed back to the seller’s solicitor’s for clarification.
A survey is the next thing that can be organised by the buyer’s solicitor. This is not always obligatory if it is a cash sale, but it is highly recommended to check the state of the property and the surrounding land.
Solicitors can then negotiate terms on the draft contract, and once each party is happy the contract can be made official and each party can sign a copy in readiness for the exchange.
If you are using finance for the property (a mortgage) then you will need a formal mortgage offer. The lender will then instruct a solicitor which can also be the buyer’s solicitor if they are approved by the lender. The solicitors will then check the mortgage terms and arrange for the mortgage deed to be signed by the buyer or buyers if a joint mortgage.
The next part of the process is the exchange of contracts which is where the buyer and seller commit to the transaction. The buyer will then normally pay a deposit and a date for completion of the deal will be fixed. After exchange if not already completed the transfer deed is signed. If a mortgage is being used the mortgage money will be requested and sent to the buyer’s solicitor. The seller’s solicitor will then check how much is needed to pay off any existing loans on the property.
The final stage of the conveyancing process is called completion. On the completion date the buyer’s solicitor will send the purchase money to the seller’s solicitor and any other associated paperwork.
When the money has been received completion takes place. They keys are then released to the buyers who can then take procession of the property and move in.
You could be forgiven for thinking this is the end of the process, but it is not. The seller’s solicitor then has to deal with repayments of any outstanding mortgage on the property and pay the estate agents and then pay the balance over to the seller.
The buyer’s solicitor then needs to check the deeds and any paperwork they receive and report to the HMRC and pay any Stamp duty and register the purchase and mortgage with the Land Registry.
The above may sound complicated, but by using property conveyancing professionals the process is made as straight forward as possible.
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