Conveyancing can be described as the legal process by which the ownership of property changes hands from the seller to the buyer. The process of conveyancing can be complex.
As such, the process requires the professional services of either a conveying solicitor or a certified conveyer.
Licensed conveyancers in the UK and Wales are governed by the Council for Licensed Conveyancers, CLC. UK and Wales solicitors on the other hand are governed by the Law Society, and are duty bound by a code of practice.
The Law Society website is quite resourceful in helping property buyers and property sellers contact conveyancing solicitors in their localities. The website also offers insights into how buyers and sellers can use soliciting services and remedial steps in the case of disputes.
The first step in the conveyancing process involves the writing of a draft contract. This contract is then received and negotiations between seller and buyer can begin. A number of enquiries are then made prior to the acknowledgment of the mortgage offer. A date of sale is set and it represents the day on which the buyer will legally own the property.
Upon signing of the contract, the buyer remits a deposit. The deposit is usually set at 10% of the property purchase value. At this point, the buyer is compelled to go through with the deal or risk forfeiting the deposit. This allows the final accounts of the transaction to be prepared and the buyer then appends his/her signature on the mortgage deed. Once this is done, the buyer receives the house keys and the title certificates. The transfer is then settled at the Land Registry subject to the payment of Stamp duty.
You can compare conveyance quotes services at EstateAgencyFeesDirect.com and ensure you'r getting the best value from a nationwide panel.
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When the ownership of a property is transferred from one person to another, whether freehold or leasehold, it involves certain legal procedures. These legal procedures are known as conveyancing. This ensures that the buyer gets the full property rights and the seller transfers all the property rights to the new owner. The buyer as well as the seller appoints their own conveyancing solicitors. There are various firms in London, which provide cheap conveyancing options. This procedure will take at least a month, which would be very fast service or even two or two and a half months to complete. If several properties and more than two parties are involved, then obviously the process can take longer than two and a half months. For more details do visit us at Conveyancing Extra.
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