WHAT IS CONVEYANCING?
In a nutshell, conveyancing is the “legal” transfer of a property from one owner to another. Any admin work needed to make sure a house purchase is legally valid falls under this term. The conveyancing process is considered completed once signed contracts are exchanged between the buyer and seller. The process starts when an offer is accepted on a house and ends when the buyer has the keys.
WHO NEEDS CONVEYANCING?
If you’re buying or selling property, you’ll need to go through the conveyancing process.
WHO CARRIES OUT THE CONVEYANCING?
While it’s possible to do the conveyancing yourself, (as long as you’re not using a mortgage) it’s a complex process, with huge consequences if not done correctly. That’s why it’s generally advised that you arrange for a conveyancing professional to help you. By handing it over to a property solicitor or a licensed conveyancer, you’ll be able to rest easy knowing that you’ll be 100% legally protected when you sell or buy your house.
WHAT DOES A CONVEYANCING SOLICITOR DO?
Depending on whether you’re selling or buying a property, your conveyancer will play slightly different roles. However, their key job is to make sure your property’s title deeds, along with the land it sits on, get transferred correctly from the old owner to the new one. If you’re the buyer, your conveyancer will collaborate with the seller’s conveyancer and vice versa. By the end of this process, if you’re buying the property you’ll become the legal owner of the property, and if you’re selling, you’ll be removed as the legal owner.
Buying a Property: What a Conveyancing Solicitor will do
Your conveyancing solicitor will carry out a number of other important tasks. If you’re buying property, it’s your property solicitor’s job to: Carry out local authority searches in relation to the property to check for any issues with the property. This will include checking any forthcoming planning issues, such as transport or building plans that are likely to affect the home you want to buy. It will also include an environmental report which will check that the house was built on good land, whether or not it’s liable to flooding etc. Request and obtain a copy of your mortgage offer. This will contain your mortgage lenders’ instructions for the conveyancer to act on their behalf. Liaise with your property’s seller’s solicitor to receive a contract pack. This will include the draft contract which specifies the terms of the purchase/sale. Organise the potential completion dates with the seller’s solicitor. They’ll liaise between the buyer and seller and organise a completion date – this date will depend on the property chain involved in the sale. Draft a deed transferring title in the property to the buyer. The buyer’s solicitor will draft a deed transferring title in the property to the buyer and give the lending institution a certificate of title. This is a legally binding document and will determine that the property belongs to the new buyer. Transfer the signed transfer deeds to the seller’s conveyancer. Forward the title deeds to your mortgage lender. Transfer the property’s deposit to the seller’s conveyancer. Swap the signed contracts with the seller’s conveyancer on the agreed date. Request payment of the mortgage advance from your lender. Transfer the balance of the purchase price (less the deposit already paid) to the seller’s conveyancer. Forward documentation regarding the transfer of ownership to the Land Registry. Check whether the capital gains tax (CGT) has been paid by the seller.
Our Commercial Property Services
Your conveyancing solicitor will carry out a number of other important tasks. If you’re buying property, it’s your property solicitor’s job to: Carry out local authority searches in relation to the property to check for any issues with the property. This will include checking any forthcoming planning issues, such as transport or building plans that are likely to affect the home you want to buy. It will also include an environmental report which will check that the house was built on good land, whether or not it’s liable to flooding etc. Request and obtain a copy of your mortgage offer. This will contain your mortgage lenders’ instructions for the conveyancer to act on their behalf. Liaise with your property’s seller’s solicitor to receive a contract pack. This will include the draft contract which specifies the terms of the purchase/sale. Organise the potential completion dates with the seller’s solicitor. They’ll liaise between the buyer and seller and organise a completion date – this date will depend on the property chain involved in the sale. Draft a deed transferring title in the property to the buyer. The buyer’s solicitor will draft a deed transferring title in the property to the buyer and give the lending institution a certificate of title. This is a legally binding document and will determine that the property belongs to the new buyer. Transfer the signed transfer deeds to the seller’s conveyancer. Forward the title deeds to your mortgage lender. Transfer the property’s deposit to the seller’s conveyancer. Swap the signed contracts with the seller’s conveyancer on the agreed date. Request payment of the mortgage advance from your lender. Transfer the balance of the purchase price (less the deposit already paid) to the seller’s conveyancer. Forward documentation regarding the transfer of ownership to the Land Registry. Check whether the capital gains tax (CGT) has been paid by the seller.
Selling Your Property: What a Conveyancing Solicitor will do
If you’re selling your property, it’s your conveyancing solicitor’s job to carry out the following tasks: Draw up the draft contract. This will detail what you intend to include within the price of the property, along with a suggested date of completion. This will then be sent to the buyer for approval. Negotiate on your behalf the terms of the draft contract depending on what the buyer requests. Any issues between the two parties about the draft contract will need to be resolved at this point. Liaise with the buyers’ solicitor to organise a potential completion date. Receive the signed transfer deeds from the buyer’s conveyancer. Exchange finalised contracts. Receive the property’s deposit from the buyer on the sellers’ behalf. Hand over documents to the buyer that proves ownership of the property. Pay off any outstanding mortgage from the proceeds of the sale.
We provide a wide range of professional services to meet your needs. We promise to provide every service with a smile and to your highest level of satisfaction.
Interested in our services? We’re here to help!
We want to know your needs exactly so that we can provide the perfect solution. Let us know what you want and we’ll do our best to help.
