Conveyancing Solicitors » Help and advice on conveyancing and solicitors when moving house. - 9574
Conveyancing / Conveyancer
What is conveyancing?
Conveyancing covers all the legal and administrative work undertaken, usually by a solicitor or licensed conveyancer associated with the transfer of ownership for either land or buildings. The first question an estate agent will ask when you put an offer on a property is 'Who is your conveyancer?'
Could we just ask
Would you be interested in receiving quotes for conveyancing from solicitors to compare costs?
Do I have to use a local Solicitor?
No. Most conveyancing is electronic today and can be tracked online. It can pay to shop around, however choosing a good solicitor or licensed conveyancer will help avoid costly mistakes and delays. Any issues that arise can usually be dealt with by email, telephone or letter. Online conveyancers have less overheads and may work out to be better value.
What do the conveyancers actually do?
The conveyancer is acting on behalf or either the buyer or seller (never both) and represents their interests in the purchase or sale of property or land. They ensure the terms and conditions of the contract for sale are fair and reasonable and all the financial information is correct.
How long does conveyancing take?
The conveyancing process on average takes 6 to 8 weeks to complete.
Shop around online to find quotes for conveyancing. The prices can vary a lot so try and compare.
What is the process?
The sellers conveyancer will obtain a copy of the land registry for the property being sold. They then prepare a 'Contract for sale' and forward this and the land registry details including a plan to the buyers solicitor.
The buyers solicitor applies for searches to do be done form various bodies including the local authority and the water company. The buyers conveyancing solicitor will then check the 'Contract for sale'. If they are not happy with they can raise a query with the sellers conveyancing solicitor. The buyers solicitor will also require a copy of the formal offer from a mortgage company if applicable, to ensure that enough funds are available.
Once all the searches are received, funds verified and all problems and queries are satisfied then both parties are in a position to exchange contracts.
Exchange of contracts
Once you sign and exchange contracts, this is legally binding, between the seller to sell the property or land and the buyer to buy the property or land. Before 'exchange' either party can withdraw from the process with no penalty. After exchange has taken place both parties will be liable to penalties agreed within the contract if they decide to pull out of the purchase or sale. Any monies outstanding for the deposit will be required by the buyers conveyancing solicitor to be held by them until completion day. A date for completion will also be agreed and with this you can make firm arrangements with removal companies to move you . Arrange for your utilities like electricity or gas to be transferred or have a final readings taken. Don't forget to transfer your phones and broadband you can do this easily by using our change of address service.
A completion date is normally agreed at the time of exchange of contracts, sometimes if the circumstances allow, for example a property is already vacant, exchange and completion can be on the same day. Usually the completion date is set sometime in the future that suits both parties. A week or two weeks gives both parties change to get ready to move in or out of the property in question. On the day of completion the transfer of monies are completed and when the sellers conveyancing solicitor is in receipt of the correct monies the keys are handed over. Normally this happens around midday, however on Fridays and especially at the end of a month this can take until 4pm to happen.
Remember you cannot access your new home until the sellers conveyancing solicitor agrees to hand over the keys. This can be anytime up to 4pm, however more likely to be around noon.
Can I do this myself?
Yes. If legal jargon and endless amounts of paperwork do not bother you. In reality very few home buyers undertake the conveyancing themselves and most mortgage lenders insist on a solicitor to protect their interests.