How does the Conveyancing process work when you buy a house?
In the UK, the legal procedure of transferring ownership of a property from the seller to the buyer is referred to as the conveyancing process. Buying a home can be a confusing time, particularly for first-time buyers. The legal process is undertaken by conveyancers, and usually conveyancing solicitors.
There are often numerous stages to the process, including:
- Initial contract: After locating a property they intend to buy, the buyer will submit an offer to the seller, who will accept or reject it. In most cases, if the offer is accepted, the buyer will put down a small down payment to reserve the property.
- Pre-contract stage: During this phase, the buyer’s attorney will research the property extensively, including a local land charge check and a look for any possible zoning or building code violations. Any potential difficulties will also be brought up with the seller’s attorney by the solicitor.
- Exchange of contracts: The buyer and seller will sign enforceable documents if the buyer’s attorney is confident that there are no problems with the property. At this point, the buyer will often make a higher deposit.
- The fourth and last step in the conveyancing procedure is completion. The remaining amount of the purchase price is paid on the completion date, and the buyer receives the property’s keys at that time.
Depending on how complicated the transaction is, it may take weeks or even months to complete the conveyancing procedure. Both the buyer and the seller should have a licenced conveyancer or solicitor to advise and assist them throughout the process.
It’s crucial to remember that the conveyancing procedure may change depending on the region, the type of property, and other particular circumstances.
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