What is Conveyancing?

Conveyancing is very simply, the transfer of property from one entity to another; however, with today’s laws, there’s nothing simple about it. A rather complicated process, conveyancing requires the use of a solicitor or licensed conveyancer.

Prior to placing a property on the market, the law now requires that a HIP (home information pack) be prepared. Without it, you could be subject to fines for every day that your property remains on the market without a proper, legal information packet.

The HIP will include a copy of your title deeds and associated documents as well as an energy performance certificate. Be careful not to fall prey to the type of deal where you are offered a HIP at a beginning low price. Offers may be £250 on up, which means that depending on your situation, the cost may end up being substantially higher than £250! It’s better to pay a slightly higher but flat fee.

Conveyancing also includes preparing and sending the contract, HIP and any necessary documents to the buyer’s solictors. Your solicitor will communicate with the buyer’s solicitor to answer any questions and then receive the contract back from the buyer. At this time, your solicitor will let you know if there are any unusual provisions in the contract and oversee your signature, agree on a completion date, and eventually exchange contracts.

Beyond the sale, conveyancing duties include getting the repayment figure from the bank or your Building Society. The commission details will also be received from the estate agent, and the transfer deed will be signed. After the money is received, the sale will be completed and the deeds sent to the buyer’s solicitor. Your old mortgage will be paid off as well as the estate agent fees. Any remaining balance will be paid to you.

When choosing your solicitor, you should keep in mind that traditional family solicitors can charge rather high rates. It’s best to go with a company that keeps everything transparent and up front so you aren’t surprised in the end when you receive your remaining balance. Online conveyancing with licensed professionals is usually a less expensive route.

As well, it’s rather convenient because there’s no need to make visits to the solicitor’s office. Everything can be done via phone, email and post. Your documents will be sent in proper time, all without the need for travel. Sign away in the comfort of your own home!

Of course, like anything online, be sure to do your research and find a reputable company with qualified professionals. Many conveyancing companies offer low starting prices for their services, but then attach additional costs as the process continues. Protect the equity you have in your home by knowing all your costs up front.

For more information on the conveyancing process, you may view a free guide to conveyancing.