|This brief guide explains what conveyancing is and the vital role it plays when it comes to buying or selling a residential property.|
|Buying or selling a property will probably be one the largest and most significant transactions that you will ever be involved in. It can be a complicated business with various essential legal, statutory and other requirements that need to be made before the ownership of the property gets transferred from one person to another. Thankfully good conveyancing professionals will oversee the legal requirements and help guide you through the whole transaction process, ensuring that everything proceeds to completion without needless difficulties.|
Conveyancing ultimately involves legally transferring home ownership from one person – the seller – to another person – the purchaser.
The whole transaction process typically starts from the moment an offer from the buyer on a property is accepted by the vendor to the moment that legal ownership of the home changes hands.
But who and what are generally involved in the crucial conveyancing process?
Solicitors and Conveyancers
The role that legal experts play is crucial to ensure the smooth transfer of ownership from one person to another.
Traditionally, solicitors undertook all conveyancing work, but there are also qualified conveyancers who can now undertake this work. However, all conveyancers must be licensed in order to charge a fee for conveyancing work.
Whether you select a solicitor or licensed conveyancer, it is important that they familiarise themselves with the house or flat in question and make all necessary legal checks about the property, ensuring that it belongs to the rightful owner so that the purchasers does not encounter problems further down the line.
They should also ensure that the property is free from any sort of encumbrances, easements and covenants that could obstruct the undisputed ownership of the property as far as the seller is concerned.
The conveyancing process
The three main stages as outlined briefly below:
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* Generally, the same solicitor cannot act for both the purchase and the vendor a property. However, two solicitors of the same firm may be permitted to do so, on the condition that there is conflict of interests between those involved in the property transaction.
**Any mortgage offer is dependent on the property’s valuation – the ‘The valuation’.
To get an initial idea of the value of your property before going to an expert, try our free tool.