Moving locations and transferring houses is such a tedious process. To add to the trauma comes Conveyancing, which can cause sleepless nights for many.
However difficult conveyancing is, it is an indispensable process when transferring legal properties is concerned. So, it is better to understand the nitty-gritty involved and make the process simpler.
Whenever property transfer from one owner to another is involved, the process is legally termed as conveyancing. Conveyancing is officially done by conveyancing solicitors who take care of the transfer to ensure adherence to legal procedure and no fraud is involved. Solicitors are involved in the process from the initial stages to the final transfer and ensure there is no administrative roadblock to slow down the transfer.
You can take the help of licensed conveyancers such as AVRillo to get help related to all types of conveyancing activities in the UK.
Usually, solicitors are involved in the conveyancing process and are regulated by the Solicitors Regulation Authority (SRA). However, nowadays, there is an increase in the number of conveyancers who take care of the process and are under the Council for Licensed Conveyancers (CLC).
Before approaching a conveyancer, it is important to verify if they are legitimate or bogus. Only professionals and licensed solicitors must be approached, as they will make quotes as per the law. Other cheap conveyancers may quote a cheaper version. But after the process may include some miscellaneous costs and make you pay the price.
Conveyancing is a legal and administrative process involving multiple stages and stakeholders and, it is essential to understand the process involved in its entirety.
1. Searching for a conveyancer.
Cross-check the legitimacy of the conveyancer. Also important is to check if they are under the authority of the regulating body to avoid discrepancies. Real estate agents may suggest some solicitors, it is not necessary to choose those recommended by them. You can make the choice based on your due diligence.
- 2. Initial talk on the agreement
The seller’s and the buyer’s solicitors will consult with their respective parties and send questionnaires that their clients fill based on facts.
Also, if you are a seller, you need to obtain an Energy Performance Certificate for the property to sell and submit it to the buyer before the contract is finalized.
- 3. Making the deal and signing agreement:
There will be cross-verification of details provided in case you are the seller, and your ownership over the property you intend to sell; will be validated. The initial contract will contain all the details about the property and will be sent to the buyer’s solicitor for the deal.
If there is any falsification of data; or any questionable data is provided, it is again verified and the entire process is repeated.
- 4. Contract terms:
Once the seller’s solicitor sends the contract with the property details, the buyer’s solicitors will conduct verification against the seller’s property. Only after these initial searches are satisfactory; there is a further movement with regards to the contract.
- 5. Contract completion and Property exchange.
At this stage, the mortgage details are exchanged, and once both sides are satisfied and the respective paperwork is done, they exchange the contracts and proceed towards property transfer.
Also, the property ownership details are clearly explained to the conveyancing solicitor. There may be possibilities of single ownership or joint ownership as well.
When conveyancing is concerned; it is natural to expect certain delays based on the difficulties involved. Ideally, when externalities are ignored; and the transfer is simple, it would take about eight weeks to twelve weeks.
The time involved; can vary based on the conveyancing solicitors involved and their organizations. Usually, it is ideal for searches to be finished within two weeks maximum. But there are chances of it extending up to six weeks. The key is to find a good conveyancer who will be efficient in negotiations and speed up the entire process.
The fees involved will include conveyancing solicitors fees, fees involved for searches, and any other disbursements made on your behalf. It also depends on the value of the property and the age. The key here is to identify a good solicitor. Even though the costs involved increase, the work will be efficient without discrepancies.