Property conveyancing involves legal, administrative and financial tasks to establish marketability of the title. Conventionally, a property conveyancer is appointed by the seller or the buyer to perform the legal activities related to title transfer. The job of a conveyancer is to confirm that no hitches occur during title transfer and all the legal obligations in the contract of sale are met by the vendor and the purchaser.
Property conveyancing requires dealing with volumes of legal documentations, conducting property title search, collating documents and contracts, drafting contract of sale, liaising with the other party’s conveyancer, assisting the client understand the legal implications of the various documents, monitoring payment of various legal duties and taxes, preparing documentations for mortgage lending, conducting financial settlement process etc.
Although under the existing laws the property owner or the prospective buyer can act as their conveyancers it is advised to hire services of a professional conveyancer for peace of mind.
Conveyancing process is a complex one and is achieved through two major stages:
- The process of exchanging contracts that involves changing hands of title equitable
- Completion – the process that involves transfer of legal title
Once you have your proposal accepted you must first instruct your property conveyancer. Nowadays, one can find a conveyancer through online searches. UK laws require conveyancing solicitors to be registered with Council of Licensed Conveyancer. You can research on the website for a local licensed solicitor for conveyancing purpose. You can also check conveyancing reviews of a firm online before hiring their services.
Sometimes your real estate agent may try to enforce his choice of conveyancer on you. If you accept their proposal you may end up paying through your nose for the process. However, if you have plans to get mortgage on your property you are advised to hire a conveyancing service in tandem with your lender.
One can now also compare the quotes between conveyancers on internet and find affordable conveyancing services.
The conveyancer would perform the legal background search on the property title to help you with the buying decision. He would obtain the title clearance deed that will ensure the rights of the seller on the property title to sell the property.
Normally, a conveyancing process will take around 8-12 weeks time to get completed. Instructing the conveyancer before making the buying would put you in a better position. The conveyancer will also work closely with the conveyancer appointed by the seller to draft contract of sale.
Getting your property through conveyancing process will be easier if you appoint a professionally qualified conveyancer. Discuss the process and the charges of conveyancing before hiring a conveyancing firm or solicitor.