Understanding The Conveyancing Process

Understanding The Conveyancing Process

January 23, 2020 Off By Glespynorson

Buying and selling a property may look and seem easy on paper, but it is not just as simple as one would think. Yes, you would be able to do it yourself, but going through the whole conveyancing process might leave you overwhelmed and stressed. Getting an expert to help you go through everything to make sure that you do not miss or overlook a step in the process would be a great help to kick off the process so that you could be able to finish it faster and complete it without neglecting anything. Whether you are buying or selling a property, getting the professional help of conveyancing solicitors would give you an easier time in dealing with the legal transfers involved in buying and selling properties.

What Do They Do?

Conveyancers draft legal contracts, among other things involved in the conveyancing process. They also head the arrangement of the transferring of the land titles which are registered with the Land Registry. Because they are expected to give home buyers and sellers the proper legal advice relating to the drafting of the contracts, mortgage offer, and other issues that may relate to the property, you should ensure that you are going to hire a fully qualified solicitor. Getting someone who has a wide experience and ample training related to the laws about properties, and also knows a great deal about financial matters would help you have an easier time going through the whole conveyancing process. Although you could do the conveyancing process yourself, getting a solicitor who is registered with the Law Society, meaning they are being regulated by the Solicitors Regulation Authority (SRA), would make the whole process a whole lot easier for you.

Initial Stage

As early as when you are able to agree on a price for purchasing or selling, you would need a trusted conveyancing solicitor by your side. This way, he or she would already be aware of all the details regarding the purchase, as soon as the ball started to roll. Although, you and the other party must understand that the acceptance of the offer, whether you are a buyer or a seller, it’s not legally binding in itself. The conveyancing process could on average take eight to as long as twelve weeks to finish.

The Process As a Seller

Usually, a solicitor will take hold of your property’s title deeds, if you have one. If you have a trusted solicitor from the beginning, he or she could act as your conveyancer as well once you decide to sell a property that you own outright. However, if your property is under a mortgage, then your lender would most likely have the title deeds, so your conveyancing solicitor would have to request it from the lender directly. Once your conveyancer has your title deed, you would need to go through all of the property information form details to check everything that would be included in the initial draft of the contract. They would also serve as your liaison to communicate with the buyer’s conveyancing solicitor if they have any inquiries or concerns regarding the details of the properties.

The Process As a Buyer

As a buyer, you could get your conveyancing solicitor to work on carrying out searches on the property that you are planning on buying. They would also be responsible for working with your mortgage lender and in fulfilling different requirements such as the need to pay for the Stamp Duty Land Tax. This way, you would be able to get to decide and confirm your purchase easily and with all the information in hand. With a conveyancing solicitor to help you through the process, you would be assured that you are going through with your purchase in the correct way.

Drafting to Completion

Your conveyancing solicitor would be with you every step of the way, from the drafting of the contracts until the completion. The contract would make the sale legally binding for both parties, so there is a need for the contract to be correct down to the last detail. It is also important that both parties agree to certain terms and conditions stipulated in the contract before anyone signs it. Once all details are agreed by both parties, the conveyancing solicitor of the buyer and the seller will sign the contract. Only then will the contracts be exchanged within each party and then the property title deed would already be turned over before the completion of the transaction.