Whether you are selling or buying a home, it’s a good idea to know exactly what is involved and to understand how the Conveyancing process works. Our professional conveyancing solicitors at H Mc Partland & Sons, will work to complete an easy transition and ensure your move progresses a lot smoother.
Our step by step guide below explains the basics of the conveyancing process for buyers now.
WHAT IS CONVEYANCING?
Conveyancing is the legal process involving the transfer of property ownership titles from one person to another. The conveyancing process begins after you have had an offer accepted on a property. It ends once the final contracts have been signed and the money has been transferred to complete the purchase.
WHO DOES THE CONVEYANCING?
A solicitor usually conducts the conveyancing process, but it is possible, but difficult, to do it yourself especially if you are not taking out a mortgage. Most mortgage lenders will, however, insist on employing a solicitor or conveyancer to protect their interests.
WHAT EXACTLY WILL A SOLICITOR OR CONVEYANCER DO FOR ME?
The conveyancing process begins after you have had an offer accepted on a property. It ends once the final contracts have been signed and the money has been transferred to complete the purchase.
As part of the conveyancing process, a conveyancer will carry out a set of legal searches with local authorities and utility companies to ensure there are no other factors you should be aware of. For example: there are no building plans occurring, no sewers running nearby, is the area a flood risk or if it has any financial charges existing from past inhabitants? Some searches will be recommended by the solicitor for all purchases and others will be required by the mortgage lender to protect them from any liabilities that the property may have.
Your solicitor will also advise you of any “incurred costs” such as stamp duty, check the contracts drawn up by the seller’s solicitor and communicate with your mortgage lender to ensure it has all the information it needs to proceed.
Once the process is at an end, your solicitor will also pay all the related fees on your behalf to register you as the new owner of the property with the Land Registry.
CONVEYANCING FOR YOUR MORTGAGE
You will need to get your mortgage in place, ensuring you have the financing available for a mortgage deposit. Your solicitor will receive a copy of the mortgage offer and go through the conditions with you.
You will also need to get a mortgage valuation, which usually happens as part of the conveyancing process. This is carried out on behalf of the mortgage company so they know that the property you’re buying provides sufficient security for the loan.
You and the seller will agree on a date and time to exchange contracts. Your solicitor will exchange contracts for you.
Completion takes place when the seller’s solicitor confirms that they have received all the money that is due. The seller should then drop the keys at the estate agents for your collection. This means that the conveyancing process is over.
HOW MUCH WILL IT COST?
Please contact us for a competitive quote.
When moving home, it is vital you have all the bases covered, H McPartland & Sons’ experienced conveyance experts can help you with the complexities and make sure you understand each stage of the buying and selling process as well as offering peace of mind during this stressful time.