Get To Know All about Conveyancing – Here Is a Useful Guide to Get Started

If you wish to buy or sell your home, consider things you need to focus on. The first thing that would strike to your mind will be something like, how would I get through the legal issues regarding the whole process of selling or purchasing a new property? Or, what are the services available to assist me for the same?

Here comes the role of professional lawyers, who are associated with alienation and transfer of properties. Conveyancing is nothing but the process of transferring land titles from one individual to another. It is the procedure, which includes framing legal documents like property agreements, mortgages, associative articles, etc.

property-law

How does Conveyancing work?

The entire process can be broken down into three unique stages:

  • Before contract stage

It usually involves works that are more legitimate and can be much longer procedure, as compared to the other stages.

  • Pre – completion stage

It is not more complex. It involves the procedures after the completion of the contract related issues.

  • Post – Completion stage

It involves all the process to be accomplished after completing all the conveyancing deeds.
Let us get a broad view of the above three procedures.

Pre – Contract Stage

Once you are through accepting the offer and its related matters, legal papers must be prepared to transfer the ownership titles. The lawyer of the seller’s side drafts the sale agreement for authorization by the buyer’s lawyer. The contract will involve details regarding:

  • The involved parties
  • The price
  • The title to the asset
  • The legal affairs that will be impacting the property in future or already affecting it or any kind of restrictions that are to be placed on to it.
  • The date of completion

Prior to exchanging the agreement, the buyer’s attorney will analyze the property by inspecting it, raising enquiries or reviewing the title. The seller is expected to be honest while replying to the enquiries raised by the buyer’s lawyer.

Post-Contract Stage

The buyer’s solicitor will raise requisitions with the lawyer of the seller’s side. It is normally related to the mechanism of the completion itself. At this stage, the transfer deeds are signed by the seller to allow ownership title to be conveyed to the buyer.

The purchaser’s lawyer will request the buyer’s advance of mortgage. It must be sent to them prior completion.

Then, the lawyers of the either side will prepare statements of completion. This will give a detailed view of the money related matters of both the sides and now the seller’s solicitor can ask for an up-to-date mortgage repayment amount from the seller’s attorney.

Post – Completion Stage

Now, you can relax. This stage can be completed easily and it does not involve any complex issues.

At this phase, the seller’s lawyer must get a receipt from the seller’s mortgage lender and then he needs to forward it to the attorney of the other side.

The buyer’s lawyer will now consider the payment of Stamp Duty to Inland Revenue. It must be paid within a month in order to avoid penalties.

As you can see, conveyancing makes your whole process of buying or selling a lot easier. You just need to appoint a qualified solicitor, who would suggest you brilliant ways to end your deal smoothly. Simply get an online quote from a conveyancing website in order to get the ball rolling and start the process.