Conveyancing | i mortgage club
Conveyancing is the legal process by which ownership of a property is transferred from the seller to the buyer.
Whether you are a buyer, seller or both, in most cases you will want to hire a solicitor or licensed conveyancer as it can be complicated process.
The Law Society is the professional body for solicitors in England and Wales and they are bound by their code of practice. You can find a solicitor in your area that specialises in conveyancing on the Law Society website. You can also read its guidance about how to use a solicitor and what to do when things go wrong.
A solicitor's job is to take care of all legal aspects of moving house, which include:
- Local Search
- Land Charges Search
- Land Registry
- Stamp Duty
One of the best means of finding a suitable solicitor is through a personal recommendation, so ask friends and family who have bought a property in the area or the estate agent or mortgage broker.
Apart from the conveyancing work there is also the lender's legal work to be done. Your solicitor could act for the lender, which should save you money. The principal task is to draw up a mortgage deed, which sets out the conditions of your loan. The lender will hold this and the title deeds of your property until the loan is paid in full.
At this point, all the solicitors in the chain will exchange the contracts they have drawn up for each property and then a date is fixed for the completion of the sale. This is the date that the property is legally yours and you can move in.
Normally, 10 per cent of your property purchase price will be needed in advance and paid at the exchange of contracts. You are also bound to go through with the purchase or lose the deposit.
Once you have the completion date you can arrange the day of the move.
A removal company may often be the best way to move all your belongings, but do check your contract with them. If you can't get anyone to recommend a firm to you, contact the British Association of Removers.