What is Conveyancing; and When Do You Need it?
Conveyancing is known as the transfer of the title deeds of a property from one person to another. In addition, it is the legal and administrative work involved in the purchase of a house. Any real estate transaction is a huge decision that must be carried out carefully. A conveyancer is a licensed professional that handles real estate transactions and he is needed by both the seller and buyer.
Why you need a conveyancer
Truth be told, the process of conveyancing is really complicated. Many legal terms can be very confusing to the buyer or seller. You need someone with a broad knowledge of property agreements. When you entrust the process into the hands of experts, you will have time to engage in other things pertaining to the property such as design. Real estate agents normally request for the contact details of your conveyancer before making any agreement. Be prepared by hiring a reputable one on time.
Delving into it can be daunting for first timers. Handling the process on your own is time consuming and legal issues may surface. Even if you have prior legal understanding and proceed to undertake conveyancing on your own, you may not see satisfactory results.
The right conveyancers have direct access to information and this can speed up the process. Another advantage includes several years of experience. This is because they have been managing countless similar transactions and already know the best approach for each. Some of the duties of a conveyancer are carrying out building inspections and making financial arrangements. After getting recommendations, you can compare quotes here.
The primary stages of conveyancing include:
At this stage, your conveyancer is expected to read through the contract and negotiate certain terms. He will also make sure that the contract is ready for you to sign and sent to the other party’s solicitor.
This stage involves arranging settlement figures, taking care of the other reports and ensuring that finances are in order. Preparation of form for transfer of ownership should also be in progress.
The conveyancer will represent your interests on the day of settlement and ensure that all the necessary documents are ready. The lender will also pay him the settlement money.
The reputable ones always offer legal advice in a layman’s term so that you will clearly understand what you are consenting to. Conveyancers can help you to fix the best settlement date before the negotiation process commences.
When do you need a conveyancer?
You need a conveyancer once you’ve made up your mind to buy or sell a property. Finding a conveyancer early will save you a lot of stress and money. Don’t wait until the need to sign the contract arises. In case you’re a seller, they need to start working on the Contract of Sale and Vendor’s Statement as early as possible. This will give them adequate time to prepare the documents carefully. Apart from that, there will be enough time to get in touch with the concerned parties, especially it it’s a leasehold property. There are other instances when you will need the services of a conveyancer. For instance, if the property that you intend to buy belongs to a deceased individual or the owners are divorcing. The former case will take time before acquiring the right Grant of Probate.