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Buying a new home, be it a flat, mansion, bungalow or house is seldom a one step process.There are numerous stages involved in the process, each of which have to be successfully completed prior to the acquisition of what is presumably going to be home for a considerable period of time for you and your family.This process in the UK is known as conveyancing and most people utilize the expert services of a solicitor to ensure what can be a daunting complex task is made as simple as possible and any potential pitfalls are carefully avoided. A solicitor is the normally the person who undertakes conveyance of a property and many firms of solicitors rely on the income generated as a main contribution to their business. The service they provide however is highly specialized and beyond the capabilities of many lay people. Due to the reduction in the number of sales of houses due to the credit crunch solicitors rates for conveyancing have become very competitive as firms of solicitors compete for a limited number of transactions that are occurring.Typically the overall conveyancing procedure is split into three basic parts which include of:
- Investigation of the property which is the subject of the purchase
- Legal documentation relating to the property
- Paying fees and taxes involved (stamp duty, land registry fee)
These three stages appear on first glance to be simple, however on delving deeper each can have intricate components that require attention. Sandwiched between these steps there are numerous other phases involved which altogether complete the entire conveyancing process. From the initial stages, to the completion stage, there are abundant things that are performed and are required to be followed for a orderly property transfer. A few of these stages include:Primary stage:The most important step is that of locating a first-rate conveyancing solicitor who can assist you in all the steps to complete the transaction. Idealy they will offer a efficient, approachable, understanding, pro-active and flexible legal service. You will need to get ready all your documents relating to the property, its title, and the other standard forms that are needed to be completed by the seller. Here, the conveyancing solicitor will thoroughly check all the papers and the standard forms for a proper authentication and security of your property. The conveyancing solicitor will check for any kind of inappropriate requirements or any other item that could adversely affect your enjoyment of the property. For instance by carrying out searches for rights of way across the property.Signing and the exchange of the contracts:Once all the property related queries are resolved, the date for signing the contract papers is decided between the parties and possible others in the chain. At this point, the preparations for the deposit for the property is to be made which is then transferred into your conveyancing solicitors account so that it can be easily cleared in the time of exchange. If any of the parties backs off at this point, then the other one can simply claim a compensation for the loss suffered by him due to this pact. Consequently at every point you need to be extremely careful.After the conveyancing solicitor takes the transfer deeds of the property, you can then register the property by your name after the entire process is completed. At the same point, your conveyancing solicitor will make available you a account that gives you a brief about the total expenditure which you need to clear for a silky completion.Completion:At the final stage, the conveyancing solicitor confirms the whole transaction of the money and thus at this point, the seller should pass possession of the keys and the related documents of the property to you. Here your solicitor will introduce your name into the record of the propertys title and in conclusion, you become the title-holder of your new property.