If you’re in the market for property the chances are that you already know that conveyance is the term given to the legal transfer of ownership of property and land from seller to buyer. That means that a conveyance solicitor can really be your biggest ally when it comes time for all the legal wrangling associated with buying houses. Yet how many of us actually understand the process of conveyancing?
Essentially there are five stages of conveyance – as outlined below:
1. Pre-contractual stage
This happens after the offer has been made and involves preparing documents for exchange. The seller draws up the contract including all the necessary details. It is important to note that the seller is not obliged to provide all the details about the house and surrounding area but they are legally obliged to respond truthfully to any legal enquiries.
This is why the conveyance solicitor will need to thoroughly research the property at this stage. It’s also why you should always have a survey completed prior to proceeding further in the buying process.
2. Exchange of contracts
When both parties are happy with the contract, they are signed and exchanged. This is the moment that it becomes legally binding but there is still plenty of work to be done.
3. Between exchange and completion
This is when the conveyance solicitor will carry out further checks (such as with the land registry and a physical property check to ensure it matches the contract) and arrange for any funds to be transferred.
Once all matters have been dealt with, the exchange of money is carried out and the buyers can receive the keys and legal documents that prove ownership.
5. After completion
Your conveyance solicitors will register the change of ownership with the land registry and pay any stamp duty that is owed by the purchaser. This ensures all loose ends are tied-up.
The process of buying and selling a home is therefore a little more complicated than some people realise. Often labelled as one of the most stressful experiences of your life, using a reputable conveyancing service is essential and choosing local services, such as conveyancing solicitors Brighton, is always recommended.
This article is provided courtesy of Fridaysmove. Leading experts in property conveyancing, Fridaysmove are an extensive network of solicitors and surveyors with plenty of experience in the property market and services available throughout the UK.