Conveyancing is the legal transfer of a property from one owner to another, and an experienced property lawyer is needed to help guide you through the process. As a home-buyer, your conveyancing solicitor or licensed conveyancer will act on your behalf and ensure that you receive the title deeds to the property and its surrounding land.
Conveyancing encompasses all of the legal and administrative work that is needed to ensure that a house purchase is valid under law.
Standard Conveyancing Practice
It’s only once contracts have been exchanged between the buyer and the seller that a house purchase is legally binding. Prior to the exchange of contracts, both parties are able to withdraw from the transaction: even after accepting a (potential) buyer’s offer, the homeowner can sell the property to someone else who makes a higher offer; and even after having an offer they made accepted, the buyer can withdraw their offer without being required to pay for any costs incurred by the home-seller. At the exchange of contracts, a deposit – usually 10% of the purchase price – is required; if you decide to pull out of the house transaction after the exchange of contracts, you may lose the deposit you paid.
What Will Your Conveyancer Do for You?
Technically, you could deal with your own conveyancing, but it is a detailed and complicated legal process which we recommend be left in the hands of a qualified and experienced property lawyer. The tasks completed by your conveyancing lawyer include:
- Liaising with the homeowner’s solicitor in order to receive a contract pack
- Requesting and obtaining a copy of your mortgage offer
- Carrying out the required ‘searches’ for your desired property, and analysing the results of these searches
- Arranging the exchanging of contracts and the setting of a completion date between you and the home-seller
- Transferring the signed transfer deeds to the home-seller’s conveyancer
- Requesting payment of the mortgage advance from your lender
- Transferring the deposit to the seller’s conveyancer
- Submitting a tax return and paying the required Stamp Duty Land Tax to HMRC
- Forwarding the documentation concerning the ownership-transfer to the Land Registry
- Forwarding the title deeds to your mortgage lender
How to Find a Good Conveyancing Lawyer?
Buying a house is likely to be one of the biggest and most important financial transactions you will make in your life, so it is crucial that you hire an experienced and qualified property lawyer for your conveyancing. At movelawyer.co.uk, we only partner with property lawyers who have been regulated by the Solicitors Regulation Authority (SRA) or the Council of Licensed Conveyancers. When you receive your quote from movelawyer.co.uk, you can rest assured that the conveyancers and conveyancing solicitors we recommend are professional and experienced.