Buying or selling a house is an exciting time, but it can also be a confusing one. When it comes to the exchange of property, there are lots of new phrases and terminologies used and one which you may hear early on is ‘conveyancing’. This is the legal transfer of a home from seller to buyer, and depending on how quickly everything is wrapped up between both parties it can take around 6-8 weeks from when an offer is accepted by the seller and the keys are in the buyer’s hand. Conveyancing is an essential part of buying a house, but you may be wondering what actually happens during the conveyancing stage. Here is our simple guide to understanding what happens so you can spend time focusing on the many other aspects involved in buying a home.
Firstly, you need to find a professional solicitor who you trust to carry out the conveyancing. Harry McPartland & Sons have many years experience in assisting clients with our smooth and stress-free conveyancing service, and with solicitors in Lisburn and Lurgan we are ideally positioned to help you navigate this complicated area of the law.
After you decide on a solicitor, they will provide you with a Letter of Engagement which you will need to sign, and an agreement for the cost of the service – after this, your solicitor gets to work! Depending on whether you are buying or selling, there will be different tasks to perform. Here are some of the key activities that can be undertaken during the conveyancing stage:
- Checking the tenure of your new home – i.e. whether it is freehold or leasehold
- Handling all the paperwork – for example, confirming fittings and contents of the property to be sold
- Title deeds will be obtained
- A draft contract will be drawn up for approval by both buyer and seller
- Checks will be carried out to protect the buyer from any liabilities. For example, if there is to be a new road to be built near the property, or any flooding risk which has been identified.
- Mortgage conditions will be examined and a mortgage valuation will be carried out on the property
- Before you sign your contract, your solicitor will ensure you’re happy with everything in it, and then a completion date will be agreed which will be the day when the buyer and seller exchange keys for the property and the deposit is transferred into the seller’s bank account.
- Stamp Duty may be due on the property, in which case your solicitor can arrange for this to be paid
- After completion, the property will need to be registered in the buyer’s name with the Land Registry
This is just a small number of tasks which are completed during the conveyancing stage, so it gives you some idea of the complexity and how time consuming it can be to make sure everything is perfect.
Are you a buyer or a seller looking to make a change with your property? Why not talk to us and see how we can help. When moving home, you’ll need a solicitor you can rely on to work to your tight deadlines, and provide you with a great value, professional service. Find out more from our team by calling us on 028 3832 2452 for our Lurgan office, or 028 9267 0325 for our Lisburn practice.