What is conveyancing?
The term conveyancing refers to the legal and administrative work involved in the buying, selling and transfer of ownership, along with an associated mortgage, of land and property. To ensure that the work is undertaken correctly it is best to use an experienced residential property lawyer.
There are essentially three stages to conveyancing work:-
- before exchange of contracts;
- before completion; and
- after completion.
Our conveyancing solicitors will confirm and explain all the stages and relevant documentation as the transaction goes along.
Buyers and their mortgage lenders will want to ensure that they obtain what is known as a ‘good and marketable title’ to the property, with all the necessary rights that go with it, and that they are made aware of any restrictions that may affect their ability to use and occupy the property. Under the laws of England and Wales an agreement to sell or buy land and property is not legally binding until contracts are exchanged.
If the property is a leasehold house then the conveyancer will be involved in additional work which will include checking the terms of the lease and confirming these to you (the buyer) and your mortgage lender. If there is less than around 60 years left on the term of the lease then it may be advisable to either extend the term or buy the freehold and provided you (the seller) have owned the property continually for at least two years this may be a good option as it could make it easier to sell and also increase its sale value. It is also possible to assign this right to extend the lease or buy the freehold to a buyer if you are unable to do so yourself. Your conveyancer can explain the options and process involved to you.
If the property is a leasehold flat there may still be an option to extend a lease or collectively buy the freehold for the whole building. Leasehold flats involve additional work as your conveyancer will want to check the ownership and management of the whole building and the likely repair and maintenance costs for which you will have to make an yearly contribution.
If there is a mortgage involved in the transaction then the conveyancer acting for the buyer will usually also act for the lender and deal with the mortgage documentation and arrange to have the mortgage monies transferred. All lenders have a panel of solicitors they will allow to undertake the mortgage work on their behalf and conveyancers will almost always have to be a member of an approved scheme, such as the Law Society Conveyancing Quality Scheme (CQS). We at Loosemores are a member of this scheme and to become a member we were rigorously examined to test that we had the high level of knowledge, skills, experience and practice to be able to undertake conveyancing work to a high standard.
To undertake conveyancing correctly and to give a high level of service means that time and good practice needs to be put into the process and things should be done with care to avoid errors.
For further information and/or a fixed fee quotation please contact our Pendulum team on 029-2080 3114 or email firstname.lastname@example.org