Buying a house without going down the correct conveyancing route may result in the home that the buyer thought they now owned, not really belonging to them, and taking months of hard work, hard-earned cash and headaches to eventually rectify the problem. Horrendous situations like these can easily be avoided by involving a conveyancing solicitor to guarantee the sale of a property is fully legal, giving peace of mind to all parties involved at this notoriously stressful time, always get conveyancing quotes.
Conveyancing is essentially the official exchange of a property from one person to another, although the term is not that simplistic and delves deeper into the realms of real estate than merely transferring the deeds of a house from one name to another. Conveyancing solicitors are required to legalize the process and are indispensable assets in these complicated transactions where you will need to pay conveyancing fees.
Before the legal exchange of a property can be completed, a series of checks and searches have to be carried out by a conveyancing solicitor, who can then grant a lien or a mortgage on a house. But this multifaceted term does not stop at checking there are no debts attached to the house, granting mortgages and typing up new deeds, as conveyancing also includes the transferring of basic commodities such as gas, electricity, and water into the new owner’s name.
There is nothing more irritating than having to fork out for a hefty electricity bill, which was stoked up by the previous owners of the house before they left, only because there was a delay in the change of names on the bills, a shocking scenario which can be circumvented by using a good conveyancing solicitor.
Buying a property is a lengthy procedure, and there are five main stages in the conveyancing process. The pre-contractual stage is the first, and as the name suggests, it is made before any contracts have been signed. The conveyancing solicitor will carry out boundary checks on the property, the price of the property, and what furniture, fixtures, and services the house possesses, whether there are any restrictions on the house, whether they be planning or legal restrictions, and a perceived date for completion. Conveyancing solicitors are essential ‘property researchers,’ and the more comprehensive the research, the more seamless the transaction.
When all parties are in agreement with the contents of the contract, the second stage of the conveyancing process is the official exchange of contracts. At this point, a 10 percent deposit is usually paid, and neither party can pull out without paying compensation. Conveyancing solicitors will then prepare the documents to transfer the title deeds of the property, examine mortgage documents, and arrange a transfer of the money. This stage is known as ‘between exchange and completion.’ Always compare conveyancing quotes.
Completion is the stage when buyers, sellers, and conveyancing solicitors can all breathe a sigh of relief, as the sale is now complete, and the keys can be finally handed over. It is also the point when a conveyancing solicitor is paid the remainder of their bill. Despite being paid in full, the conveyancing procedure is not yet fully complete. The final stage is known as ‘after completion’ and is when the buyer registers with the Land Registry and pays their stamp duty land tax.