The conveyancing process is the legal procedure of transferring the ownership of a property from one person to another. It is usually done through a solicitor or conveyancer and involves a lot of paperwork and the exchange of money. Unfortunately, it can take several weeks, or even months, to complete. This can be problematic for home sellers looking to close a deal soon.
While the process it takes to complete conveyancing may seem long, it’s a necessary wait time to ensure a smooth transaction. Remember, the extra time you take can lead to long-term complications down the line.
Why Takes Solicitors So Long to Complete Their Job
The process of buying and selling property is known as conveyancing. The legal work involved in transferring ownership of a property from one person to another is complex and time-consuming. This can be illustrated in a four-stage transaction.
There are many different stages to the conveyancing process, and each one must be completed correctly to ensure that the transaction is legal and binding. This is why solicitors take so long to complete the process.
The first stage of conveyancing is known as pre-contract. This is when the buyer and seller agree on the price of the property and the solicitors' exchange contracts.
The second stage is known as post-contract. This is when the buyer pays the deposit and the solicitors' exchange contracts.
The third stage is known as completion. This is when the balance of the purchase price is paid, and the property is transferred to the buyer.
Lastly, the fourth stage is known as post-completion. This is when the solicitors file the transfer deed at the Land Registry.
What Exactly Are Solicitors Searching For
Solicitors are looking for factors that might affect the value of the property. Things like easements, mortgages, outstanding taxes and liens can all decrease the value of the property. If there are any questions about the property title, the solicitor will also investigate.
What Do Conveyancers Do While You Wait
The conveyancing process can be complex and time-consuming. This is why it is important to instruct a solicitor who is experienced in dealing with property transactions. To avoid getting lost in their tasks, here’s a primer on what solicitors do to get their job done:
1 - Request a Property Search
Conveyancers will request a property search from the local authority. This will help to identify any potential problems with the property, such as outstanding planning permission or building regulations approval.
2 - Request a Land Registry Search
Conveyancers will also request a Land Registry search. Similar to a property search, this will protect you against the risk of discovering issues tied to the new property that you’re unaware of. It’s a great solution to avoid any complications you may have after gaining ownership of the property and its attached liabilities.
3 - Obtain a Copy of the Title Deeds
Conveyancers will obtain a copy of the title deeds from the seller. This will legitimise the transaction and allow both parties to have a receipt of the deal.
4 - Draft the Contract of Sale
Your conveyancer will draft the contract of sale, which will set out the terms of the sale, including the price, date of completion and any special conditions. This document is legally binding, and it is important that you understand all of the terms before signing. If you have any questions, be sure to ask your conveyancer for clarification.
5 - Exchange Contracts
The buyer and seller will now each have a copy of the signed contract. This means that the sale is legally binding, and both parties are obliged to go through with it. If either party decides to back out, they may be liable for damages.
6 - Finalise the sale
If the buyer has a mortgage loan, they will have to apply for and be approved for the loan. This can take weeks. Once approved, the loan will be funded, and the funds will be disbursed to the seller.
If the buyer is paying cash, the funds will be paid to the seller by wire transfer (or cash, if that is agreed upon).
Once the funds are received by the seller, the keys to the house will be turned over to the buyer. This is where the contract comes into play. If either party fails to live up to their end of the deal, the contract can be used to settle any legal disputes that may arise.
7 - Close the Deal
Once the keys have been turned over, the sale is considered closed. If there are any complications, you must consult with your solicitor if there are any missing requirements or legal forms.
What Factors Affect the Jobs of Conveyancers
There are a few factors that can affect the jobs of conveyancers. The most common is the housing market. The housing market can change the prices of properties, the number of buyers and the demand for services. If there are more buyers in the market, the conveyancer will have a higher demand for services. In contrast, the conveyancer will have a lower demand for services if there are more sellers in the market.
Conveyancers can also be affected by the legal system. If there are changes in the law, the conveyancer will have to adapt to the new laws. For example, if a new law is passed that requires all conveyancers to be licensed, then those who are not already licensed will need to obtain a licence in order to continue practising.
Why Choosing the Right Conveyancer Is a Must
It's important to choose a conveyancer who is qualified and who has a good reputation. There are many conveyancers who are unlicensed and who don't have a good reputation. You should make sure that you're dealing with someone who is qualified and who has a good reputation before you hire them.
You should also make sure that you're dealing with someone who is licensed. A licensed conveyancer is someone who has been licensed by the government and certified by the right authorities, you could end up in a lot of legal trouble.
A conveyancer is a professional who handles the legal aspects of buying and selling property. They will prepare and oversee the transfer of ownership from one person to another, as well as handle any other legal aspects of the transaction, such as mortgages and leases.
While it may seem like an additional expense to hire them, they’re a vital part of the transaction of buying or selling a home. Should you have any questions about why the process is seemingly taking longer, then you should talk to your conveyancer about them.
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