Conveyancing refers to the administrative and legal work which is needed to transfer the ownership title of a property from the seller to the purchaser. It is sought after by both buyer and seller. It is needed because as there are substantial funds at stake, and it is crucial that the seller and buyer are legally protected. On top of this, there are various mandatory legal processes that both parties have to adhere to, and it is far better that these are dealt with by a professional who understands the pitfalls. Furthermore, in order to ensure their interests are protected, the vast majority of mortgage lenders make it a mandatory requirement.
Although solicitors are legally entitled to undertake conveyancing, the fact that the majority of them offer various other legal services means that many of them do not have the necessary experience and expertise to spot potentially serious pitfalls, and some may not make all the necessary searches, or explain aspects such as the mortgage offer, in sufficient detail. To that end, going to a dedicated residential conveyancing firm which only works with home purchasers and sellers is the smartest move that buyers and sellers can make, especially in light of the fact that our homes are usually our most important asset, and our families are dependent on this security.
Although a property survey is put in place by the bank or building society to identify any potential structural issues, this formality does not include searching for unfavorable factors which could have a bearing the property you are buying or selling. These serious issues are also dealt with during the conveyancing process. Aspects include: ground rents, rights of way, access to electricity and water, leaseholds, and restrictions of usage. They could well impact the property you are selling or buying, and whether or not you will be able to close the transaction successfully. You will be provided with any necessary reports prior to committing yourself to purchasing or selling.
The process of conveyancing starts as soon as an offer on a property has been accepted, and concludes at completion, when the closing contracts have been signed, and the funds to finalise the purchase have been transferred. At the start of the process, the conveyancer will notify you of any stamp duty or other incurred costs that you will be liable for, and will clearly explain what their fix fee includes. He or she will study every aspect of the contracts which have been sent by the other party’s conveyancer, and will be in contact with the buyer’s and seller’s mortgage providers.
They will also carry out crucial searches for the buyer via the local authorities and other relevant organisations to determine whether there are any potential building plans for something unsuitable such as a power station. The search results will also unveil any financial charges and liabilities from previous residents, as well as anything such as flood risks, and plans showing sewers near the property. After completion, they will settle any necessary fees, transfer the seller their funds from the sale, and register the new property owners on the Land Registry site.