When it comes to buying or selling a property, conveyancing is an essential part of the process. Conveyancing is essentially the legal process of transferring property ownership from one person to another. It can involve buying a house or land, selling a home, remortgaging and leasing property, and transferring ownership among family members. The most common type of conveyance is buying a property, which involves engaging a solicitor or licensed conveyancer to look after the legal side of the transaction. If you’re looking to buy or sell a property, it’s important to understand how conveyancing works and the different steps involved.
Overview of the Conveyancing Process
Conveyancing is a complex process, but the main steps are usually similar for all types of conveyance. These include:
#1 Instructing a Conveyancer
You’ll need to instruct a solicitor or licensed conveyancer like AVRillo who offer conveyancing services in Birmingham, Enfield, Oxford, London, and all of the UK. This involves agreeing on costs and signing a contract. It’s important to choose a professional that has experience in the area, as well as someone you feel able to communicate with and trust.
Your solicitor or conveyancer will then carry out the necessary searches, including:
- Local Authority searches: To find out about any current planning applications or building regulations affecting the property
- Environmental search: To check whether the property is in an area at risk from flooding, pollution, or contaminated land
- Drainage and water search: To check the location of the sewers and drains
- Checking title: To check there are no legal complications or restrictions
#3 Exchange of contracts
Once the searches have been completed and you’re happy to proceed, contracts are exchanged. You’ll be asked to sign and return yours, and the seller must do the same for theirs. This is a legally binding agreement, and at this point, you’ll be expected to pay a deposit. When both parties have signed and returned the contracts, a completion date is agreed upon.
On completion day, your solicitor or conveyancer will transfer the balance of the purchase price and arrange for you to receive the keys. They’ll also send a copy of the Transfer Deed and Bill of Sale to the Land Registry, where it will be recorded in your name.
Once the completion has been registered and you’ve received the keys, your solicitor or conveyancer will send a copy of the Transfer Deed to the Local Authority. They’ll also be responsible for registering your property with the Land Registry and ensuring all stamp duty has been paid.
Benefits of Working with a Professional Conveyancer
A qualified solicitor or conveyancer is essential for the legal process of buying, selling, or remortgaging a home. Here are some of the benefits of using a professional:
- Expertise: A professional will be able to advise you on any legal issues or potential risks associated with the property. They’ll also know exactly which searches need to be completed and how to complete them correctly.
- Peace of mind: An experienced conveyancer will take care of all the legal aspects of the purchase or sale, so you can be sure everything is being handled properly. They’ll also be able to answer any questions you may have and provide guidance throughout the process.
- Speed: A professional conveyancer has access to a range of resources that can speed up the process. This includes access to specialist databases and software, as well as a network of contacts in the industry who can help ensure the conveyancing moves forward quickly.
- Legal protection: This ensures you have legal protection throughout the process and that any disputes are handled in an appropriate manner.
- Access to information: They can provide access to all of the relevant documents, such as Land Registry searches, title deeds, and contracts.
- Processing payments: They can arrange any necessary payments and ensure stamp duty has been paid.
Conveyancing is an important part of the property purchase or sale process, and it’s essential to find a qualified solicitor or conveyancer who can guide you through the process. Using a professional means, you can be sure everything is done legally and all of the necessary searches have been completed correctly. An experienced professional will also be able to provide advice and guidance throughout the process and ensure the transaction is completed as quickly and smoothly as possible.