Residential conveyancing is the legal process involved when buying and or selling a residential property. The entire process can be completed through McPartland & Sons Solicitors as we can help you to transfer and update required contracts and legal documents.
Find out more about residential conveyancing below.
What Is Residential Conveyancing?
Residential conveyancing is the legal process of buying and selling a property of residence. In order to legally change names on documents and therefore change ownership of a residential property, a Property Solicitor or Residential Conveyancer is required. Your Property Solicitor will organise the transfer of names on your behalf and ensure that the residential property is legally transferred into your name or to the name of the new owner if you are selling the property. It is also the responsibility of your Property Solicitor to act in accordance with Northern Ireland law during the residential conveyancing process. If you are buying or selling a residential property, a Property Solicitor or Residential Conveyancer is a necessity in order to make sure that the transfer process is seamless, legal and viable.
The Residential Conveyancing Process
We understand that residential conveyancing might sound like a rather complex process. With that in mind, when you choose to receive legal guidance from McPartland & Sons Solicitors, you can trust us to take care of the transfer and to keep you informed throughout the process.
Let us explain a bit more about the process behind residential conveyancing.
The whole process can take between eight to twelve weeks, though this can vary in time depending on different situations. It isn’t a process that happens overnight, but our team of solicitors are here to support you through the process.
Problems that can arise during the process are usually to do with paperwork issues, expiration dates of contracts, and forgetting to update legal parties. These can all cause delays in the residential conveyancing process. Legally transferring a property from one owner to another requires attention to detail and at times, a contribution from all parties involved.
For example, during the purchase of a residential property, a residential conveyancer or solicitor is required to process your initial offer to the seller. When you’re provided with a quote and the sale is agreed upon, there will be a written confirmation that holds all of the essential details tied to your property transaction. This Memorandum of Sale will provide all of the informative detail in order to start the transaction process.
Processing The Finances
To minimise the risk of the transfer being delayed, it is vital that every detail in the transfer is correct; especially if the property that you’re purchasing or selling is part-funded by a mortgage. Examples of finances that are to be processed will include payment for Stamp Duty and the collective transfer of funds by your solicitor.
The exchange of contracts comes next and this involves the parties formally deciding on a moving-in and moving-out date to and from the property. Once the exchange is complete, the process then moves into completion where the keys are handed over.
Residential conveyancing allows all involved parties to make sure that no surprise problems will affect the process when the time comes for the transfer to take place. Without residential conveyancing, it would be very difficult to legally transfer ownership of residential properties without the disruption caused by errors.
Use a solicitor or solicitor when it comes to buying or selling a property to make sure that you are following the correct procedures within Northern Ireland law whilst ensuring a smooth process.
Discuss residential conveyancing with McPartland & Sons Solicitors today.