What is conveyancing?
A conveyancer is essentially a solicitor that specialises in both the purchase and sale of property or land. They act on behalf of either the buyer or seller and represent their interests in the property or land purchase or sale. Their job is to ensure that the terms and conditions of the contract for sale are fair and reasonable and that all of the financial information is correct. The process for what they actually do differs as to whether they are acting for the buyer or the seller
What is the process? -
The seller's conveyancer will first request a copy of the land registry entry for the property or land being sold. This is sometimes referred to as the office copies. They will then prepare a contract for sale, incorporating the land registry plan and details, before forwarding it to the buyers solicitor.
The buyers solicitor will apply for the searches from a variety of bodies including the local authority, and will assess the contract for sale that has been received from the seller's lawyer. Additionally, if the buyer is borrowing money on a mortgage then the solicitor will need to receive a copy of the formal mortgage offer and be satisfied that the buyer has sufficient funds available to complete the transaction.
If there are items in the contract for sale that the buyers solicitor is not happy with, then they will raise a query with the other seller's solicitor.
Once all of the queries have been resolved, the searches have been received, and proof of funds achieved, then both parties will be in a position to exchange contracts.
Exchange of contracts is the point of no return for both parties and is a legally binding agreement for the seller to sell and the buyer to buy the property or land. At any time up until this point, either party can withdraw from the process with no penalty other than any monies they have spent on surveys, mortgage application fees etc.
At exchange of contracts a completion date is normally agreed when the transfer will be finalised. On the day of completion the monies are transferred between the parties and ultimately, the keys are handed over.
At Blue Strawberry we only recommend companies with a proven track record in delivering excellent service. Right Choice are a local conveyancing firm who offer competitive rates with a personal service, and do not operate using a call centre type environment common with many conveyancers. Speak to Carly Bavington on 01908 698920 or email her on firstname.lastname@example.org for a no obligation quote.