10 Steps That Take Place in Conveyancing
Conveyancing is a legal process that can seem quite lengthy and complex. Also the minimum time taken can range from 6 to 8 weeks. Complex cases are known to take even longer, depending on the issues of the case. Although some people are tempted to avoid using a conveyancer in order to save some money; it is important to hire a conveyancer when dealing with any kind of property transaction. An experienced professional will have the skill to tackle and problem that may arise during the process and can legally protect you and your assets if anything goes wrong. A conveyancer will help you avoid making bad decisions and provide you with financial and legal advice. They will help you save time and money in the long run. Handling the sale of a property alone can be daunting and can cause you endless distress and pain. While the conveyancer handles the legal aspects, you can tackle the practical issues of moving your home. The procedure can seem strange and complicated to someone unfamiliar in the area. It is important to have some knowledge of the process so you will know what is going on. Here are major stages of conveyancing explained briefly:
- After making the decision that you want to sell your home, you should contact a conveyancer as soon as possible. They will send you a confirmation by letter and will send you their terms and conditions and the costs of their services. They will also carry out proof of identity checks and sends out a fittings and contents form and property information forms for completion.
- Next, you will have to fill all the forms given to you by the conveyancer.
- The conveyancer will then get various documents such as the title deeds of the property from the land registry. They will also get the details of your mortgage and other necessary information.
- After this, the conveyancer will use all the information they have to create a draft of the contract and will send it to the other party. The buying party will go over the draft and will enter into discussion/ negotiation with the seller’s conveyancer. They will examine the documents and ask all the necessary questions about the property.
- The two parties will continue to negotiate until they reach an agreement that satisfies both the buyer and the seller.
- Once the two parties come to a mutual agreement, a date for completion is set.
- After the contracts are exchanged, the buyer and seller are legally required to complete the transaction. Any party that withdraws can subject to legal action. The seller’s conveyancer will get a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. The buyer’s conveyancer then drafts a transfer deed and sends to the seller’s conveyancer.
- Your conveyancer will then check and examine the deed transfer and will send it to the seller for signature in readiness for completion.
- Before completion the seller must vacate the property at a time which is agreed upon before and make the arrangements to hand over the keys, usually through the estate agent. The buyer’s conveyancer will also send the proceeds of sale to the seller’s conveyancer and the seller’s conveyancer will arrange for the keys to be sent to the buyer. Moreover, the seller’s conveyancer will send the title deeds and transfer the deed to the buyer’s conveyancer together with an undertaking to use the proceeds of sale to remove any existing mortgage. The seller’s conveyancer then pays the estate agent and repays the amount owing to the existing mortgage lender and takes payment for their Conveyancing service costs.
- After all the payments have been made the remaining money from the sale will be sent to the seller, usually through a bank transfer on the day of completion.