A quick guide to understanding conveyancing
The process of buying and selling houses can be tense, time consuming and confusing, read this beginner's guide to help you understand the conveyancing process.
What is conveyancing?
The process of buying, selling and transferring property and land.
Why is it needed?
To enable the title to pass from a seller to a buyer and registration to be effected at the Land Registry.
Who can carry out the conveyancing service?
A qualified person/company will do it for a fee or individuals can act for themselves, although this can sometimes cause difficulties down the line.
What is the difference between a conveyancer and a solicitor?
A solicitor is qualified, having passed professional exams as required by the Law Society. A conveyancer may not necessarily be qualified and will work for a company.
What does the process involve?
The checking of the seller’s title by the buyer’s lawyer, making arrangements for all required searches against the property to be carried out and for contracts to be exchanged with completion to follow on the agreed date. This can only be done when the purchase monies are transferred to the seller’s lawyer to effect completion.
What is the most crucial part of the process?
The most important part is to ensure that all necessary due diligence is carried out by the buyer’s lawyer and completion is effected on the contractual completion date once contracts have been exchanged.
How long should the whole process take from start to finish?
This depends on the client’s specific requirements and the feasibility in terms of others involved in the buying and selling chain.
How much does it cost?
It depends on many factors relating to the transaction, i.e. price, freehold or leasehold, selling or buying, complexity of the sale and timescales required.
What is conveyancing fraud?
When people profess to be someone they’re not to carry out the process of selling or buying. It is also when people inter meddle, using funds relating to a transaction for purposes that are not related to that transaction.
Do you need to have a mortgage in place before the process can start?
Not necessarily if you already have funds to proceed without requiring a mortgage. However, if a mortgage is required, then a satisfactory mortgage offer will be needed in writing prior to exchange of contracts.
What’s the best way to go about finding a trusted conveyancing expert?
Speak to friends – word of mouth is always an effective way to find someone – check on the Internet and ask other professional advisers you’re working with for their recommendations.
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By Beth Fox