If you’re new to buying or selling property, you may not know what conveyancing is. But conveyancing is a vital element of any property transaction, as it encompasses an array of legal processes that must take place to transfer ownership form one person to another.
It is possible to do conveyancing yourself, but most people instruct a specialist in the field known as a conveyancing solicitor. Some transfers can be straightforward, but others can be complex and a mistake may end up being extremely costly down the line.
The best conveyancing solicitors are not always the cheapest. What is important is the service and the full package they offer. It pays to do your research to find out who the best conveyancing solicitors are. Looking around at what firms such as Sam Conveyancing offer can be wise before you make a decision.
After you’ve instructed a conveyancer, they will present a letter detailing the terms of engagement and the expected costs. The costs can be fixed, or the conveyancer can add items as they arise. There will be a number of disbursements, or fees, that need to be paid for essential activities such as searches and Land Registry costs. The conveyancer will also liaise with the solicitor acting for the other party, so you can relax and let them get on with it.
Steps in the Process
A draft contract will be drawn up that details the sale conditions, essential information regarding the property and what is included with the sale. Any issues arising from this need to be settled. A variety of searches will be undertaken to make sure there are no issues, such as new roads or conservation orders that might affect a property. To find out more about how conservation orders might affect gardens, see this report from The Guardian.
If you’re buying a property and using a mortgage lender, they may need to do an inspection to verify the worth of the property. Buyers may get a survey done to assess the condition of the property. If major repairs are needed, the conveyancer can act on your behalf to negotiate a solution. Eventually, contracts are signed and exchanged and the transaction is completed.
Buying or selling property can be complicated. However, getting a trusted conveyancer to take care of the legal aspects will make the entire process smoother.