You have probably seen companies offering conveyancing or conveyancing services. In this article we are going to offer a brief introduction about what this is and how to ensure that the process is done properly.
In simple terms conveyancing is legally transferring a property from one person to another – broadly speaking this covers three distinct areas including agreeing to sell, exchanging contracts and completing the sale.
For people buying a property this can include information such as local authority searches (for example if the property meets local building regulations), drainage searches and environmental searches.
Agreeing the sale
During this time information is put together in order to give the purchaser the details they need about the property. This can include issues such as boundaries or any planned building work on the property as well as forms such as the deed and contract of sale. Eventually a completion date can be finalised (this needs to be agreed before moving on to the next stage of signing the contract).
Exchange of contract
At this point a deposit is received and if you have a mortgage on the property a settlement will need to be reached (something the conveyancer can handle). Once the contracts are signed and exchanged the deal cannot be cancelled without severe financial penalties. A transfer deed then officially registers the transfer.
Completing the sale
There are a few steps to completing the sale – mortgages, agency fees and costs need to be paid off, after which the funds from the sale will be passed on to you.
A conveyancer can also help with practical issues – for example, if you move it is important to update utility bills, service suppliers and so forth. It is also worth contacting the post office to ensure your post is forwarded to your new address.
It is strongly recommended you use an experienced legal professional for the conveyancing process. As you can see there are a number of processes involved and it can get complicated. Whether you are a buyer wanting to check the property or a seller wanting to ensure the buyer is legitimate you need to have someone with your best interests at heart.
At Larcomes our belief has always been “big enough to specialise and small enough to care”. We have the specialist representatives with the necessary experience but also give them the resources they need for the best possible representation. When it comes to selling properties this is especially important as there are various aspects that have to be dealt with and this can be complicated.
However, we also recognise that this time can also be stressful. As stated there are three stages and numerous things can go wrong if not handled in the right way. We believe in keeping in contact and being accessible to our clients.
If you are in the process of buying and selling a property and want to know more about this or want to know more before going ahead then you can contact us today and we will be happy to discuss this with you in more detail.