Conveyancing in legal terms is the transfer of the legal title of some property from one person (or party) to another and for this; you will need conveyancing services from lawyers. The transfer of land and commercial contracts also need conveyancing. Buying a property is probably the most expensive transaction you will make in your life, and it can be extremely stressful.
The process can change depending on whether you buy freehold or leasehold. This process is the reason why you will need property law experts to handle the conveyancing of your property. These services can include the provision of Energy Performance Certificates (EPC) and may or may not include a redemption fee on your mortgage.
Conveyancing costs typically include a fixed fee for residential conveyancing, a fee for completing a Stamp Duty Land Tax form, a fee for the bank or telegraphic transfer, and stamp duty which is payable only on property purchases.
Conveyancing services from lawyers also include research to ensure that the property being sold by the seller is owned by the seller; that the seller may sell the property and that there are no other claims on the property. They also have to make sure that there are no outstanding dues to the local authority, boundary disputes or restrictive covenants.
The conveyancing lawyers can be asked for a quotation, and you can decide if you will make use of them or get another quotation. They will send you a letter of engagement when you accept their quote. You have to sign the letter and return it to them with proof of identity and information about your mortgage application. You will also have to make arrangements for your deposit.
The conveyancer will then send you a sale memorandum from the estate agent which will give the particulars of the sale.
It will also give details of the other partys conveyancer. Once both conveyance has made contact a draft contract will be drawn up, and complete form indicating fixtures and fittings will be send to you.
Your conveyancer will examine the contract and raise any enquiries with the representative of the seller. Your conveyancer will also negotiate an agreement and price for a term of extended occupancy if the seller of the property cannot vacates the premises on the specified date of exchange.
You and the seller both have to sign the contract to make the sale legal and binding. The contract is binding once it is signed by both parties. Your conveyancer will now send your deposit to the sellers solicitor. The deposit serves as security for the seller. They will draw up the transfer deed and proceed to register the property in your name. You will receive a statement from your conveyancer showing the final figure of his expenses. This will have to be paid before the process is complete.
Conveyancing services from lawyers entail quite a bit of work and expense, but it will make your property purchase without many hassles. Hence, it is always advisable to have services such as conveyancing from lawyers.