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Moving Home - Conveyancing

What does Conveyancing stand for?
The term Conveyance stands for the transfer of ownership of a property legally from the seller to the buyer. This process of buying and selling of property involves the following stages:

  • Stage one involves the lines of communication between the solicitor’s concerning both the parties of buyer and the seller
  • Stage two involves the exchange of contracts and all the written formalities
  • Stage three deals with the completion of these formalities and the tasks that happen after completion

The system and process of Conveyancing is designed so that it ensures that the buyer secures the rights that are associated with the land he is buying and he is informed or educated in advance about any restrictions that are associated with that property.
The process of Conveyancing is not much expensive at all, considering the fees of the solicitor that is comparatively modest. Moreover, you find certain difference in the costs charged by different solicitors. Therefore, it is better you conduct appropriate research before finalizing on any particular solicitor.
The process of Conveyancing is explained in detail below-

Communication between the solicitors of both parties:
This stage explains the exchange of information between the buyer and seller’s solicitors. In this process, the solicitor from buyer’s side contacts the seller’s solicitor to exchange a general draft of the original contract. This draft consists of important information such as the terms and conditions that needs to be fulfilled for sale, price, seller’s title deeds and the deposit amount.
The solicitor from the buyer’s side upon receiving the draft studies it carefully to analyze any unusual condition in the contract. He may negotiate with the other party if he finds any particular condition unsatisfactory. A copy of the same contract draft is send to the buyer as well so that he may study it as well. This first stage is considered very crucial for the establishment of a successful contract and has to be taken care of especially by the solicitor. If the solicitor does not conduct, proper study and research then there are chances of disputes and this is why it is always suggested to select an appropriate solicitor. Contact us and our experts here will help you select the best contract.   
After the proper study of the contract if the solicitor finds it appropriate for the buyer, then both the parties decide the date for transfer of the ownership and they sign the contract. The date of transfer here means the date from which the buyer can take over the seller’s land. In case you are taking out any mortgage, you will require an active solicitor to act on your behalf.

The exchange of contract and all the written formalities:
In this stage, the transaction of purchase and sale between both the parties becomes official. Before this stage, the parties have the option of withdrawing the offer but after the signing of the contract they have to abide by the contract.
After every terms of the contract are considered and agreed, the contracts are exchanged between the parties. This exchange of contract may be in person or sometimes the exchange is officially made by the solicitor’s agreeing to exchange the contracts over the phone and afterwards posting the documents to both the parties. The solicitor provides a statement to the buyer that includes the breakdown of the amount that has to be paid before completion of the contract, which includes land registry fees, stamp duty and deposit that is non-refundable( typically 10% of the cost of the land). It is the duty of the buyer’s solicitors to arrange for the signing of the documents and to carry out further inspection of the details in the register.

Completion of formalities and post completion stage:  
Completion is considered the final stage of Conveyancing process. In this stage, the purchase price is paid to the seller in exchange for the transfer of property documents also known as the Conveyance.
The post completion stage includes the exchange of the keys and payment of the balance amount if any left. The buyer receives the title deeds of the contract and the official transfer documents. The solicitor from the buyer’s side confirms all the formalities, payments have been completed in this stage and conduct a final check of the purchase, and everything has been performed as per the legal requirements.

Common problems involved in Buying and Selling of properties:
The process of sale and purchase are quire complicated and there are chances when things may not go as per the plans. It is therefore, always advised to seek legal help from an expert solicitor in case of such complex problems. NotJustLaw has enough experience in dealing with some of the worst cases. So, all you need to do is contact us.
The problems can be in form of complex procedures, negotiation problems, problem related to deposits or procedures. Some major problems do arise when enquiry is done about the property. As for example, the seller did not reveal that planning permission has been denied on the land by the local planning authority.

During the enquiry and search process some problems relating to the property might arise, for example, it may be important to the buyer that planning permission is available yet a search reveals that this has been denied by the local authority, or there is a charge registered to the property. There may be circumstances when the buyer is not satisfied with the level of information provided regarding the property by the seller, as it is not obligatory for the seller to provide all the correct information. That is why it is always advisable to carry out thorough research and study before finalizing on any sort of agreement.
Problems are an unavoidable part in the transactions of purchase and sale. In the second stage when the deposits are made by the buyer, there are chances when the buyer refuses to make the  deposit or the solicitor keeps hold on the interests that are getting accumulated on the deposits. In these kind of situations the seller has the option of withdrawing his offer and in case the solicitor is holding the interest, the seller can request for the interest to be passed on.

What are Mortgage services?
Mortgage is a loan, which is used to finance a property or an estate and has a fixed amount of interests and specified payment periods. In this, the borrower has to offer the lender a part of the property as security.
Some solicitors provide advice related to the mortgage apart from buying and selling advices. The advantage of taking mortgage advice from a solicitor rather than from a mortgage lender is that a solicitor would think and advice in the buyers favour. The advice related to mortgage may include taking mortgage, mortgage payments and drafting of relevant documents.

How to find the best Conveyancing solicitor?
Although now days a lot of law firms are offering this service but you have to do a lot of research in the market to find an expert solicitor who can provide you the timely advice and information regarding the step by step process. While selecting a solicitor, do enquire about the services offered and if they are providing any additional services like reports of purchases and sales.

However, selecting an appropriate solicitor depends on your needs. Do not trust on the supermarkets who claim to provide the best advice. It is not necessary they are hiring legal experts and they do not assist you on every matter. Before taking any advice from the estate agents regarding the solicitor, do think and search about the solicitor. Ask relevant questions and ensure that they provide complete informative services.



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