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What is Conveyancing?
Law and Lawyers Ltd, Conveyancing Solicitors in East London 03 June 2019 Conveyancing Explained Conveyancing is the legal transfer of property from one owner to another. The conveyancing process starts when a buyers’ offer on a property gets accepted by the seller. The legal process continues until the buyer get the property keys. The conveyancing […]Read more
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Law and Lawyers Ltd, Conveyancing Solicitors in East London
03 June 2019
Conveyancing is the legal transfer of property from one owner to another. The conveyancing process starts when a buyers’ offer on a property gets accepted by the seller. The legal process continues until the buyer get the property keys.
The conveyancing process should be carried out by a conveyancing solicitor or a licensed conveyancer who acts on behalf of the buyer or the seller. Conveyancing includes the entire legal and administrative work required to ensure a house purchase is valid under law.
What will your conveyancing solicitor do for you?
As mentioned before, conveyancing process begins when the offer is been accepted. In England and Wales, the conveyancing solicitor will do the:
Initial paperwork and draft contract
After the offer has been accepted, the sellers’ solicitor will draft the contract doing necessary checks and send it to buyers’ solicitor. The contract outlines the conditions of the sale, terms of the deal, property details and information.
Pre-contract enquires from the buyers’ solicitor
At this stage the buyers’ solicitor would have received the contract pack from the sellers’ solicitor. Buyers’ solicitor will now analyse the draft contract, title deeds and the forms and do preliminary check on the property and its current owner. If any questions arise after the thorough analysis, the buyers’ solicitor will raise the enquiries to the sellers’ solicitor.
Organising a Survey and Searches
Next comes the survey, which will be organised by the buyers’ solicitor. The survey will check the state of the building, the condition of the surrounding land, assessment of external factors such as drainage systems and local developments planned for the near future etc.
The buyers’ solicitor will then carry out the necessary local authority searches in relation to the property and analyse the results of the local authority searches. The searches will include checking outstanding issues with the local authority, including planning, flood risk, contaminated land and other environmental issues.
Both sellers’ and buyers’ solicitors will negotiate terms on the draft contract. Once all searches have been received and answers to all enquiries have been answered satisfactorily, the contract will become official and both parties will sign in readiness for exchange.
If you are buying property on mortgage, a formal mortgage offer will have been received from the lender at this stage. The solicitor will go through the conditions mentioned in the mortgage offer and invite the buyer to sign the mortgage deed. The solicitor will normally undertake legal work on behalf of the lender as well.
Exchange of contracts
At this point contracts are exchanged; the buyers’ solicitor will send the deposit monies to the sellers’ solicitor.
All parties involved will agree on a completion date at this stage. Once the contracts are exchanged between the respective solicitors and the buyer legally bound to buy, and the seller bound to sell the property. Should either party pull out, the other will be entitled to claim compensation for breach of contract.
After the Exchange
The buyers’ solicitor will draw up the Transfer Deed so that the property can be registered in property buyers name after completion.
If buying on mortgage, the buyers’ solicitor will order the mortgage monies in time for completion from the lender. The solicitor will also do some final searches in land registry on behalf of the lender.
On the completion date the sellers move out of the property and buyer solicitor settle the balance of the money that was due. Once it is settled and confirmed by the seller solicitor, the seller should release the keys to the buyer.
Post completion and Registration of the property transfer
After completion, the buyer solicitor will pay any stamp duty, and upon receipt of the title deeds and documents and Transfer signed by the seller’, register the new ownership with the Land Registry.
Once the registration is complete and received back from the Land Registry, if the property is purchased with the assistance of a mortgage, the solicitor will send a copy of the registered title to the lender as evidence that their charge has been registered, which will remain until such time as buyer pay off the loan.