Conveyancing is the branch of law that deals with the transfer of legal ownership of, usually, residentialproperty from one person to another. Essentially, conveyancing can be defined as the legal act of buying and selling of property. Granting of a mortgage on a property is also covered by conveyancing.
Why do you Need Conveyancing?
The sale or purchase of any property is a major transaction that can run into hundreds of thousands of pounds. Consequently, there is a lot of legal paperwork involved. All of this is handled by a conveyancing solicitor. The solicitor works with the client to draw up all the required documents for the transfer of the property’s legal title from the buyer to the seller. This is a complicated legal process and requires deft handling by conveyancing solicitors. Conveyancing is required for the sale of both residential and commercial properties.
What is the Process of Conveyancing?
Residential conveyancing is long process that begins with the seller (or the seller’s solicitor) requesting a copy of the property’s registry entry. Following this, the conveyancing solicitor prepares a contract for the sale that includes all the relevant details from the property’s registry entry. The final contract is then passed along to the buyer’s solicitor.
The buyer’s conveyancing solicitor then applies for searches by local authorities, water authorities and other search providers. The buyer’s conveyancing solicitor also raises a number of legal enquiries of the seller’s conveyancing solicitor. Once both the buyer and seller’s conveyancing solicitors are satisfied with the terms of the contract, the sale can go ahead. This final step, when the property officially changes hands, is called ‘exchange of contracts’. Neither the buyer nor the seller can then retract from the sale.
The legalese involved in a house purchase can be overwhelming for non-lawyers. Whether you are a buyer or seller a residential conveyancing solicitor can provide you with invaluable professional advice about the hurdles involving buying or selling a house. The solicitor can ensure that the purchase process is as smooth as possible, and that neither party makes any mistake in what can be a life changing transaction.
Morgan Kelly Solicitors offer a residential conveyancing service which can assist you with your property purchase or sale in England and Wales.
Photo “Lewes, East Sussex – Southover High Street” by Harshil Shah used under CC Attribution Licence 2.0
