Conveyancing is a word that you will hear a lot when looking into buying and selling property, but what does it mean?
What is Conveyancing?
Conveyancing is the legal process of transferring the ownership of property from one person or entity to another. This process involves a series of steps, including legal paperwork, searches, and checks. Conveyancing ensures that the transfer of property is legal and that the new owner will have clear title to the property.
The Conveyancing Process
The conveyancing process involves several key steps, which we will outline below.
Step 1: Instructing a Conveyancer
The first step in the conveyancing process is to instruct a conveyancer. This is a legal professional who specializes in property law and will act on your behalf throughout the transaction. You should choose a conveyancer who is experienced and qualified to ensure that your transaction runs smoothly. We can help you to find the right conveyancer for you if you are struggling with your search.
Step 2: Drafting the Contract
Once you have instructed a conveyancer, they will draft the contract of sale. This document outlines the terms of the sale and includes details such as the price, the property boundaries, and any special conditions of the sale.
Step 3: Conducting Searches
The conveyancer will conduct various searches to ensure that there are no legal or administrative issues that may affect the property. These searches may include local authority searches, environmental searches, and drainage searches.
Step 4: Reviewing the Mortgage Offer
If you are purchasing the property with a mortgage, your conveyancer will review the mortgage offer to ensure that the terms are acceptable.
Step 5: Exchanging Contracts
Once all the necessary checks and searches have been completed, and both parties are satisfied with the terms of the contract, the contracts are exchanged. At this point, the sale becomes legally binding, and a deposit is paid.
Step 6: Completion
On the agreed completion date, the remaining balance of the purchase price is paid, and the transfer of ownership is completed. The conveyancer will register the new owner with the Land Registry and ensure that all legal documentation is complete.
Conveyancing is a complex legal process that is essential for any property transaction. It ensures that the transfer of ownership is legal and that the new owner has clear title to the property. If you are buying or selling a property, it is essential to instruct a qualified and experienced conveyancer to guide you through the process and ensure a successful transaction.
To find out more about the buying and selling process, get in touch with our team.