Conveyancing is an important aspect of any property purchase. The definition of conveyancing is the process of transferring the ownership of a property from one owner to another. Read on for an introduction to this vital legal process.
There are three steps to any conveyancing procedure: agreeing the sale, the exchange of contracts and the completion of the sale. The whole process takes about two to three months, and you can find out more details from the government advice website. Once the sale has been agreed the conveyancing company will arrange a contract. The seller has to fill in a property information form with details about the property, such as building contents.
Agreeing the Sale
There is a fixtures and fittings form where the seller must list which items will be left behind for the new owner. This can include things such as kitchen appliances, cupboards, carpets and other similar items.
There also needs to be up-to-date title information supplied. The deeds of the property might be held by the current owner or they might be held with the mortgage lender. These details are the ones held by the Land Registry to show where the property is registered.
Finally, the contract of sale organised by the conveyancing company states the address of the property along with its price, plus the details of the buyer and seller. The moving-in date will be agreed, although this can be flexible. Any conveyancing solicitor, such as https://www.samconveyancing.co.uk/, will be able to help determine the right date for the seller.
Exchanging Contracts
The conveyancing company receives the deposit from the buyer, and they will also organize the settlement figure with the mortgage lender. This is the repayment amount when the property is sold. The signed contract is then sent to the buyer’s solicitor, who will return the contract once the buyer has signed it. The seller then receives a transfer deed from the conveyancing solicitors which is handed over on completion so the buyers can register their names on the deeds.
Completion of Sale
On completion, the buyer’s solicitor sends the conveyancing company the balance of the payment for the property. This can pay the mortgage, estate agent fees, conveyancing fees and other costs. The deeds will then be handed over to the buyer’s solicitor to record the new owner’s details.