guide to the legal process for conveyancing
guide to Conveyancing
Most people instruct a solicitor to undertake this important work on
their behalf when buying and selling a property, but it can be
undertaken by other specialists. You may be influenced by their
comparable charges, but more importantly their reputation is crucial for
you. Upon a sale of property being agreed, conveyancing
is the transfer of its title (or ownership) from one party to
another. This process can take very different lengths of
time to complete depending upon the type of property and the
complications which may arise. The Scottish laws on conveyancing
are different and can be looked into on www.espc.co.uk.
Expect an average of four to six
weeks before exchange of contracts, but whatever the timescale the
process should go through the following phases:
1) Processing the 'draft contract' which
is sent by the vendor's solicitor to the purchaser's containing details
and conditions relating to the sale.
2) Preliminary enquiries which
follow establishing the answers to questions relating to the contract,
the property (defining any extras included in sale) and the transaction.
3) Land Registry Search -
completed to establish good title to the property and land together with
any covenants applicable.
4) Local Enquiry Search - made
via the Local Authority to discover if factors such as any
planning permission concerns the property or its location.
5) Drainage Search - To discover the
status and the course of the drains.
6) Exchange of Contracts -
this important stage should be reached when everything concerning the
transaction is satisfactory and settled between all parties.
Exchange of the signed contracts is normally accompanied by a substantial
financial deposit from the purchaser. You may give your solicitor
'power of attorney' to sign your contract for you. The date for
completion is agreed and the purchaser assumes responsibility for
insuring the property.
7) Completion - the date
for final transfer of funds and title of the property. House keys
are retained by the owner, or his agent, until the actual time of day
completion is confirmed by the vendor's solicitor.
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