Conveyancing is the legal transfer of a property from the Seller to the Buyer. Conveyancing covers all the legal administrative work to ensure a house purchase is valid in the eyes of the law. The Conveyancing process is usually carried out by a Solicitor who acts on the behalf of the Buyer to ensure their client receives all the appropriate legal documentation needed in order to validate the sale. This includes the title deeds to the property and the land it sits on.
Why Hire a Conveyancing Solicitor?
Conveyancing is a long and complicated legal process and we would always recommend using a qualified legal professional for all your Conveyancing needs to make sure you are protected from a legal perspective. If you are using a mortgage, then your mortgage lender will insist on a Solicitor being used. Your Conveyancing Solicitor will carry out a number of administrative tasks on your behalf such as…
- Liaising with the Seller’s Solicitor to obtain the contract pack
- Obtaining a copy of your mortgage offer
- Conducting required searches in relation to the property
- Checking the legal title and raising formal enquires
- Transferring the deposit to the Seller’s Conveyancer
- Preparing the completion statement and transfer deeds for you to complete
- Requesting payment of the mortgage advance from your lender
- Submitting tax returns and paying the required Stamp Duty Land Tax
- Sending the required documentation to the Land Registry
Exchange of Contracts
The exchange of contracts is sometimes considered the most important part of the Conveyancing process. In order to exchange contracts all parties need to agree on a completion date. Once this has been agreed, contracts are exchanged and both Buyer and Seller enter into a legally binding commitment with a set completion date, making it impossible to back out without incurring legal penalties. The Seller’s signed contract is sent to your Solicitor and your part of the contract, along with payment of the agreed deposit, is sent to the Seller’s Solicitor. Your Solicitor will also prepare the Transfer Deed to transfer ownership of the property to you once it has been signed by the Seller’s Solicitor.
How Long Does the Conveyancing Process Take?
Conveyancing Solicitors are often unable to give a specific answer to this question. In most cases, it will take between 8 and 12 weeks but it could take less time or longer depending upon your individual circumstances.
Factors that can draw out the Conveyancing process include delays in getting a mortgage offer; delays in gaining access to the property for a survey; and problems with the survey results that require attention. We always recommend discussing any possible causes of delay with your Conveyancing Solicitor beforehand as they may be able to advise on alternative routes or solutions.
Whether you’re buying residential or commercial, we here at Jackson Barrett and Gass offer expert Conveyancing services for all your property buying needs. Get in touch today at email@example.com.