Our homes have an emotional value to us. Certainly, the decision of selling off a house brings a lot of emotions and stress. We all want the best deal on our house in which we have spent the days of our lives that are indeed priceless. On the other hand, someone who is looking to buy a house is basically looking for a space where he/she can fit in his/her dreams. The process of conveyancing determines the success of a house sale or purchase. So, it is imperative that we choose to hire someone skilled and experienced to guide us through the whole process of residential conveyancing.
Conveyanicng as we know is the transfer of title or ownership of a property from one person to another. In case of residential conveyancing, it is the transfer of the title of a house. The process of residential conveyancing is just the same as any regular conveyancing. Regardless of you’re a buyer or a seller, you’ll be needing a solicitor or coneyancer who’ll do the job on your behalf.
The process as you might already know is lengthy, stressful and involves tons of paperwork. Luckily, you don’t have to take on all the pressure alone, you can hire people to delegate the pressure! That’s right. But before we go into it, let’s talk in brief about what the process of residential conveyancing involves. Like it’s been said before it is exactly like a typical conveyancing.
As we know the exchange of title is basically an exchange of contract, the process of conveyancing can be divided into three stages based on this exchange of contract-
Prior to exchange of contract
- The seller’s solicitor will prepare a draft contract. This contract will have details of both parties (the buyer and the seller) and the price of the price. A copy of the seller’s title deeds needs to be attached with the contract
- The buyer’s solicitor will inquire about the house and make relevant searches such as drainage and mining search, environmental search etc.
- When presented with the draft contract, the buyer’s solicitor will go through it diligently. The buyer’s solicitor has the right to ask for requisitions with the seller’s solicitor for the problems found within the contract.
- If the buyer plans to buy the house with a mortgage, at this point his solicitor will ask him to sign a mortgage deed.
Exchange of contract
The seller’s solicitor will make a final contract with all the corrections of the problems incurred in the draft contract and present it to the buyer. Both the buyer and the seller will sign this contract in the presence of their representative solicitors. Thus the contract becomes a binding one that is enforceable by law. The buyer needs to pay the seller some advance on this occasion.
After the exchange of contract
- The buyer’s solicitor and prepares and sends a draft purchase deed to the seller’s solicitor.
- The seller’s solicitor will go through it. If he/she finds it okay, then the buyer’s solicitor will make a copy of the deed and both parties will sign it.
- The seller’s solicitor will sit with the seller’s lender regarding the repayment of the mortgage on the house (if any).
- After that the buyer’s solicitor will pay the remaining amount of the price to the seller’s solicitor. This step is known as completion.
- The buyer’s solicitor will apply for Land Registration and pay the land taxes and other dues on the house.
You should hire a solicitor who is a member of the Law Society. If you’re thinking of hiring a conveyance instead, make sure he/she is on the list of the Council for Licensed Conveyancers.
Anyone can tell that the costs of conveyancing are huge. First of all, it involves paying off the price of the house. Then you’re going to have to pay your solicitor. Now, solicitor’s fees depend on the firm you are hiring him from. You’ll afflict another type of cost on yourself that is known as the disbursement. It is the cost that your solicitor had to incur on your behalf. A smart buyer will search for free online quotes so that he/she can have a synopsis of the total cost before hiring a solicitor. Also, you can choose to do your own conveyancing, if you’re willing to cut back on the costs.