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By: Ikedi Ani-okoye.

Conveyancing introduction

Conveyancing is the term for the Began process of transferring the ownership of a property from the seller to the buyer. Any Solicitor can ark as a converyancer. Gui there are also specialists who concentrate just on this area of law. Put plainly. the process not only ensures that you become the legal owner of the property. but also confirms that the seller is the legal owner and permitted to sell it to you. You don't need to understand all the legal details of buying a home - that's what your solicitor is for.

Step 1

The best way to a find a reliable solicitor Is to ask friends or family for Imendations, or you could contact the Council Of Licensed Conveyancers or the Law Society for details of licensed conveyancers and solicitors in your area.

Step 2

The process starts with the seller's conveyancers who will draw up a draft contract based on the title deeds of the property, which sets out exactly what land and buildings the property includes. The contract has two parts - the particulars of sale and the conditions of sale. The particulars of sale describe the property and details of the lease or freehold, while the conditions of sale have information about the proposed completion date and the deposit. All of this is fonNarded on to your solicitor with information sheets compiled by the seller on things such as fixtures and fittings and disputes with the neighbours

Step 3

Your conveyancer will then consider the terms of the draft contract and conduct a land registry search to confirm the seller is the owner. They will raise any concerns you may have with the seller's conveyancer. Then they will conduct local and drainage searches. These will show up, for example, where there are any outstanding charges on the property or if it is a conservation or smoke control area.

Step 4

Once your solicitor is happy with the title documents a~ you are satisfied with the results of your search. you will arrange to exchange contracts. You must have your formal mortgage offer in place at this time preferably before this - and make sure are happ) with the survey before you exchange.

Step 5

The process up to this point should take anywhere between six and eight weeks but beware as it may not go this smoothly, so prepare to be patient throughout and keep in contact with your conveyancer. Now you can agree a completion date for the sale, you are ready to exchange contracts. The contract comes in two identical parts. You sign one part and the seller signs the other. The conveyancers then agree a specific time and date when the contracts are deemed to be exchanged and the parts are literally exchanged, usually by post. Both you and the seller are now legally bound to proceed and will face hefty penalties if you fail to do so. You will usually have to provide the deposit at this point, so if you were to default you would certainly lose that.

Step 6

A completion date will be written into the contract. This Is the date when all monies are paid and you take possession of your new home. Once your lender is happy with the checks on the property it will release the funds at request of your conveyancer, normally via electronic transfeL and you won't actually get the keys until your sellers conveyancer has received the money. In return your conveyancer will receive the deeds for your new property before transferring them to your bank or building society. When the conveyancer informs you that the sale has completed, then all that remains is for you I to simply collect the keys.