Few years back, buying and selling property in the UK was a very tedious process involving a lot of legal formalities with no proper assistance. Today, this process has become very smooth and user-friendly thanks to conveyancing system in place. This system makes sure that the buyer is completely aware of the process and given assistance whenever required. Modern online conveyancing system is far better than the traditional one and anybody can use it from any location. People from all across the UK are accessing and availing these services happily. Countrywide conveyancing process has gained popularity due to its quick and efficient way of working. It involves two parties namely a buyer and a seller with their respective property solicitors. This process is divided into different phases as follows-
1) Pre-contractual: This is the first phase of the conveyancing process, in this process the buyer’s solicitor is supposed to contact and negotiate the price with the seller’s solicitor. After the settlement of price for the said property a pre-contractual agreement is signed by both the parties.
2) Legal Verification: During this phase initial deposit is paid by the buyer and a final possession date is quoted by the seller. This is one of the most crucial stages where the buyer’s attorney will conduct a legal survey and verify ownership details of the property. He will also conduct house survey, title search and check if there is any ongoing argument on the property from neighbors or any other person of the locality.
3) Exchange of contracts: After legal verification is done and all the documents are verified correctly, buyer is asked to deposit the entire amount to the seller. This is the completion stage where the buyer will also get the keys and final possession date from the seller. This is an important stage where both the parties exchange the final agreement of the property and legally ownership title is transferred from seller to the buyer.
4) After completion: It may seem the end, but there are certain legal procedures to be followed after the sale like land registry and land duty tax formalities. And finally its time to rejoice since this deal is said to be successfully completed and closed.
This entire process may take almost 10 to 12 weeks for completion and legal paperwork. Its online services keep the buyer updated about the dealings via email and SMS. So the buyer can carry out the process without being physically present in every meeting; no wonder countrywide conveyancing has gained so much popularity in recent years.
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Conveyancing process has gained popularity countrywide