When you come to buy or sell a property, you will need a solicitor or conveyancer. They will complete the conveyancing process on your behalf. But what do they actually do? What does conveyancing actually mean?
Conveyancing is the legal process of transferring home ownership from one person or company to another.
In conveyancing, the property is legally transferred from the buyer to the seller, or vice versa. In this guide we will look at the key steps involved. The process is similar if you are buying or selling, but we will focus on buying a property in this article.
- Once you have had an offer accepted on a property you will need to find a solicitor or conveyancer to complete the legal process on your behalf. It helps speed up the process if you have already decided which one you will use. You can do this as soon as you start house hunting, then formally instruct them to start work once you have had an offer agreed.
- Your conveyancer will request draft contracts and other documents from your sellers. You will need to go through these forms which provide further detail on the property you are buying, as well as what the buyers are planning to leave behind etc.
- Searches will be carried out to give you a full picture of external factors that might affect the property you want to buy. For example, are there plans to build a new motorway just across the road? Searches cover this kind of information as well as flooding and subsidence risks. Data on water and drainage which may be important if you are planning any building works.
- Your solicitor will write to you with details of all the search results and highlight any areas of concern. You can then address any of these issues with the sellers as appropriate. Once you are ready to proceed, you will confirm a completion date and sign the draft contract. You must also pay the deposit into your solicitors account.
From exchange through to completion
- Once you and the seller have agreed, your solicitors or conveyancers will exchange contracts on your behalf. This is usually done by both solicitors/conveyancers making sure the contracts are identical. They then immediately send them to one another in the post. Remember, once you have exchanged contracts you are now in a legally binding contract to buy the property. You can no longer change your mind or renegotiate, without risk of being sued.
- Completion day arrives! The day you have been waiting for is here. Usually you collect a set of keys from the estate agent, once they have confirmed that the purchase has been completed and the sellers have vacated. Your solicitor or conveyancer pays the outstanding balance to the sellers’ solicitor, along with any mortgage funds. Your solicitor hands over the legal documents that prove that ownership has now been transferred and the process is complete.
At Check 4 Houses we are passionate about supporting people through the sometimes stressful challenge of purchasing a property. We offer personal contact from start to finish, from local property experts. We know the towns and cities of Fleet, Farnborough, Aldershot, Basingstoke, Camberley, Yateley and Farnham inside out. Our internet based approach means we can sell your home from just £599 or 0.5% +VAT. This could save you thousands in agency fees. Please give us a call for a no obligation valuation of your home on 01252 819725 or email email@example.com.