Conveyancing literally means transfering a property title from one person to another. In essence it is the legal process of buying and selling property. Who does the conveyancing? Property conveyancing by law must be done by a property solicitor or licensed Conveyancer. One lawyer cannot act for both parties, as this would cause a conflict of interest so therefore both the buyer and seller will have their own representation.
What is the distinction between a Licensed Conveyancer and a Solicitor?
Solicitors are regulated by the Law Society and normally practice all areas of law, including conveyancing.
Licensed Conveyancers are regulated by the Council for Licensed Conveyancers and specialise only in conveyancing. Most Licensed Conveyancers are Solicitors who have converted to Licensed Conveyancer status. The processes and consumer protection standards are the same for either type of firm.
What do they actually do?
Basically the Conveyancer is purely acting in your best interest in the property sale or purchase. They make sure that all the terms and conditions of the sale contract are reasonable and that the financial information is all as it should be. The process for what they actually do differs as to whether they are acting for the buyer or the seller
What is the process?
The seller's Conveyancer will first request a copy of the land registry entry for the property being sold. These are called office copies. A contract will then be prepared for the sale by your solicitor, incorporating the land registry plan and details, before forwarding it to the buyer’s solicitor. The buyer’s solicitor will send for the searches from a range of bodies, one being the local authority, and will assess the contract for sale which has been received from the seller's lawyer.
Additionally, if the buyer is borrowing money on a mortgage then the solicitor will need to receive a copy of the formal mortgage offer and be satisfied that the buyer has sufficient funds available to complete the transaction. If there are items in the contract for sale that the buyers solicitor is not happy with, then they will raise a query with the other seller's solicitor.
Once all of the queries have been resolved, the searches have been received, and proof of funds achieved, then both parties will be in a position to exchange contracts. Exchange of contracts is the point of no return for both parties and is a legally binding agreement for that Seller to sell and the Buyer to buy the property. At any time up to this point, either party can withdraw from the process without any penalty other than any monies they have spent on surveys, mortgage application fees etc. At exchange of contracts a completion date is normally agreed when the transfer will be finalised. On the day of completion the monies are transferred between the parties and ultimately, the keys are handed over.
No comments:
Post a Comment