Conveyance is a legal process, where the title of the property is transferred from seller to buyer. For buyer and seller, the conveyance process starts, when an offer is made and accepted. It concludes when keys are handed over and received between the two parties.
How conveyance process works?
Conveyance procedure is legal, so it is wise for both buyers and sellers to include a property lawyer or licensed conveyancer. Basically, a conveyancing transaction involves 3 stages –
- Pre-contract stage
- Post-contract stage
- Post-completion stage
Steps included in pre-contract stage –
- Engaging a solicitor to represent you either as a buyer or seller
- Sellers lawyer prepares pre-contract documents including draft contract, sellers legal title evidence and sometimes results of searches related to the property
- Buyer’s attorney checks the pre-contract documents provided by the seller
- Questions are raised to get clear understanding or requisitions are made to resolve issues
- After alteration to be made in the contract are negotiated and agreed, the buyer’s lawyer returns the draft contract. Two copies are printed. One is signed by the seller and the other one by the buyer.
- The contracts are then exchanged and buyer pays are deposit. It binds both the parties legally.
Steps involved in post-contract stage
- Further requisitions are raised by the buyer to resolve procedural enquiries
- Buyer’s solicitor drafts and sends the purchase deed. This activates the contract terms.
- After the seller’s lawyer approves the purchase deed, copy is prepared and signed by both parties.
- The seller’s solicitor confirms the exact amount needed to discharge the seller’s mortgage.
- The information is passed on to the buyer.
- During completion process the money is transferred to seller’s lawyer and deeds are given to buyer’s attorney.
Steps included in the post-completion process
- The seller’s lawyer discharges the seller’s mortgage and sends a receipt to buyer’s attorney.
- They buyer’s solicitor will pay the stamp duty on the property and fill a Land Registry application form for title registration.
Legal records necessary for Land registry are saved electronically, so a conveyance can easily send them anywhere needed. For e-conveyancing of buying and selling a house you can visit http://www.savemoneyconveyancing.org.uk.
Online conveyance service and cost
Buyers and sellers can hire conveyance services on the internet. It starts with Google search. You need to compare various quotes to receive the best rates and good service. Regarding conveyancing process fees, you have to consider the legal fees and disbursements.
Costs differ in accordance to property value sold or bought. List of charges includes the conveyancers time, letters & indemnity fee, telephone & internet charges, contingency for unseen issues, for searches, council & land registry fees, and fees for lodging title deeds.
Conveyance is becoming so competitive that you now get fixed rate deals. Some offer no-deal, no-fee services, which mean if the transaction fails, you pay nothing.
Go for a fixed fee because several lawyers increase their commission as property price rises. With fixed-fee on conveyancing the legal fees will be the same regardless of the property price or size. Get a written estimate of the fees and disbursements included to avoid any hidden charges.