The Step-By-Step Guide To Property Conveyancing
Property conveyancing is the process in which a home or property is transferred to another person through legal means. This is a process that any homeowners or potential buyers need to go through when an offer has been made on a property. If you don’t know much about property conveyancing, then don’t worry because we have put together a step-by-step guide to help you out. Keep reading to find out more about this entire process.
When a property is on the market, it can be sold quite quickly, especially if the market is quite hot in a certain area. The first step in the property conveyancing process involves the buyer making an offer to the estate agent in charge of listing the property. It is important that a buyer has a property conveyancing solicitor who can aid them with this process, as well as a mortgage arranged in advance.
After the initial offer has been accepted by both parties, the next stage of the process can begin. Due diligence involves the solicitors on either side of the agreement working on the deal and making sure that everything is as it seems. The due diligence stage usually involves the contract of sale, a mortgage valuation and other legal searches that need to take place before a sale is finalised. Of course, for the buyer and the seller, this is usually simple and is something left to the conveyancing solicitor.
After the due diligence stage, the exchange is next and this involves contracts being passed over and signed. During this stage, the buyer will need to have their deposit ready and everything will need to be carefully agreed. Many people wait to exchange until after other linked exchanges have taken place to make the whole process as smooth as possible.
During the exchange stage, the buyer also needs to make sure that their mortgage documentation is as complete as possible.
The final stage in the property conveyancing stage is the completion stage. During this stage, the funds will be transferred, and all expenses will be paid. The funds will be transferred to the seller’s conveyancer and the seller will be notified when this has been completed. It is not until the completion stage that the keys should be released.
There are some extra post-completion stages such as registering the transfer of ownership, registering a charge over the property and other important tasks.
If you are thinking about selling or buying a property in the near future, then it is important that you understand the entire conveyancing process. Of course, there are many things that your conveyancing solicitor will handle themselves as they tend to be legal matters. Make sure that you have the right property conveyancer on hand to handle this process as smoothly as possible. Once you do, you can go ahead and make an offer or accept one in order to start this brand new chapter of your life.