What is involved in conveyancing?
Converyancing can be a lengthy process so before you go into it, it is best to be aware of the situation and what is involved.
Conveyance is the movement of property deeds or legal title from one person to another, or granting the encumbrance of a mortgage or loan to another person.
The first thing you should do if you decide to undergo buying a house and therefore conveyancing is to find a place to purchase or to move to.
You should then look for an estate agent to sell your property. When looking for an estate agent you should consider the reputation of the estate agent in question. This will ensure you get the best value for money and can sell your house a quickly as possible.
Look and see the length of the contract on offer, whether there is an extension, whether you enter a no sale, no fee arrangement and whether the cost of advertisement is included in the price. Also make sure you can use your own solicitor as a referral from them will make your legal costs higher more than likely.
You will then have to go and find a solicitor for conveyancing. There are many solicitors that offer this service out there, however finding a good one will mean you have to take a lot of different things into account.
Get a full detailed quote from the solicitor you intend on using, though find out if they will charge you if the sale falls through first. Yu should also keep an eye out for additional charges or extras that are placed on top of the initial charge. Your solicitor will then make a legal contract. This means you have to furnish them with deeds, information for the land registry, details of your mortgage and a number of other things.
When the contract papers are made up you will need to wait when a number of other searches are performed on the property – this can take between 1-2 weeks. There may also be questions as the buyer will want to know certain things, these can add a length to the proceedings.
The buyer will also be sorting out finance at this stage and will instruct a surveyor to examine your property and ensure it is up to their standards.
Once this is all okay, the solicitors will ask you to sign a contact and these will be exchanged with the contact of the buyer when signed. This contract is the formal terms of commitment and at this stage a date for completion will be arranged and you will know when you have to leave the property by.
Completion then comes about when the seller’s solicitor receives the proceeds of the money. Then the title deeds are handed over and the property and any monies repaid out of the money received to the mortgage or the solicitor will be paid. The balance is then sent to you for purchase of another property.
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