Conveyancing

Conveyancing can be defined as the process of passing legal rights in a piece of real property from one person to another. The term refers to all the legal and administrative work associated with transferring the ownership of land or buildings from one owner to another. The procedure for conveyancing starts after an offer has been made and accepted for a property, and the buyer and seller have exchanged solicitor's details.

Conveyancing essentially involves the transfer of "good title" or ownership from one party to another. It is a long drawn and fairly complicated process that involves cracking the legal jargon that is found in the title deeds and checking the background of your property with the local authority and title searches. Generally, people hire the services of a solicitor or licensed conveyancer to handle the legalities of buying their home. Although it is possible to do the conveyancing yourself, it is not only time-consuming but also a work that requires relevant expertise. Though professional services will cost you money, it is well worth the cost to successfully complete the purchase and to resolve any potential problems.

The exact of process of conveyancing

Buying or selling a home is a complex business, legally and administratively. There are three main stages in the process -

1. Before the exchange of contracts, when the draft contract is received and negotiated, enquiries are made and the formal mortgage offer is received

2. Exchange of contracts: the contract is signed and the buyer hands over a deposit. Final accounts are prepared and the mortgage deed requested for you to sign. Final searches are made.

3. Completion: you obtain the keys to your new home and receive the title deeds. Stamp duty is paid and the transfer is arranged at the Land Registry