Everything You Need To Know About Conveyancing
When handling the legal aspects of your property, it is important to know exactly what you are getting yourself into. This will tell you everything you need to know about buying or selling properties.
What is conveyancing?
The term “conveyancing” is used to describe the process by which the ownership of property is transferred from one person to another. There are several legal issues involved when it comes to transferring property. Conveyance makes it very easy for you to work through these issues by having a skilled and experienced solicitor or conveyancer deal with them. Buying or selling of your desired property or land involves risk factors and conveyance reduces these risks by a great margin. Your conveyancer acts as your mentor and guide in getting the property or land bought or sold in the easiest and most convenient way possible.
Who is a conveyancer?
A property solicitor or conveyancer is someone who takes the responsibility of transferring the ownership of property or land. They perform the property legal services and finds you the proper buyer or seller for the property. They will go through all the steps and procedures with you for a fee and will make the transition of ownership as smooth as possible. Licensed conveyancers are property law specialists who work on behalf of clients buying or selling property in England and Wales. They deal with all the legal matters, administration, finance and queries involved in a property transaction. They also advise their clients about the different choices and financial implications. Conveyancers process and agree contracts, transfers, mortgages and leases and draw up all the documents that sellers and purchasers must sign in the course of a transaction.
How to choose a solicitor:
Choose a solicitor or conveyancer who is close by and familiar with your area. Most people also want to instruct someone who has been recommended or who is highly rated. You also must consider the cost of the conveyancer. Legal fees can be expensive so you should always check the likely cost before you instruct a solicitor or conveyancer. Also make sure that you understand exactly how the fee system works. Different companies will charge different fees for their services. Some firms, for example, do not charge if the sale or purchase falls through, which could save you hundreds of pounds in legal costs.
What does conveyancing involve?
After you find a conveyancer or solicitor, he/she will then draw up a draft contract or terms of engagement with you, setting out their charges and deposits required. Your solicitor will write to your seller or buyer’s solicitor to confirm they are instructed and request a copy of the draft contract and any other details, such as the property’s title and the standard forms. They will examine any drafts of contracts or enquiries and show them to you to see if you have any queries. Next the conveyancer will do a series of property searches, this involves doing legal searches to ensure there are no other factors you should be aware of. You will also need to get your mortgage in place and undergo a mortgage valuation. It will also require you to get insurance for the property. The final steps involve signing and exchanging the drawn contract. After this you can move in/out while your solicitor ties up any loose ends.
As you can see, it isn’t complicated at all. Contact NBM Solicitors today to find the perfect conveyancer for you.