From instructing a solicitor to completing your sale, the conveyancing process is long and can feel overwhelming because of paperwork and documentation such as legal matters, regulations and financial agreements, all of which must be complied with.
We work with the leading conveyancing solicitors in the West Midlands, who can answer all your questions about property conveyancing when selling or buying, starting with the below.
What is conveyancing?
Simply put, conveyancing is the official legal transfer of one or multiple properties from between owners, or the granting of a mortgage. Every property conveyancing transaction has two stages:
1) Exchanging contracts: this is when equitable interests are created by the passing of official paperwork.
2) Process completion: also called settlement, this is when the deal finalises and the ownership of all properties involved officially changes.
It is the responsibility of a buyer to obtain a marketable title to the land. For example, stating that the seller is the owner and the right to sell the property is theirs. The sale of land is always governed by the practices and laws of the jurisdiction where the land is located, and it is a legal requirement that all contracts for land sales be put in writing.
What is the conveyancing process when buying a house?
Every deal is different, so no two conveyancing processes are the same, but all follow the same overall course of progression:
Instruct a solicitor
As soon as you know you want to buy or sell a home or property, you should instruct a solicitor. This is because you will then be in a position to instantly proceed with a deal as soon as you receive a suitable offer, or when an offer you have made is accepted.
Enquiries and searches
Property conveyancing solicitors will examine copies of all contracts and the legal title(s), and will raise enquiries if anything needs clarifying, such as confirming that the necessary rights are in place any planning permission has been requested if necessary. Searches will also be performed to ensure no adverse matters will cause lenders to think twice. Some searches are essential, while others are not required by mortgage lenders.
Securing your mortgage
It is imperative that you provide your lender and property conveyancing solicitors with the exact same information. This is so there are no hiccups or discrepancies when all documentation is cross-checked, and no reason for the lender to reconsider the loan arises as a result.
Signing and exchanging of contracts
In preparation for the exchanging of contracts, your property conveyancing solicitors will send you a copy of all the key documentation, like the Title Information Document and Plan, and the Sellers Property Information Form. Once all conveyancers have their searches and finances in place, any enquiries have been responded to, all documentation is signed and funds are prepared, the seller and buyer will agree a date for completion and contracts will be exchanged.
Your property conveyancing solicitors will arrange and oversee the transfer of funds on completion day, and keys are made available to collect from the estate agent on the same or following day. After the deal is completed, your solicitor will take care of the ownership registration tax.
If you have any unanswered questions, feel free to contact us and we’ll arrange a meeting with the best conveyancing solicitors in the West Midlands today!