6 Things You Need to Know about Conveyancing Law

The decision to sell a property is a major one and in most cases a seller will choose to have the conveyancing done by a solicitor. Here at Vincents Solicitors, we specialise in conveyancing law and we have observed steady growth since 2011 in the residential market around Lancashire.

We understand that you may have questions regarding the conveyancing process so we have put together a short guide, which we hope can help you.

Know your stuff – critical conveyancing information

1. What is conveyancing? This is the legal term used to describe the process of transferring ownership of a property from one person to another.

2. The process of transferring ownership of a property can be fairly protracted and involves several stages. The first one involves looking at the legal status of the property being sold; is it freehold or leasehold for instance. Then comes the process of legal searches. These involve checking things like the applications for planning permission for any work on the house, Land Registry checks, potential flood risk and so on. There are usually separate fees for each individual check.

3. A buyer is obliged to have sufficient funds to cover the purchase.

4. The seller/vendor will be expected to draw up a detailed inventory of all fixtures and fittings which are to be included in the sale.

5. Once the searches and checks have been completed the solicitors on both sides will arrange for the exchange of contracts and the buyer’s deposit to be transferred. This means that a completion date will be set and the buyer is now legally obliged to purchase the property.

6. The final stages involve the transfer of the buyer’s funds on the day of completion. Keys will be exchanged and the solicitor will pay the stamp duty on behalf of the buyer and arrange to transfer the deeds.

Clear Advice Feels Better
The legal processes involved in purchasing or selling a property can be time-consuming and any number of problems could crop up along the way. There are also a number of legal documents to be taken care of, including any mortgage or other finance agreements. The process is not without risk or complexity so this is why it pays to consult with our experienced conveyancing experts at Vincents Solicitors based around the north west.