Conveyancing is a key process in your house-buying adventure, but what exactly does it involve?
What Is Conveyancing?
The conveyancing process refers to the legal transference of a property from one owner to the new owner. The conveyancing process commences at the point of an offer being accepted on a property, and it will end once the money is paid and the contracts are signed.
While it’s possible to undertake this process yourself, it’s far safer and more efficient to have it done by a professional conveyancer who’s covered by professional indemnity insurance. They can either be a licensed conveyancer or a solicitor, but if you choose the latter it’s best to ensure they’re accredited and trained in property transfers.
Despite Brexit uncertainty, demand for conveyancing is up. According to Rightmove, a recent boost in sales for August 2019 correlates with a 1.0% drop in asking prices. Ensuring you choose a reliable conveyancer is vital, as this will ensure the process is as smooth as possible. Opting for online conveyancing with CQS accredited solicitors, such as https://www.samconveyancing.co.uk/, can be more cost-effective while providing comprehensive online support.
The Steps of the Process
If you’re the buyer, your conveyancer will initiate property searches from utilities and public authorities to assess all crucial information pertaining to the property you’re going to purchase. Among other things, this will include any planning permission requests, drainage issues, legal issues and local issues that may have an impact in future. These searches are vital, as they can either be reassuring or highlight current or possible future concerns you need to take into consideration when making your decision.
You will be informed by the conveyancer of other associated costs, whether that’s in regards to Stamp Duty, unforeseen requirements or leasehold costs.
The seller’s contract and any other legal documentation will be thoroughly reviewed by your conveyancer, who will also communicate with the mortgage lender if required. Your conveyancer will be on hand to help with advice, to discuss any concerns or offer support with any additional requirements when it comes to your house purchase.
When you are happy to proceed, the conveyancer will pay the seller and take their fee. They’ll pay the stamp duty and thereafter will register you as the happy new property owner with the Land Registry.