Conveyancing is the process by which property is legally transferred from the buyer to the seller. The buyer of the property needs to hire a solicitor or an experienced conveyancer who oversees the transfer process and ensures all legal terms are met. However, they are some conditions that both the seller and the buyer need to understand for the procedure to work effectively.
The entry phase in conveyancing
The entry phase or the initial phase is the first process in the procedure. At this stage, there is a need for proper identification of a reputable solicitor. You can do your research and approach potential clients, or you can request for referrals from your friends and relatives.
Once you have the right solicitor to carry out the process, you need to make the first contact. At this stage, you need binding documents to make the procedure legal. You can use a letter of engagement to establish the terms and conditions of the business.
The document should be signed by both parties, the buyer and the solicitor. You are now ready to start the conveyancing process. You, as the buyer, can fund the initial procedure.
It is now the task of the solicitor to contact the seller of the property and request a draft contract. The seller should send the agreement and all documents relating to the estate. The solicitor will then carefully examine the contract and raise any alarm. If the deal is excellent, then the conveyancing process should proceed.
The buyer and seller exchange contracts
The buyer can now sign the documents and transfer money to the seller. If you are using a mortgage to settle the payments, you present all mortgage documents to the seller. If you, as the buyer is refusing to meet the amount as per the stated terms, the seller can sue you in the court. On the other hand, if the seller does not transfer the property as agreed, they should reimburse you the money, or you can sue them in the court of law.
Completion of the conveyancing process
The solicitor must ensure the conveyancing process is completed successfully. They should ensure that the title deeds of the property are now registered under your name. The transfer documents should also be officially stamped to serve as evidence of the sale of the property.
If you are acquiring the property through a mortgage, the title deeds need to be sent to the mortgage company; you will receive the title deeds after successfully settling the debts. Additionally, if the property is a leasehold and does not have title deeds, you should ensure the lease document is now registered in your name and not the seller’s name.
Transfer of property is a lengthy process and requires a professional. With the rise of many conmen, either buyers or sellers, ensure you are safe by hiring a reputable solicitor. A solicitor will ensure the conveyancing process is smooth and efficient. Additionally, they will make the process easy and more straightforward.…