Generally, conveyancing is a legal process by which a property is bought or sold. It is done in order to transfer the legal ownership of a property from one owner to the other. Conveyancing, therefore, is an inevitable process that must be followed. Also, it is mandatory in the UK. Conveyancing is done by professionals and those who do it are known as conveyancing solicitors. Solicitors are specialized lawyers who provide expertise to those seeking to buy or sell a property. There are always many questions, especially, frequently asked questions or FAQs regarding conveyancing. We will be discussing those in this article.
What is conveyancing?
As mentioned already above, conveyancing is a legal process that must be followed wanting to buy or sell a property. The complexity of the process depends on the type of property that you want to buy or sell. For normal properties like residential properties, the process is simple. However, for properties like leasehold properties it is complex. Conveyancing is also cumbersome for mortgage and commercial properties. In the UK, it is a mandatory process and has to be followed at all times.
How long does conveyancing take?
Conveyancing in one phrase is a time consuming process. For those seeking to buy or sell properties must be aware that it needs time. Firstly, conveyancing will take more time if the property is not empty and requires mortgage. If the property is an unused, empty property then it will take less time – like only a few days. If the property does not require mortgage, then it will also take less time, a few days only. However, if the property requires mortgage and is a property that is currently in use, then it will take more time.
A property which needs a mortgage needs to follow and complete the mortgage process. The mortgage process takes a few weeks’ time to complete. During this period, there will be exchange of contracts and settlement regarding the terms. Then afterwards, there will be another period of three to four weeks where the contracts and completion of the conveyancing process will commence and then the property conveyancing is completed. Thus, in total, it takes about seven to ten weeks if the property is requiring mortgage.
Conveyancing, therefore, needs to be done by those who have adequate knowledge and experience regarding it. If such is not fulfilled, then the process might go in the wrong direction and you might not be able to buy or sell your desired property.
How much money is required for conveyancing?
Conveyancing cost is not fixed and it varies. It depends due to the type of property, the location of the property and also if there are any major issues regarding the property. If the property does not have any past issues to it then it will not require extra effort from the solicitor and so, cost will be lower.
One more thing to remember is that mortgage and leasehold conveyancing will cost more than normal residential conveyancing. Commercial conveyancing will be the most expensive because usually commercial property prices in the UK have a range of upwards of five hundred thousand pounds.
What to do regarding any queries or confusions regarding the property purchase?
It is normal for you to be confused about any minor or major detail regarding the property buying and selling process. Thus, you might have a question or query regarding that. So what should you do when such thing happens? Should you ask your agent or your solicitor? To answer this, it must be mentioned that it is in your best interest to get your answers from your solicitor.
The most important reason is that your solicitor will always guide you and advice you that is most beneficial to you. Your agent or any other person will not because your agent will try to take as much profit as possible from the property buy or sell. However, it does not cost your solicitor any extra penny to give you proper advice and it is their duty to work for your best interest. For best property conveyancing, you should check out Nigel Broadhead Mynard Conveyancing Solicitor for conveyancing in the UK.