Conveyancing involves thetransfer in law ofthe ownership of a property from the seller to you, as the buyer. The process commences when your offer is accepted by the seller and reaches completion when you receive the keys.
Who carries out conveyancing?
A lawyer or conveyancer normally completes the conveyancing process, but it can be done by yourself (although difficult) as long as you do not take out a mortgage.Once you’ve designated a conveyancer, they will draft a contract or agreement withtheir fees and deposits required. For Conveyancing Quotes, visit a site like www.samconveyancing.co.uk/conveyancing-quote
One of the first parts of the conveyancing process involves yourconveyancer checking theinitial contract and associated documents and contactingthe seller’s solicitor with any queries. You will be required to fill in all the forms to make sure allhave been completed.
There are things that you may not know about the property, only seeing it through the estate agent’s viewing. As part of the conveyancing process, conveyancers will conduct a series of legal searches to ensure there are no other factors that you should be aware of. Some of the searches will be recommended by all conveyancers and others will be required by the mortgage lender to protect them from any obligations that the property may have.
Conveyancing for your mortgage
You must get your mortgage secured, which also involves making sure you are able to get the moneytogether for a mortgage deposit. A copy of the mortgage offer will be sent to your solicitor, when they will examine the conditions.
You will need to obtain a mortgage valuation, which typically occurs as part of the conveyancing process. This is done in the name of the mortgage company so that they know that you are buying the property and will provide adequate security for the loan. It often comes with a fee but sometimes the mortgage company might include it at no extra charge to attract business.
The draft contract will have been received from the seller’s solicitor at the start of the process, and since then, your conveyancer will have been in communication with you about what was discussed. Before signing the contract, they will need to ensure that:
All queries have been answered satisfactorily
That any fittings and fixturesincluded in the purchase are as agreed and expected
A date for completion is agreed between both parties, usually one to four weeks after the exchange of contracts, although this can vary
You and the seller will agree on a date and time to exchange a contract at any time on any particular day. Your lawyer will exchange contracts for you, which is usually done by the conveyancers of both parties to ensure contracts are identical, and then immediately send them to one another in the post.
Once you have exchanged your contracts, this is a legally binding contract to purchase the property at a fixed date for the move. This means that:
Settlement is usually set at about noon on the date specified, although in practice occurs when the seller’ s lawyer has confirmed that they have received all of the money that is due. Once this happens the seller must drop the key into your estate agency for your collection. This means that the removal process is complete, and you can move in!