Conveyancing is a legal process that involves the transfer of ownership of a property/land from the seller to the buyer. This includes all the administrative work involved in transferring the ownership, including searches on the property.
When you instruct a conveyancer, they will contact the other parties’ conveyancer to manage the exchange. They will also manage the steps from offer acceptance, contract negotiations and exchange of contracts through to completion.
Here we share five key things you need to know about conveyancing to ensure a smooth process.
1. Understanding the conveyancing process
Understanding the conveyancing process is essential whether you are a first-time buyer or an experienced investor. There are three stages of the conveyancing process: pre-contract, exchange of contracts and completion stage. In the first stage, also known as the research stage, the buyer’s conveyancer or solicitor conducts proper research, owns an independent survey, and collects essential documents like evidence of funds and official enquiries about the property. The second stage involves the contract exchange, which legally binds both the buyer and seller to the property transaction and the final stage is completion, where the ownership of property officially transfers and keys are exchanged.
2. Choosing a conveyancing Solicitor
Choosing a conveyancing Solicitor is a critical step in the conveyancing process, as your conveyancing Solicitor will handle all the legal aspects of the property transaction and will protect your interest. Consider factors like reputation, client testimonials, expertise, experience, and cost. Location should be of consideration as you may be required to visit the office to drop off or sign documents to help speed up the process.
3. Legal and regulatory aspects of the conveyancing process
The conveyancing process involves a lot of legal obligations like paying stamp duty and complying with all regulations. Our conveyancing Solicitors handle all legal aspects including, but not limited to:
- preparing contracts,
- transferring legal title,
- completing land registry forms,
- paying stamp duty and the process of transferring.
All steps in the conveyancing process must comply with updated laws and regulations.
4. Arrangement of finances
Conveyancing also involves arranging financing. There are numerous options such as securing a mortgage, and conveyances can also recommend mortgage brokers and other resources for arranging finance. It is also recommended to review your credit report, as your credit score plays a crucial role in obtaining a favourable mortgage rate.
5. Common mistakes to avoid during the conveyancing process
To ensure the conveyancing process goes smoothly, there are some common mistakes that you need to avoid for any delays or misunderstandings. These can include:
- Not having enough funds; it is recommended that your funds must be ready before starting the conveyancing process. When the funds are not ready, it often results in the delay of the whole process.
- Not responding appropriately or promptly; if you don’t respond to questions or enquiries with the right information and in a timely manner, this can result in delays as communication breaks between both seller and buyer parties. Staying responsive is crucial to make the process smooth.
- Failing to disclose any vital information; transparency is key during the conveyancing process. Any internal issues or disputes must be disclosed to ensure that you are following a transparent process.
How we can help
If you are planning to move home, then the chances are you are about to make the most expensive purchase you have ever made. Getting the right legal team to do your conveyancing really does matter.
If you’re looking for a conveyancer that will help make buying or selling a property exciting, not exhausting, then contact us today on 01458 201347.