Preston, Lancashire -- (ReleaseWire) -- 07/30/2018 -- Generally, conveyancing can be explained as buying or selling of property from one person to the next. However, there are number of questions that arise when it comes to undertaking such transactions. This article will discuss frequently asked questions with regards to conveyancing and provide answers in general terms and plain English.
What is conveyancing? Put simply on conveyancing is the process of transferring ownership of title or interest in title of property and some other assets from one person or entity to another. A basic conveyancing transaction consists of three stages:
1. Before contract
2. Before completion
3. After completion
In the majority of cases the conveyancing process will begin before you even enter into your contract.
What is a conveyancer? This is a licensed and qualified professional whose job is to provide advice and information about the sale of a property, prepare the necessary documentation and conducts the settlement process. An individual may enlist the services of a conveyancer when they are:
- Buying or selling a property
- Subdividing land
- Updating a title; that is registering a death
- Registering, changing or removing an easement
What does exchange mean? The exchange of a contract is when a binding legal contract to buy and sell land or sometimes to record other agreements comes into existence. A deposit of 10% of the purchase price is usually paid at this time and is usually held by a solicitor or conveyancer until the contract is completed and the transaction is settled.
What is a settlement? A settlement is the day on which the representatives of all parties, including any financiers, meet to finalize the transaction. At this point final document checks are performed in order to ensure accuracy and completeness, the legal and administrative documents are exchanged. In most cases, it is at this point that stamp duty and other payments are made and the balance of the purchase price is paid. In the days following settlement the land registration details are transferred to the new owner whereby the conveyancing process ends.
How long does a conveyance take? It must be noted that with each and every conveyancing process there are a number of parties and variables that are involved. Therefore, it is sometimes difficult or even impossible to determine a definite timeline for the conveyancing process. However, a basic or common conveyance by a licensed conveyancer or solicitor will generally take between 4 to 8 weeks to complete.
What is the difference between a conveyancer and a solicitor? While a conveyancer is a professional who provides advice and information with regards to the sale of a property, prepares documentation and conducts settlement process; a solicitor can provide advice with regards to more complex legal issues that may arise during the conveyancing process. However, it must be noted that both a conveyancer and a solicitor can help you with a straightforward property purchase or sale.
What are the key stages to be aware of in the conveyancing process?
One of MG Legal's conveyancing professionals stated that, "there are a number of key dates and stages that an individual must be aware of and these include the following:
- The signing of the contract
- The exchange date
- The end of the "cooling off" period where applicable
- The finance approval date
- The building and pest inspection date
- The settlement date"
For advice and representation with regards to property conveyancing in Lancaster contact a law firm of renowned professionals.
About MG Legal
MG Legal is a law firm of renowned professionals who specialise in conveyancing law, family law and personal injury matters. For family law solicitors in Preston or personal injury solicitors in Morecambe contact MG Legal Solicitors today.
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