Understanding Conveyancing: A Beginner’s Guide

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Understanding Conveyancing A Beginners Guide
Today, we are going to discuss the process of
conveyancing. This article will present the
information in a simple manner. We intend it to
be read by people who have never encountered
conveyancing before who have encountered it, but
are still somewhat confused or that it was so
long ago that you might have forgotten what it
entails. By the time you reach the end of this
article, you will have a good basic grasp of
conveyancing
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What Is Conveyancing?
Conveyancing is the legal process involved in
transferring property ownership between buyers
and sellers. In the UK, whenever you buy or sell
a property, you will need to go through the
conveyancing process. The Starting
Point Conveyancing begins once a seller accepts
an offer on a house. For example, imagine you are
a seller and you have your house on the market at
250K. If a buyer comes along and offers 240K,
you might decide that is enough and you accept
the offer. From this point, the buyer then
triggers the conveyancing process by instructing
their solicitor to begin procedures.
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The End Point
Conveyancing is complete once the deeds have
transferred and the keys are passed from the
seller to the buyer. At this point, the house now
belongs to the buyer and the seller must leave.
Most of the time, the seller has left the day
before, or a few days before, rather than dead on
the day. What Happens In Between? Of course, a
lot happens in between the starting point and the
end point and there are a number of steps that
need completing before the end point is even
possible. Let's look at a step-by-step guide to
the process
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Step 1 the buyer instructs a conveyancing
solicitor to undertake the conveyancing on their
behalf. This is usually a solicitor near to the
new address. For example, if the buyer were
looking to purchase a house in Hammersmith, they
would usually use conveyancing solicitors
Hammersmith. Step 2 the seller completes a
long list of paperwork given to them by the
buyers solicitor. The paperwork includes
information about the property. Once complete,
its sent off to the buyers solicitor for them
to look over. The buyers solicitor then looks
for any missing information or asks questions
about particular things, such as whether the
double-glazing has a FENSA solicitor. Its the
buyers solicitors job to find out if there are
any problems with the home. This doesnt cover
every problem a lot of things are up to the
buyer, e.g. making sure theres no mould, etc.
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Step 3 Once all the paperwork is complete and
both sides are happy, the solicitors then
exchange the contract. Both solicitors look over
the contract to ensure that its suitable.
Theyll also arrange a completion date, which is
the date the property legally transfers
ownership. At this point, you also pay a deposit
on the property (the buyer). If the buyer pulls
out now, they lose the deposit and they can be
sued by the seller. Step 4 Completion day! All
money is paid from the buyer to the seller, keys
are swapped, and the buyer is free to move in.
So you see, its not as difficult to understand
as you might imagine. If you would like further
help and advice, please visit http//www.owenwhite
catlin.co.uk/our-offices/
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We have six offices located in South West London
Addlestone Ashford Chiswick Chiswick - Watson
Marshal Feltham Hammersmith Shepperton Solicitors
London Solicitors Middlesex Solicitors Surrey
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THANKS FOR YOUR TIME!
Tel. [phone] Fax. [phone] DX. 32750
Hammersmith 2 Email hamm_at_owc.co.uk Open 09.00 to
17.00
Owen White Catlin LLP Owen White and Catlin
174 King Street Hammersmith, London W6 0RA.
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