Property conveyancing is the legal term that refers to the process of legally transferring the ownership of a residential property from the seller to the buyer. This process of selling and buying a home is a complex business that involves from appointing a conveyancer to legal work to mortgages to receiving keys to the new home. Let’s take a walk through the different stages of property conveyancing to get an insight into the whole process.
- Appointing a Conveyancer
- Property conveyancing is a legal process, and requires to comply with the legal laws pertaining to the selling and buying of a home. A conveyancer, solicitor or legal agent serves as a professional help and deals with all the aspects of property law. Finding a professional who specialises in the areas of real estate and property conveyancing will help provide you with a rewarding experience.
- The appointed conveyancer will draw up a draft contract with you. He will then contact the seller’s solicitor (conveyancer) and receive a copy of draft contact comprising details like property’s title, prices, deposits and other information.
- Legal Work
- Your conveyancer will then examine the draft contract and make enquiries. A copy of the draft contract and the forms completed by the seller will also be sent to you to go through them and discuss your queries and concerns with your solicitor.
- Your solicitor will perform local searches including local authority search, repair search, water and drainage search, environmental search and coal mining search. Your solicitor will raise queries with your seller’s solicitor to ensure that there are no issues that can unfavourably affect your decision of buying the property and your stay in the new house.
- Mortgage
- You will be issued a mortgage offer on the property, in case you are getting one. Your solicitor will receive a copy of the mortgage offer including a mortgage deed to be signed by you (buyer).
- When the mortgage offer is placed and all enquires are made and satisfied, you will need to make a mortgage deposit.
- Signing and Exchanging Contracts
- Once your conveyancer ensures all the search reports and enquires made are returned and satisfactory, and a formal mortgage offer is placed, the contract will be finally signed.
- The two parties then agree on a completion date and time, and the contracts are exchanged between them on the telephone.
- Completion
- On the completion day, the purchase balance including the mortgage amount is sent to the seller’s solicitor.
- Once the seller’s solicitor confirms the receiving of the complete payment, the house is legally yours and you can move in.
Source by Mehta Anil