Buying or selling a home can be one of the most stressful times of your life. Negotiating a path through the process can be bewildering, but having a basic understanding of conveyancing will mean you can keep a finger on the pulse of your sale or purchase at all times.
Conveyancing essentially means transferring the ownership of a property from one person to another. Once an offer has been accepted by the vendor, a legal contract needs to be drawn up by an experienced solicitor that covers every aspect of the sale. This will include the sale price, relevant legal or planning restrictions, details of services and fixtures and fittings and a completion date.
Your solicitor will also be responsible for conducting land registry and local searches, administrating any stamp duty which may be payable (depending on the price of the property) and in some cases administrating the writing of the mortgage deed. Due to the extremely complex process and legal paperwork that will need completing, it is important that you find a good solicitor to help to when it comes to buying a house.
Exchange
Once both buyer and seller are satisfied with the contract, which can take a considerable amount of negotiation in some cases, exchange will take place. Once exchange takes place, the agreement to sell and buy becomes legally binding and if either side pulls out they will be liable to pay compensation from this point.
Completion
Completion refers to the process of transferring the purchase price from buyer to seller. The house deeds then pass to the buyer’s mortgage company, or if the property is being bought outright, direct to the buyer. In this case, it is advisable to place this important document with your bank for safe keeping. The vendor will vacate the property to the timetable as laid out in the contract and will hand the keys over to the purchaser.
Communication
Your solicitor will communicate on your behalf throughout the process. When looking for a solicitor it is a good idea to ask friends or family for a recommendation. Research companies on the internet and read testimonials and reviews. Take into account their location. If you want to be able to sign documents and so forth during the day, then it could be a good idea to look for a practice based near your workplace. Your estate agent, if you are using one, should also be able to give advice on good solicitors in the area.
Try to set up a meeting with potential solicitors before choosing one, as their ability to communicate well will be absolutely essential in ensuring as smooth and stress-free process as possible. Fully understanding conveyancing can be difficult because of the complexities of the law, so having an expert on board is vital.
A good solicitor should be able to take most of the stress out of the conveyancing process. Doing your homework and finding the right solicitor for your needs will hopefully mean that your sale or purchase is completed in the shortest time possible.
