The Three Stages Of Conveyancing – Conveyancing Process

The conveyancing process can be taken down to three main stages all of which will usually be handled by your solicitor, but knowledge of the conveyancing process as a whole is always likely to be beneficial throughout the conveyancing process.

The first stage of the conveyancing process is the pre-exchange of contracts. This part of the conveyancing process is the most time consuming but is almost entirely handled by the solicitor. Once you have viewed a property and made an offer which is accepted by the seller, the conveyancing process is commenced and an initial draft contract is put forward. An important part of the conveyancing process then takes place in the form of the local searches with the council which are performed by your chosen solicitor. This will assess all aspects of the property from the councils perspective such as the boundaries of the land, rights of way and surrounding areas.

The conveyancing process may be quite straight forward for the parties involved but there is often a lot more work involved for the solicitors representing them, particularly in the pre-exchange stage of the conveyancing process. Both solicitors will work together on the preparation of the draft contract and once completed, you should receive a formal mortgage offer from the pre-agreed lender and the solicitor will send you a mortgage deed to sign committing you to the mortgage. This then marks the end of the first stage of the conveyancing process, and also represents a significant step forward with the purchase.

The next stage of the conveyancing process is the exchange of contracts, the point at which the commitment to purchase is confirmed in a legally binding agreement signed by both parties. It can be a somewhat daunting part of the conveyancing process especially for buyers who are new to the conveyancing process and suddenly finding themselves committed to a loan worth hundreds of thousands of pounds. At the part of the conveyancing process where the contracts are exchanged, the buyers will also pay a deposit based on the amount they are paying for the property. Usually around 10% of the purchase price, this deposit is non-refundable so should you withdraw from the deal for whatever reason, you will not get this amount back.

Last but certainly not least, the completion stage. The conveyancing process will hopefully be relatively hassle-free for you but nevertheless, completing on any property purchase is always an enjoyable time. You will visit your solicitors to pay the remainder of the balance on the house (minus the deposit taken at the exchange of contracts) and will then receive the keys to your new house! This isn’t quite the end of the conveyancing process however, your solicitor will then submit then register the transfer of ownership at the land registry and you will be required to pay that dreaded stamp duty. When all of this is taken care of, the conveyancing process is over and you are free to enjoy your new home the way you want with your family.

5 things About Conveyancing

Not all buyers or sellers for that matter are aware of the legal process of sale and purchase of property in other words conveyancing. This process has often been taken to be a tedious task hence left in the hands of a few individuals in the name of specialists. The conception that this process can only be carried out with the help of conveyancers has sometimes led to ignorance and sometimes regrettable repercussions in the event of buying or selling property. An effort to gain some knowledge, even if in the most skimpy form is important and will go a long way in promoting security during property transfer.

What is conveyancing?
Conveyancing is an official process of transferring the legal entitlement of property from one person to another.

2. Who are conveyancers?

These are specialist licensed by law to handle the legal element of the sale or purchase of property. Different countries have different bodies that regulate conveyancers. In the UK for instance, they are regulated by The Council for Licensed Conveyancers.

3. Difference between a conveyancer and a solicitor?

A conveyancer’s training and experience is limited to handling only property matters. On the other hand, a solicitor is a licensed who is in a position to give full legal services that are not limited to property matters. Sometimes solicitors are preferred because of their high skill level but this entirely depends on the complexity of the conveyancing process and as well the kind of property in transfer.

The Search
Normally, even before the start of a transfer of property begins, a search must be carried out. This involves finding out vital information surrounding property set for sale that may affect the process or the buyer in the long run. Such information includes but is not limited to:

i. Ownership of the said property – the seller must be the legal owner of the property in order to sell or let it.

ii. Encumbrances on the title – sometimes a mortgage may be attached to the title and must be cleared with or removed before sale.

iii. Restrictive covenants on the title – some areas’ regulation place restrictions on property which may limit its use or expansion or adjustment.

Changing a conveyancer after work has begun?
This is perhaps the worst hassle a buyer may have to go through in addition to the already daunting process of property transfer. Every buyer wishes that that he never gets to this point although it happens for some people.

Getting a new conveyancer to take up the transaction may not be easy but can be a savior in the long run. If you are utterly dissatisfied with your current conveyancer, it is advisable to find a way of solving the issue at hand. Changing to anther may have to be the last resort for a buyer.

An important tip is to get a conveyancer who can take over and seamlessly carry on from where the previous one left. Also engage the new conveyancer to ensure that every detail and questions you have on the handover is taken care of.

Important Conveyancing Tips for Homebuyers

Conveyancing is the process of preparing legal documentation for the transfer of property ownership from the seller to the buyer. In most cases, a Conveyancing Solicitor or other licensed conveyancer is hired to take care of this responsibility. It’s possible to find a competitively priced conveyancing service that incorporates all aspects of conveyancing including searches, enquiries and legal paperwork.

Reasons behind moving out of the old house into a new one can be many but the procedure needs proper planning which includes informing friends and family, finding new school for your children, making arrangements for removal of baggage, and signing up of legal documents which will hand over the right of the property to you.

For doing all these legal paper work you will need a lawyer help. You must always make sure that the person you appoint has adequate knowledge and here are some tips which will help you select a perfect Conveyancing solicitor.

  1. Earlier, people had to roam about looking for conveyancing lawyers but today they are available online just like any business. You can browse and make a list of different conveyancers. While searching make sure to collect all the information which includes their website address and the kind of facilities they provide as well as their previous client list. Choose the one who has good testimonials and reviews from ex client. You can also read some reviews provided by others.
  2. Get quotes from few lawyers before deciding on one. Mostly the experts charge an amount which includes their fee, VAT and other disbursement. Make sure that the quotes you receive have all the three charges separately so that it is easy for you to choose. Good customer support is important too.
  3. If you’re a potential property buyer be sure to obtain the relevant “title” to the land before making an offer. This means that the seller can prove they are the owner and have the authority to sell the property without cause for any restrictions on the mortgage. In most cases a system of land registration should ensure that buyers are offered good title through the use of public records. This means that the buyer is aware of any restrictions on the land as well as relevant information on land rights before purchasing.
  4. Disbursement charges claimed by the lawyers are the amount they pay to the third party. This includes search fees, land registry etc. Most of the time the disbursement amount is same in all the quotes and their personal fee only varies depending on the number of customer they handle. Some lawyers charge lower fee but they add extra percentage in the disbursement amount. Make sure to check all these minute points before appointing an expert to take care of conveyancing process.
  5. When searching for a conveyancing service, be aware of false price claims and hidden charges from unscrupulous conveyancing companies. It’s possible to find conveyancing quotes at very low charges, but beware! These quotes often miss out other essential legal documentation that’s required by law. After you’ve paid extra for all the hidden charges you’ll find it’s cost a lot more than you bargained for.Do your research and compare as many conveyancing solicitors as possible through a reputable agent.

Buying a house is a lifetime decision, so when you start comparing the quotes don’t just go for a cheaper one. You must always compare the facilities provided by them and their experience in the field. Recommendation plays a major role, so you can take help from your friends and family members.

Bottom line is conveyancing helps make your property transaction easy, timely and secure. Most people lack the proper knowledge of real estate purchase as well as the best approaches. For this reason, acquiring the services of conveyancing solicitors is the best move you could ever make when buying property.