Are you looking for information about the conveyancing process? Conveyancing is the legal process of transferring the ownership of a property from one person to another. It can be a daunting task and it is important to understand the process before undertaking it. In this blog post, we will provide you with all the information you need to know about the conveyancing process.
What is conveyancing?
Conveyancing is a process that involves the transfer of ownership of property from one party to another. It is typically handled by a solicitor or a licensed conveyancer and involves several key steps.
What is the role of a solicitor or conveyancer in the conveyancing process?
When it comes to the conveyancing process, the role of a solicitor is essential. A qualified solicitor or licensed conveyancer will be able to provide you with advice and assistance throughout the entire process. They will also act as a liaison between yourself and the lender, or buyer and seller if you are buying or selling a property.
A solicitor’s role in conveyancing can include things such as verifying that the title deeds are correct, checking for any outstanding mortgages, organising local authority searches and calculating stamp duty. The solicitor will also ensure that all of the necessary documents are correctly signed and will ensure that your interests are safeguarded throughout the process.
What are the key stages of the conveyancing process?
We have highlighted below the key stages of the conveyancing process:
Step One
The first step in the conveyancing process is obtaining the title deeds and contract from the seller or sellers solicitor. This will give the solicitor a clear indication of the title to the property and any rights or obligations associated with it that they can report to their client.
Step Two
The next step is for the solicitor to carry out searches on the property to make sure there are no legal problems that could affect its ownership. These searches will include checking if there are any outstanding mortgages or other encumbrances that might affect the transfer of ownership. At this stage the solicitor would also normally report on the new mortgage conditions, if the customer is taking out a mortgage to purchase the property.
Step Three
As well as reporting it’s the solicitors role to manage any enquiries between the seller and buyer regarding the transfer or purchase of the property. There could be questions on the properties structure, any fixtures and fittings that are sold with the property etc.
Step Four
Once reports, searches and enquiries are complete the solicitor will then prepare a contract for the transfer of ownership of the property. This contract will outline the terms and conditions of the sale, including any payments due from either party and any other responsibilities associated with the property. Once both parties have agreed to the terms, the contract will be signed by both parties.
Step Five
Once the contract is signed the solicitor will request mortgage funds from the lender if the person is taking a mortgage and/or the remaining deposit/cash funds to purchase the property.
Step Six
Once everything has been completed and approved, the solicitor will exchange contracts, this is the legal agreement to engage in a contract to purchase the property by both the seller and the buyer. At the point of exchange of contracts the solicitor would also arrange a completion date for the transaction.
Post-Completion
The solicitor will pay any applicable stamp duty on the purchase of the property. Stamp duty is a tax payable by buyers when purchasing certain types of property in England and Northern Ireland. The solicitor will then finally proceed with registering the title to the property with HM Land Registry with you as the new owners.
What are some of the common problems that can arise during conveyancing?
The conveyancing process is a complex one, and it’s important to understand the potential pitfalls that can arise.
- Issues following survey on the property i.e. elements of the properties structure or condition that could not be seen on viewings or a qualified surveyor has recommended improvements
- Issues with deeds of the property of restrictions on the title i.e. certain accesses the property has on it boundary or restrictions of resale
- Challenges with enquiries between buyers and sellers and failing to come to agreement on terms of sale
It’s important to work with an experienced solicitor to ensure that any potential issues are identified and addressed quickly and effectively.