What is Conveyancing?
Anyone buying property must ensure that the seller actually owns the property and has the right to sell it and also that there are no factors that would prevent a mortgage or re-sale within the deeds of that property. Such factors may only become apparent upon a close inspection of the title deeds and may include ‘covenants’. Covenants are basically restrictions placed against a property that may prevent you doing such things as extending or altering a property, they can set out rights of access to the land and in extreme cases can deem a property un-mortgagable. An experienced Conveyancer will spot these issues and advise you accordingly.
Put simply Conveyancing is the transfer of the legal title of property from one person to another or the granting of a mortgage. There are usually two major landmarks in any Conveyancing transaction and they are the exchange of contracts and completion.
Exchange of Contracts is the key point when buying and selling a house or other building or land. Up to that point nothing is legally binding between the parties. The contract is only legally binding once the exchange has gone through by the solicitors acting for both parties. Usually a deposit will be paid at this point and this may be lost by the buyer should the transaction not complete.
At completion your Conveyancer will receive your funds and send them to seller’s Conveyancer as soon as possible. Funds are sent through banking system and it can sometimes take a few hours to process. Once they have received funds the sellers Conveyancer will contact your Conveyancer and the estate agent to advise that the keys can be released. You are then free to move into your property.
How Do I Choose A Conveyancer?
Recommendations by people you trust is usually the best way to choose a solicitor to deal with your conveyancing, after all, moving house can be stressful enough so you want to work with someone who can get on with the legal side leaving you free to deal with everything else. You will need to consider the costs involved, the location of the firm and if their staff can offer you the personal service you need at this very important time in your life. You may also want to consider if the staff working with you are qualified and/or experienced enough to deal with any issues as and when they arise. Often your Financial Advisor or Estate Agent will be able to recommend a Conveyancer who they have worked with before and trust to get the job done.
Ensure that the Conveyancer you choose is regulated and insured. Check out their website for industry accreditations such as the Conveyancing Quality Scheme, this is awarded to firms that the Law Society deem to have met strict standards of professionalism and service. Check your chosen firm are members of the appropriate organisations, the SRA regulates solicitors and the Council for Licenced Conveyancers regulates licenced conveyancers. You should also look for someone who actually specialises in conveyancing as they will have specialist knowledge and experience required. Although costs are very important, the saying ‘you get what you pay for’ often rings true. When you compare the cost of the home/business you are purchasing or selling, trying to save £50 could end up costing you a lot more in both time and stress. Compare local firms and instruct the one you feel most comfortable with, not the one with the lowest prices.
If you require any information about Conveyancing please contact AMS Solicitors Conveyancing Team on 01772 653333 or via email at firstname.lastname@example.org
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