11/16/2023 0 Comments Conveyancing for land purchaseOn completion day, your conveyancer will request the release of funds from your bank or mortgage lender and will pay the remaining sale price to the seller’s solicitor.įinally, they will register you as the property owner with the Land Registry within 30 days of completion, as well as pay any Stamp Duty due to Revenue and Customs. Once the contracts are ready and all property searches have been completed, your conveyancer will send you all of the legal documents to review and sign. Property searches are necessary when purchasing a property to ensure that there are no issues or risks with the property that will affect the value or enjoyment of it either immediately or down the line. The main body of work that your conveyancer will undertake will relate to the property survey and property searches. Your conveyancer may have queries relating to the contract pack and will deal with the seller’s solicitor directly to have these queries cleared up. Your conveyancer will then contact the seller’s solicitor who will send them the contract pack containing information about the property. If you are buying a house, the solicitor process is relatively straightforward.Īfter receiving a mortgage in principal and having an offer accepted on a property, you should find a conveyancer and instruct them to act on your behalf. There is a slightly different process involved in conveyancing depending on if you are the buyer or seller of the property. Likewise, selling a property requires a thorough understanding of property law as it is the seller’s party who composes the contract of sale. Either party will be fully regulated and experienced in property law.īuying a property is an incredibly detailed process and, as it concerns matters surrounding the biggest purchase most people will make in their lifetimes, should be left to solicitors or licensed conveyancers to manage. Conveyancing explainedĬonveyancing is defined as ‘the legal process of transferring property from one party to another’, and the conveyancing period lasts from the moment of instruction through to completion.Ĭonveyancers can either be licensed conveyancers or solicitors. If you want to know more about the difference between exchange and completion, see our other article on the subject for clarification. If you are buying or selling a property then you will need to instruct a conveyancer who will act on your behalf during the transfer of the property.Ĭonveyancers will conduct all necessary steps to move the property transfer forward from the moment an offer is accepted through to exchange and then completion.
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