What is Conveyancing?
During the transaction of property, conveyancing includes the transfer of the legal deed of the property from one party to another. There are several checks and processes that occur during this stage, as well as the negotiation of exchange contracts. When hiring a conveyancing solicitor, they will take on a host of tasks to be fulfilled before completion.
The Fundamentals of the Conveyancing Process:
A solicitor is typically instructed once you have made an offer, or had an offer accepted on your property. The will manage the sale after this point.
- Legal and Financial Checks are performed to check the status of the property and to ensure you are financially able to pay for the property. Checks against the property may include environmental searches, recent planning permission approvals, local authority searches and water damage checks. For the buyer, their identification will be confirmed, anti money laundering and bankruptcy checks are completed and copies of the new land registry deeds are gathered.
- Contract Negotiation is a key step in the exchange of properties. The exchange contract must include all the details of the property transaction. Both the buyer and seller can make negotiations and conditional requests to be included within the contract. Any condition agreed upon must occur before completion in prevention of breaking the agreed clauses. Within the contract will also be a decided completion date and the price to be paid for the property.
- Securing the Funds to purchase the property is the responsibility of the solicitor. Of course, you should have confirmed availability of funds with a mortgage approval, however your solicitor will be the one to request these funds from the lender. For first time buyers, your solicitor will also request government bonuses from any ISA schemes or help to buy grants.
- Confirming Completion of the Transaction is the final step completed by your conveyancing solicitor. After completion day, you will spend most of your time moving into your new property. Meanwhile, your solicitor will be requested the title deeds for the property and registering the new owner with HM Land registry. At this stage, your solicitor will also take care of the stamp duty payment. After this, the conveyancing process is finished.
How Long Should Conveyancing Take?:
Conveyancing should take between 8 to 12 weeks, but can take much longer. In the majority of cases the conveyancing process takes around six to eight weeks, however each case is different and it can take less or longer, depending on different circumstances.
One way to speed up the process is to have your fixed price conveyancing quote in place, so you can instruct your conveyancing team as soon as your offer is accepted.
What difference will Online Conveyancing make?:
Many solicitors already have the capabilities to manage their conveyancing services online. In fact, many already do! However they maintain the traditional methods of contact that include requiring you to visit their offices or using postal services for document signatures and interactions. For a fast and efficient conveyancing process, the entire transaction can be performed online. My Conveyancing Specialist have designed a bespoke user portal that allows you to track your conveyancing case and perform outstanding tasks from the comfort of your own home, at any time of the day.
Not only does this create an incredibly efficient experience but also reduces the costs of our experience. These savings are directed straight to you, ensuring easy and affordable conveyancing.
