Conveyancers

What is conveyancer?

The final part of the house buying process entails the use of a conveyancer or solicitor licensed to do conveyancing work. The complex legal process of transferring ownership of a property from one person to another is called conveyancing and, although you can legally do this yourself, most mortgage lenders will not allow you to, so you are best contracting an expert. The buyer's conveyancer or solicitor will liaise with the seller's solicitor, and you should be made aware of how the process is progressing at all times. Conveyancing can be divided into three main stages, at each stage particular things must be completed before the process can move onto the next one:

1. Pre exchange of Contracts: All contracts - the lease, title deeds etc must be checked and negotiated. Formal searches such as land registry must be undertaken. Specific formal inquiries must be made to the seller of the property.
2. Exchange of Contracts: Upon receipt of a confirmed mortgage offer contracts are exchanged, signed and some final searches are undertaken. The deposit is paid.
3. Completion: Assuming all the searches have been cleared, the deposit has been paid and contracts have been signed then the property price is transferred to the seller, the buyer receives keys and can officially move in!

It is crucial that your conveyancing is carried out efficiently and with great attention to detail. If a race with other interested buyers to obtain an attractive property ensues, the speed of conveyancing will really make a difference. After stage 2 (exchange of contracts), both the buyer and seller are legally committed to the deal. However there is no legal obligation during stage one, never mind how much money has been forked out on surveys, valuations, searches and legal fees!

Shop around for the best deal, listen to recommendations and always use a conveyancer that is registered with the Council for Licensed Conveyancers.