Looking at Conveyancing solicitors
You’ve identified your prospective new home, done your research about the neighbourhood, and confirmed all must-have facilities are nearby and available. Now comes the transaction and settlement process, an elaborate undertaking with various administrative and financial tasks. Therefore, you will require the right conveyancing partner to help you navigate the process and prevent any potential pitfalls. You can get free conveyancing quotes online that will help you plan better.
The Conveyancing Process
Conveyancing is the necessary process to legally transfer property title ownership, whether from an entity or person, from the buyer to the seller. Here’s how the conveyancing process works. My Conveyancing Specialists in Reading provides conveyancing solicitors quotes for free in seconds.
Conveyancing starts with:
- Drafting the Contract
Once the prospective buyer and seller have accepted the offer, the seller’s solicitor proceeds to draft the contract. This is a document outlining the terms and conditions of the sale. It includes price, exemptions, and any other necessary particulars. Additionally, the seller’s solicitor verifies all information regarding the property that the seller provides, including the property’s legal title.
- Initial Enquiries from the Buyers Solicitor
The buyer’s solicitor then goes through the contract, verifying all initial documentation, and carries out preliminary checks on property ownership. The buyer’s solicitor directs any queries and issues arising to the seller’s solicitor. Questions regarding the property, boundary disputes, the local area, and rights of way are tackled at this stage.
- Organising for the Search and Survey
At this point, the buyer’s solicitor will organise for a property survey to check the surrounding land’s condition, the building’s state and assess external factors like drainage systems and potential developments in the locality. After that, the buyer’s solicitor will carry out a property search that includes planning, pending issues with local authorities, environment issues, flood risk, and land contamination within the locality.
- Draft Contract Approval
During the property survey, negotiation of the draft contracts’ terms between the buyer’s and seller’s solicitors is ongoing. Upon finalisation of the mutual agreement, the contract becomes official. Each party signs the contract copies to allow the transaction to proceed.
- Mortgage Offer
If you require a mortgage, this involves a third party, and you’ll need a mortgage offer made formally. Suppose the lender approves the buyer’s solicitor, in most cases. In that case, the lender may use the same solicitor, as they are already privy to the property details. The solicitor checks the mortgage terms, advising the buyer on the mortgage deed and making arrangements for the buyer to sign the documents.
- Exchanging Contracts
At this stage, if either the buyer or seller backs out of the transaction, they will suffer financial consequences by paying penalties and being liable for any losses that the other party will suffer. However, such instances are rare and far between. Both parties commit to the transaction, and the buyer pays the deposit. The completion date is set and included in the contract.
- After the Exchange
Signatures are put to the formal transfer deed, bankruptcy, and final land registry search is conducted, and mortgage money requested. The buyer’s solicitor will receive the mortgage money and prepare financial statements. The seller’s solicitor confirms amounts payable in case of existing loans, ensuring all is ready on their part.
The seller then moves out of the property either on or before the completion date. The buyer’s solicitor releases the funds to the seller’s solicitor as they agree about any pending paperwork. Upon receipt of payment, completion occurs. This final process does not require the presence of either the buyer and seller. It is handled solely by both solicitor representatives. The keys are at this point handed over to the buyer, allowing occupancy of the premises.
Advantages of Using Online Conveyancing Services
There is a multitude of advantages when you choose to use conveyancing services online.
- No Completion & No Fee Policy: This means that if the transaction were to fall through for whatever reason, there would be no financial implications. This policy varies between conveyancers, so you’ll need to check the policy to ascertain the conditions of the transactions.
- Social Distancing Safety Measures: It avoids face-to-face interaction as the process takes place online and on the phone, keeping you safe from unnecessary exposure.
- Conveyancing Quotes: Many conveyancing companies will give you free conveyancing quotes in seconds, helping you plan better.
- Quick Transactions: The traditional method involves making an appointment with your solicitor and physical attendance. With online transactions, the process is quicker. You conveniently send documents through email and make online payments, thus, speeding up the entire process and giving you a fast turn-around time.
- Online Conveyancing Fees Are Cheaper: It’s more cost-effective compared to the traditional conveyancing process. Because of the working methodologies, online conveyancers can take on more work, making their rates more affordable.
- Track Your Process: Unlike traditional conveyancing companies, some online ones will offer a facility in which you get update notifications and can easily and conveniently track the progress of your process online and in real-time.
- The Flexibility of Working Hours: Unlike the traditional nine to five working hours that most organisations maintain, online conveayncing gives you access to flexible working hours. This means that you don’t have to rush from work to make it to your appointment. It also gives you a better opportunity to carry out your transaction discussions.
For the most part, accessing conveyancing services on online platforms comes with no hidden fees. It has a vast number of advantages over traditional conveyancing. When searching for a conveyancing company, ensure you engage the services of a reputable company that will give you professional and customer-friendly services.
Shirley Mist has been involved in fashion and design for many years. She has also written extensively for many online publications. She currently writes for The Tribune World and is a valued member of our team.