So what exactly is Conveyancing?
Conveyancing is preparing legal documentation for the transfer of property ownership from the seller to the buyer. In most cases, a Conveyancing Solicitor or other licensed conveyancer Northcote is hired to take care of this responsibility. However, it’s possible to find a competitively priced conveyancing service that incorporates all aspects of Conveyancing, including searches, enquiries and legal paperwork.
The Practice of Conveyancing Explained
The practice of Conveyancing in Law can refer to two forms of transaction:
The transfer of title of property between two parties, or
The process in which a mortgage or lien is granted.
Other uses of the term can describe the bulk movement of substances such as gas, water, sewerage or electricity, but we won’t deal with this here!
Conveyancing about property sales involves three recognised stages:
In legal terms, there are two critical stages of the conveyancing process. The first landmark is the exchange of contracts, which involves passing the equitable title. The second landmark is known as completion when the legal title is passed.
Conveyancing Top Tip!
If you’re a potential property buyer, obtain the relevant “title” to the land before making an offer. This means that the seller can prove they are the owner and have the authority to sell the property without cause for any restrictions on the mortgage.
In most cases, a land registration system should ensure that buyers are offered good titles through public records. This means the buyer is aware of any land restrictions and relevant information on land rights before purchasing. All this information is available for a small fee directly from the Land Registry website.
The Conveyancing Process – What’s Involved?
The actual conveyancing process is as follows:
The buyer negotiates a price with the seller and organises a property survey.
The solicitor or conveyancer Moonee Ponds begins pre-contract enquiries and searches.
A draft contract is prepared by the seller’s solicitor or conveyancer, which is to be approved by the purchaser or conveyancer.
Relevant property advice and information are prepared by the seller’s solicitor and given to the buyer’s solicitor. This information should adhere to the rules of the Law Society’s National Protocol for domestic Conveyancing.
In general, Conveyancing takes between 10 to 12 weeks. However, timescales may vary depending on financial, legal, social and personal constrictions. It is perfectly possible to exchange and complete on the same day (there is no need to have a period in between if you don’t need it), and the whole process can be done in as little as 3 to 4 weeks. A lot depends on your conveyancer or solicitor and how quickly they process everything – we recommend that you agree on a timescale with them at the outset to ensure deadlines are met.
Either party can legally pull out of the transaction at any point and for any reason before exchanging contracts.
Conveyancing in England and Wales
Conveyancing in England and Wales is only complete or legally binding once contracts have been exchanged. This means that both parties can change their mind at any point before the exchange, but it can also mean time and money is wasted if the deal falls through. The introduction of Home Information Packs in 2007 has accelerated the process by outlining relevant information to potential buyers from the early stages.
Conveyancing in Scotland
Under Scottish Law, conveyancing contracts are generally concluded much earlier than under the English legal system. Indeed, the transaction is legally binding once the initial offer has been accepted. Due to this system, buyers often have a survey made before a bid is offered to the seller’s solicitor or conveyancer.
The process of Conveyancing in Scotland:
The seller will take offers, and a closing date will be set for interested parties.
A contract is agreed upon through letters between the buyer and seller’s solicitors. These legal letters are known as “missives”.
Once the terms of the messages have been agreed upon, the sale is legally binding.
The contract should show that the seller has an excellent title to the property and reveal precise searches from the local authority and the property registers.
Conveyancing in Scotland: Pros and Cons
One of the main advantages of the conveyancing process under Scottish Law is that parties cannot drop out at the last minute. This helps both parties to avoid unwanted financial and emotional stress.
One of the main disadvantages is that the buyer will have to pay for surveys whether the property sale is successful or not. One way of tackling this problem is for sellers to arrange one survey for all potential bidders. In addition, the “Home Report,” which comprises a Single Survey, an Energy Report and a Property Questionnaire, allows buyers to understand the property more thoroughly before making a bid.
Conveyancing Top Tip!
When searching for a conveyancing service, be aware of false price claims and hidden charges from unscrupulous companies. It’s possible to find conveyancing quotes for as little as 99, but beware! These quotes often need to include other essential legal documentation that Law requires. After you’ve paid extra for all the hidden charges, you’ll find it’s cost a lot more than you bargained for! Do your research and Compare as many conveyancing solicitors as possible through a reputable agent.