Conveyancing is the legal process whereby the rights and ownership of a property are transferred from the buyer to seller.
The process is designed to ensure that the buyer secures the ‘title’ to the land along with all of the rights that come with ownership, and to highlight and notify the buyer of any potential restrictions.
Usually, either the services of a solicitor or licensed conveyancer will be used by the parties involved in the transfer of title due to the important, and often complicated, nature of this legal process.
It is possible, although perhaps in most cases ill-advised, to undertake the conveyancing process yourself. But, in most cases the choice will be taken out of the buyer’s hands.
This is because anybody financing a property purchase with a mortgage will almost certainly be constrained by the terms of their lender to hire an approved solicitor or licensed conveyancer to handle the legal aspects of the purchase.
Normally, once the buyer and seller have negotiated an agreed price, the buyer will arrange for a survey and have their conveyancer or solicitor take care of their pre-contract enquiries and carry out their searches. The draft contract, prepared by the seller’s solicitor, will then be sent to the buyer’s solicitor for approval.
Although you may feel like it is best to leave all of the ‘legal stuff’ to your solicitor it can be a good idea to request a copy of the draft contract (if you have not been sent one) and check through it yourself in case anything has been overlooked, such as any agreements you had made with the seller.
It is the solicitor’s or conveyancer's job to make all the necessary enquiries to ensure that there is no reason why you should not buy the property. However, if you work closely alongside them, do your best to understand everything that they are doing and oversee their work, you are less likely to end up unhappy with the outcome.
Below is a brief look at how the conveyancing process should unfold:
• Your solicitor contacts the seller’s solicitor with your offer
• Your solicitor receives, and proceeds to negotiate the terms of, the draft contract
• Any pre-contract enquiries are then made by your solicitor along with local searches and checks
• The contract and a completion date are agreed
• A formal mortgage offer should be obtained and the mortgage deed signed
Then…
• Contracts are exchanged and a non-refundable deposit is paid
• Your solicitor draws up a transfer document and sends it to the seller’s solicitor
• Finalisation and the signing of your mortgage documents is then arranged by your solicitor, who will then carry out final searches and enquiries
And finally…
• On the day of completion you receive the keys and move in
• You pay the seller through your solicitor
• You receive the transfer document and the title deeds
• You pay extra costs such as stamp duty, registry fees and the solicitors fees
• Your solicitor will then carry out final administrative tasks regarding notifications and present you with a summary of the financial transactions
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