Conveyancing is the process by which a land and/or property title transfers from one party to another. It involves an exchange of paperwork and information. Most people use a mortgage solicitor in London or elsewhere to support them through the conveyancing process.
During a property sale, the onus is on the buyer to check that the seller has the right to sell the property that they want to purchase. They also have to check that there are no impediments to mortgage or resale. Any issues should be revealed during the standard checks undertaken by a mortgage solicitor in London, like Saracens Solicitors.
What processes are involved in conveyancing?
Clients usually engage a mortgage solicitor in London after they have had an offer accepted by the seller. There are some exceptions to this, such as when someone buys a house at a property auction or they need legal assistance before putting in their offer.
Most firms have a standard conveyancing process and package that they offer to clients. Sometimes this is at a fixed price but it depends on the circumstances. A fee to cover searches is usually taken upfront with the balance of fees to be paid during the final financial settlements at the end of the sale.
The conveyancing process usually includes:
• Land registry search – this is how a solicitor determines that the seller has a legal right to offer the property for sale;
• Other searches – there are a number of other property searches that are performed as standard. Depending on the situation and status of a property, some extras might be added such as a mining search for unstable land when an area has been mined extensively in the past. Other searches might include local authority searches, water authority searches and location specific searches;
• Contracts – legal agreements need to be drawn up, checked, signed and exchanged. A mortgage solicitor in London will take care of all of this in consultation with their clients;
• Finances – most of the finances are handled through a solicitor during a property sale. They collect mortgage monies and transfer them to where they need to go. They also take care of stamp duty, where applicable, and their own fees.