Conveyancing is the legal process involved with buying and selling property. In order to buy or sell, it is necessary to instruct a conveyancer or conveyancing solicitor so you can ensure all the legal processes are carried out correctly and the necessary legal documentation is completed. There are several different occasions in which you may need to appoint a conveyancing solicitor.
Buying a property
Once you find a property you want to buy, you need to instruct a conveyancing solicitor. Make sure you do your research and agree how you will communicate with your conveyancer. An internet search, for example, ‘conveyancing Hemel Hempstead,’ can help you find options but always look for accreditations, reviews and fees before instructing one. Engaging a reputable and accredited conveyancer, such as Sam Conveyancing, will help the process run more smoothly.
Your appointed conveyancer will contact the seller’s solicitor and obtain a copy of the draft contract, forms and property title. They will examine the draft contract raising any issues or questions. They will also carry out the necessary searches, which include local authority searches, flood risks, water authority searches, Land Registry checks and an environmental search. If you choose to proceed, the conveyancer will oversee the signing of the contract and agreeing on a completion date. Another key role your conveyancer plays is in lodging an interest in the property, which freezes the deeds to the property for 30 days to give you time to pay the seller and register for transfer of deeds to your name.
Selling a property
Conveyancing is also necessary when you are selling a property. A conveyancer needs to be instructed as soon as you accept an offer on the property you wish to sell. Sellers will then be asked to fill out a number of detailed questionnaires about their property. This includes a TA 6 form about boundaries, complaints, building works, council tax and other general details. A TA 10 form gives details of which fixtures and fittings you intend to include with the property, while a TA 13 form includes final details such as when and where completion will happen and how keys will be transferred. The information provided in these forms will be used by a conveyancer to draw up a draft contract. A conveyancer will also exchange contracts on your behalf before the sale is then completed at a later date and the conveyancer takes receipt of the funds.
In certain cases, a conveyancer is needed when remortgaging a home. If you are remortgaging with your current lender or changing rates, then it is not necessary. But if you are moving to a new lender, it is required. Your conveyancer will carry out ID checks, obtain a redemption statement for your current mortgage, carry out a bankruptcy check and may be asked to conduct property searches too. At the end of 2021, remortgaging rates hit their highest level in two years as homeowners looked to ‘lock in’ low interest rates, a report has shown.
Transfer of equity
This is when ownership of a share of a property is transferred from one person to another. A conveyancer is required in this situation to review the title deeds, verify the ID of the clients involved and prepare the deed of transfer.