A Beginner's Guide to the Conveyancing Process
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by: Abbey smith
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Word Count: 418
Date: Thu, 8 Dec 2011 Time: 9:44 PM
If you've never bought or sold a house before, you are probably not familiar with the conveyancing process.Conveyancing is the legal process undertaken when transferring ownership of a property from one person or joint owners to another party.
The jargon used in the conveyancing process can be confusing, particularly for first-time buyers. As you read through the rest of this article you'll find an easy-to-follow and simple explanation of the three main stages of the conveyancing process.
Stage 1: Before exchanging contracts
A large part of the conveyancing process happens before contracts are ready to be exchanged. Things like title deed checks, accessing planning reports from local authorities, and ensuring mortgage offers are in place are all done at this stage.
It's usually wise to get a fixed fee conveyancing quote before the process begins. If your solicitor or licensed conveyancer is charging you by the hour, you could end up paying a lot more than you need to.
If you're buying and selling a house at the same time, as is often the case, you should be patient throughout the conveyancing process as it can take some time. Your solicitor or licensed conveyancer should keep you up to speed with what's happening on a regular basis.
Stage 2: Contract exchange
The exchange of contracts is a critical step in the conveyancing process. Once the contracts have been agreed between the buying and selling solicitors and both parties involved, it's time to make them legally binding.
You will usually have to sign a transfer of ownership document as well as your mortgage papers at this stage. If for any reason, you decide to pull out after the contracts have been exchanged, you will be deemed to be in breach of contract and therefore liable for any resulting costs incurred by the other parties.
Stage 3: Completion
On the day you're scheduled to move, a lot of work has to be done behind the scenes. The funds from your mortgage company have to be paid to the seller (or their mortgage company), the title deeds need to be transferred, and the change of ownership has to be registered.
Your conveyancing solicitor or licensed conveyancer will also make sure any stamp duty is paid from the proceeds of your sale (if applicable - if not, you will be asked to supply these funds before completion).
Once everything has gone through as it should on completion day, you'll usually get a call telling you the keys to your new home are available for collection.
About the Author
The Co-operative Legal Services provide a fixed fee conveyancing service as well as expert advice on the different stages of the conveyancing process
