What is Conveyancing?

Conveyancing is the legal process that is required when someone becomes the new owner of a property. Conveyancing is a broad term that includes the process of transferring a property from person to person as well as all of the legal work that is necessary to ensure a property purchase is legally binding.

What is Conveyancing?

When you are going through the process of buying or selling a house, it is inevitable that you will hear the solicitors discuss the “exchange of contracts”. This is an extremely important step in the entire process because it is the exchange of signed contracts between the buyer and the seller that legally commits both parties to the sale of the property.

Up until the point that the buyer and seller exchange contracts the either one of the parties can back out of the contract. Once contracts are exchanged, the purchase has become legally binding.

At the point when the two parties exchange contracts, the buyer must pay a deposit which is usually 10 percent of the purchase price.

There are no penalties incurred if either party pulls out of the transaction prior to the exchange of contracts.

Both the buyer and seller are legally obligated to all of the terms and conditions of the sale after the exchange of contracts. The deposit you paid will be lost if you decide to terminate the agreement after this point.

How do Conveyancers Help?

Although it is possible to deal with your own conveyancing, it is not recommended. We highly suggest using a qualified property lawyer to assist you through this complicated legal process. There are many things your conveyancer will do for you, including:

  • Communicate with the seller’s lawyer to receive the contract package
  • Acquire a copy of your mortgage offer.
  • Property searches.
  • Examine and explain the results of the local authority searches.
  • Determine completion dates and exchange signed contracts.
  • Electronically transfer the deposit to the seller’s conveyancer.
  • Prepare the completion statement
  • Communicate with your lender to request and obtain payment of the mortgage advance.
  • Transfer any relevant documentation to the Land Registry.
  • Most of the work will be done by your conveyancer during this process, but the buyer will have a few responsibilities as well.