Property buying and selling matters require legal assistance. All these affairs should be handled by qualified and experienced residential lawyers. If you are thinking of buying a new home, then you should hire a good solicitor and understand the conveyancing process in detail. As a buyer, you should be aware of the real estate laws of the country, which often change with the fluctuating economic times. The process of conveyancing property in the UK is designed to help buyers and sellers accomplish a successful deal with all the proper legal work in place.
Conveyancing is nothing but a process of transferring ownership rights legally from the seller to the buyer’s name. This process involves many phases, which every buyer and seller has to go through. It is crucial for a new buyer to hire a licensed and reputed conveyancer to assist him with legal paper work in the house buying deal. It is carried out in three landmark stages. First stage is before the contract, second is the completion stage and final is the after completion stage. It is a lengthy process as it takes time to get approvals from the government and local authorities for the paper work.
In the first stage your solicitor with start off the process of conveyancing property by negotiating price with the seller party. After both the parties have reached a final selling price, drafts are exchanged to provide the details of the property and the owner. Next, your conveyancer is responsible to scrutinize all the relevant documents and conduct property surveys to verify rate and check if any other issues exist with the property. If all the surveys are done and results are positive, then exchange of contracts takes place between the two parties. This is the completion stage where new buyer needs to handover cash deposit to the seller. At this point the buyer party can celebrate as they will be handed over the keys and possession date will be finalized. Before taking over the property, for any buyer it is important to complete after sale formalities. It includes property registration, stamp duty and land tax formalities.
Gazumping is a prevalent problem in the UK. It is a practice where seller pulls out of the deal before final exchange of the contract stage. It proves to be a great loss for potential buyers as they have already paid for surveys and conveyancing property services. Fast sale process is the only solution to this problem as it will give less time to the seller for pulling out of the deal or choose a higher bidder. This can be achieved only by hiring experienced and reputed conveyancing firms for your deal in the UK.
Conveyancing property: For legal transfer of ownership right