What is conveyancing?

What is covneyancing?
Buying a house is exciting but it also comes with some important and serious tasks. Conveyancing is probably the most serious of them all but without it, buying or selling a house would undoubtedly become very difficult.

So, what exactly is conveyancing?

Conveyancing is all the legal work involved in buying or selling a house. This typically means handing over a house from the seller to the buyer. To do this solicitors have to carry out a number of important duties including searches and drawing up legal documents.

Please see below a list of the duties your solicitor will have to carry out at each stage of the home buying process:

Conveyancing for buyers
1.    Pre-contractual stage
•    Property boundaries, sale price, fixtures and fittings, legal restrictions (e.g. public footpaths), completion date, draft the contract between the buyer and the seller, answer buyer’s questions, negotiate contract details

At this stage it’s also wise to:
•    Check for any planned work e.g. new housing developments or roadworks, ask seller’s solicitor any questions, prove seller’s ownership

2.    Exchange of contracts

•    Give the deposit to the seller’s solicitor, prepare the final completion statement, collect balance of funds to give to the seller, prepare deed of transfer, review mortgage documents
3.    Completion
•    Pay the seller the remaining funds, register you as the new property owner(s) with HM Land Registry, pay Stamp Duty, send deed to lender if a mortgage is required

Conveyancing for sellers
1.    Pre-contractual stage
•    Property boundaries, sale price, fixtures and fittings, legal restrictions (e.g. public footpaths), completion date, draft the contract between the buyer and the seller, answer buyer’s questions, negotiate contract details
2.    Exchange of contracts
•    Answer questions from the buyer’s solicitor, prepare final settlement for approval, collect the balance of funds from the buyers, approve the deed of transfer
3.    Completion
•    Pay the mortgage and notify HM Land Registry of changes, hand deeds to the buyer, balance of funds are transferred from the buyer

For more information on conveyancing, please click here or contact us.


28/02/2012 03:57