Understanding Conveyancing Terminology

Conveyancing refers to the process of transferring property ownership from one individual to another. This crucial procedure ensures a secure transfer while protecting the interests of both parties involved. In this article we will explore some terms related to the conveyancing process.

A solicitor or licensed conveyancer is a legal professional who handles the aspects of property buying and selling. Their role entails conducting research and performing legal tasks to facilitate your purchase. They will compile a contract pack for you comprising the sales contract, various property information documents and your title deeds. Additionally they will conduct searches on your behalf, including authority searches, drainage searches and environmental searches. These searches aim to identify any issues with the property such as flood risks or planned developments that might affect your enjoyment of it.

Image credit

Upon exchanging contracts for a property it is customary to pay a percentage of the purchase price as a deposit to your solicitor. This requirement is part of the sales contract and serves as protection for the seller in case you back out from the purchase, after exchange.

It’s crucial to be well prepared and financially ready before the exchange of contracts. Make sure you have everything in order and can afford the purchase price on the agreed completion date. When you need advice from Conveyancing Solicitors Cheltenham, consider a company like Dee & Griffin, a leading firm of Conveyancing Solicitors Cheltenham.

As part of the conveyancing process your solicitor will need to submit copies to the Land Registry for property registration. These copies will contain information about the owner, any mortgagees, rights of way encumbrances like easements or unregistered titles and boundary details.

Image credit

A surveyors assessment of your property is an aspect of conveyancing. It provides an expert opinion on its condition, identifies any issues that can be addressed before exchanging contracts. Additionally, it gives an estimate of your property’s market value.

In addition to survey costs you’ll also need to cover conveyancer fees which are typically a percentage of the purchase price but may vary based on transaction complexity. You’ll also have expenses such as searches and land registry fees.

Once the conveyancing process is finished you will receive a completion statement that outlines all the aspects related to your purchase. This statement will provide you with the information to collect the keys to your home!

Leave a Reply

Your email address will not be published. Required fields are marked *