Conveyance is a legal term used to describe the buying and selling of residential property. It could also be described as the legal transfer from seller to buyer of property. This is a process that can take even months depending on the number of parties involved. Buyers and sellers could be more than one individual. It basically begins when the offer on a house by a seller is accepted and ends when the buyer gets issued the keys. This article gives detailed information on guides to conveyance.
Step 1 Instruct a solicitor
A solicitor is the person that conducts the process of conveyance. It becomes difficult to do it on your own as the laws which apply can be quite complicated. This is where the assistance of a solicitor or legal executive comes in. Their assistance should be sought at the very beginning. You should receive an engagement letter or a confirmation of the terms of the business in question once you let a solicitor know that you need their services.
Your solicitor as the buyer will then write to the seller's solicitor informing them that they have indeed been instructed and request the property's title, a draft contract copy and any other details regarding the property.
Step 2 Legal work, mortgages and surveys
The solicitor then examines and raises enquiries with the seller's solicitor regarding the draft documents. You are then required to double check the standard forms just to make sure that it is indeed what you expected.
Counter checking your new home tenure at this juncture is paramount. You will want to check whether it is leasehold or freehold. If the property you are buying is leasehold, what follows is your solicitor sending a questionnaire from standard managing agents to the seller's solicitor who will thereafter send it to the relevant managing agents.
If you happen to be taking out a mortgage, your solicitor will receive and go through the copy of the offer, and then undertake the legal work on your lender's behalf as well.
Examination of answers to all the enquiries is the done by your solicitor. You are then to sign the contract and any mortgage documents as well as make arrangements for the money to be deposited into your solicitors bank account so that everything is settled in good time for the exchange.
Step 3 Exchange and completion
The seller and you are to agree and set a date for exchanging the contracts. This is usually done by solicitors from both parties. This therefore means that after the exchange is done, you are in binding contract that is legal to buy the property.
Completion takes place once a seller's solicitor confirms all the money that was due has been received. It is usually set for noon on the day in question. It is after that that the keys are dropped off ready for your collection from the estate agent. The final procedure is sending the deeds to your lender in case of a mortgage scenario for safekeeping until you can pay off your loan or sell the property.
Buying a home for a first timer should no longer be confusing but rather an exciting experience.