What precisely is conveyancing
Factors to contemplate when buying or reselling a house
Who can do my conveyancing when buying or reselling real estate
Just how do I officially purchase or sell a property
The top matters to consider when hiring a legal representative to purchase or sell your house
In England and Wales, the word conveyancing is used to describe the procedure of legally transferring the ownership of real estate from one individual or legal entity to another. Most people are likely to come across this term when you are wanting to purchase or sell a property and will be in need of the expert services of a conveyancer or solicitor.
The procedure of purchasing or reselling a house or flat is often thought of as one of your most stressful experiences in your life. There are countless things to look at and you get all types of people to come to terms with, from real estate agents to home loan brokers, not to mention the individual from which you are purchasing or to whom you will be selling. Getting the selection of conveyancer or perhaps solicitor correct from the outset can help lower the pressure considerably. A decent conveyancing solicitor or property lawyer is going to keep you advised as to the progress of the contract, whilst being sure that your legal needs are protected at most times.
When searching for a good legal representative to look after you throughout the sale or purchase of your house there will be a few things you will need to think about. First of all of course there is the particular cost. Because the services of a conveyancer are a specialist commodity, there has often been an assumption that the fees charged for this service are sky high. This may have at one time been the case, but as times have changed and competition between conveyancing companies has become more intense, the costs of conveyancing services have reduced considerably. This has been especially true since the internet has turned out to be a popular place to check conveyancing fees and you are at this point able to get terrific service at a significantly reduced cost just by comparing a number of conveyancing quotes online. Don’t just take the first estimate you get from an estate agent or mortgage broker as these are often extremely inflated and not good value for money. The second thing to take into account when searching for a conveyancer is their locale. You have to think about whether the location of the conveyancing firm is significant to you. These days there is no need to go to your legal representative’s workplace and everything can be accomplished over the telephone, by post and by email. This has greatly increased the choice of conveyancing companies that are readily available to people and thus helped to reduce the costs associated with conveyancing. The third factor to look at before appointing a conveyancer is whether you like them. This may sound obvious, but by chatting to your conveyancer ahead of instructing them you will be able to get a feel for how they will deal with your transaction and whether or not you will be able to get along with individuals for the six to eight weeks that the typical conveyancing process takes. The final thing to take into account is what kind of legal representative you want working for you. In England and Wales there are two distinct kinds of firms that can act on your behalf in property dealings. The first type are Licensed Conveyancers. These are companies that are regulated by the Council for Licensed Conveyancers and deal exclusively in the legal aspect of buying and selling houses and flats. The second type of representative you may hire is a firm of solicitors, who can act as your legal adviser in all areas of law. If choosing to appoint a solicitors firm to act for you, you should make certain that the individual who you are dealing with is a specialist in conveyancing to be sure that they are up to date with all things property.
Once you have hired your conveyancer it is time for them to go to work. It should be noted that on a purchase of a property there is more work to be performed by your conveyancing company than on the sale of a property, and consequently you can expect to pay more for conveyancing services on a purchase than on a sale. If you are getting a mortgage to purchase your property then your conveyancer will also need to act on their behalf as well. Whilst the interests of you and your mortgage loan provider should not really differ (after all you each require the property to have a good and marketable title and for the property to be registered in your name at the Land Registry), should there develop a conflict of interest between you and your mortgage lender then it may be required for your conveyancer to stop acting for 1 or both of you. This is a very rare circumstance and your conveyancer would explain this to you completely ahead of taking any action.
As previously mentioned, the average time for the sale or purchase of a property to go through is approximately six to eight weeks. Whilst your particular encounter may vary, this is the typical time it takes for a purchaser to have got all the crucial searches, surveys and enquiries carried out on the property they are buying and should really be looked at as a good estimation of how much time the process will take. Obviously there are extraordinary circumstances, and from a technical perspective a house can be acquired in a day or a year.
The remaining thing to observe about conveyancingis the maxim by which all properties in this nation are sold – caveat emptor – let the buyer beware. This means that the purchaser has the obligation to make all enquiries, carry out all checks and surveys etc prior to exchanging contracts, and that the seller is not under a duty to reveal anything about the property to the buyer. This means that you need to ensure that you are completely happy with the property you are purchasing prior to exchange of contracts, as once you have entered in to the contract then there is no backing out on the grounds that you find something out concerning the property that you don’t like. It ought to also be observed that it is rather hard (and sometimes not possible) to depend on anything at all the vendor may have told you concerning the property directly, and you are best off obtaining replies to all enquiries that you wish to depend upon responded to in writing via your solicitors or property lawyers.