The word conveyancing means the legal action which is used to prepare documents to conveyance for a property. In other words, conveyancing is the legal process which is followed when buying or selling a property. The conveyancing is a mandatory process in the UK and must be followed when buying or selling properties. In England and Scotland, in the UK, conveyancing is done by a conveyancer or a solicitor. A conveyancer is one who has a license to conveyance while solicitor is one who is a lawyer by profession and specializes in property conveyancing and dealing. The conveyancing law is actually the whole process of conveyancing. In legal terms, the implication is that it must be followed at all times, while buying and selling properties, no matter what.
Types of properties and conveyancing
All the properties that are available in the UK requires conveyancing. There are many types of properties that are available in the UK. These include properties like residential properties, commercial properties, leasehold properties, properties available on rent and etc. Residential properties include duplex houses, apartments, flats. There are also detached and semi-detached houses available. Commercial properties include shops and etc.
To be precise, conveyancing is quite a length and complex process. This is because it involves a chain of negotiations. Those who are seeking to either buy or sell a property have to follow a number of steps to do so. First, they must go to an estate agent so that they can either put their property up for sale or select a property to buy. Second, they can go to a conveyancer and take their service to buy or sell the desired property that they want to.
It is important to mention that conveyancer can easily do the paperwork for a residential property that needs either buying or selling to be done only. For a more complex process like commercial conveyancing, it is best to go to a solicitor. Leasehold properties are also conveyance for by solicitors rather than conveyancers.
Leasehold properties are more complex because they need an extra form to be filled and so an extra paperwork. Usually in the UK, residential conveyancing is more competitive and there are lots of conveyancers and solicitors who provide the services.
Solicitors are the legal specialist who understand the complexity and jargon of the legal matters of property buying and selling. Conveyancing cannot be done by any regular citizen because to do conveyancing one needs the license. Licensed conveyancers, therefore, can do conveyancing for all the type of properties that are there.
In short, the conveyancing process begins with the buyer or seller agreeing terms of service with the solicitor. After the terms are agreed, the Letter of Engagement is signed. Then, the conveyancer or solicitor is legally bound to give the buyer or seller their service. Unless this contract is not signed, not the customer nor the solicitor are to bound to each other for the service and the process.
Next, the series of steps will occur which include that the solicitor of both parties will exchange contracts and see if the wanted criteria is met or not. If any detail needs editing or terms needs changing, then it is done and the process commences until or after the two parties agree with the terms. Under the English Law, agreements are not legally binding until the contracts are exchanged. Therefore, after this paperwork is finalized and then it is signed and exchanged, only then the buyer and the seller are legally bound to each other to complete the deal.
Another thing to be aware is that there will be times when buying or selling a property, a deal might fall through. This can happen due to any reason that one cannot be aware of. If such happens, then the buyer and seller are both legally bound to pay their solicitors their service fees. This is because when the Letter of Engagement is signed, it says that in such cases, the solicitor will have to be paid money for the time they gave to conveyance for a property. In the UK, there are many conveyancing agents who do conveyancing for new and old properties that includes residential conveyancing, house conveyancing and also commercial conveyancing. It is indeed in the buyer and seller’s best interest to choose an experienced conveyancing solicitor who can help with the legal jargon matters like Nigel Broadhead Mynard Conveyancing Solicitors do.