![]() ![]() Online platforms and email have replaced traditional paper-based methods, allowing the two parties' conveyancers to collaborate and share information and documents more easily. The second phase is about the smooth transfer of ownership: exchange of contracts, completion, and the legal transfer of title. The buyer needs to know what they are buying. The first phase involves the preparation of the draft sale contract, property searches, and addressing any particular concerns. The process involved in conveyancing can be divided into two major phases: the pre-contract stage and the post-contract stage. In the UK, conveyancing is regulated by various legislation, including the Law of Property Act 1925, the Land Registration Act 2002, and the Land and Conveyancing Law Reform Act 2009. Key legislation governing conveyancing in the UK The buyer can be certain that they know about the risks and obligations that buying the property gives them, be certain of what the property comprises, and, like the seller, be certain that on completion, title is transferred in return for their money. The seller can be certain that the buyer has the money to buy the property, and that it will be transferred when the title deeds to the property are changed. Why is conveyancing important?Ĭonveyancing is important because of the protection that it gives to both the buyer and the seller. The 'ancing' ending makes the verb into a noun to mean 'the end result of the process of conveying'. The word 'conveyancing' derives from the word 'convey', which around 1520 started to be used to mean 'to transfer property from one person to another'. It often refers to the administrative work of gathering information about whether the seller has the right to sell and risks to the property that might affect its value, and the legal work of preparing and executing the written purchase and sale agreement, and then ensuring the transfer of title. What is conveyancing?Ĭonveyancing is the legal process of transferring ownership of real property (land and/or buildings) from one person to another, or granting an encumbrance, such as a mortgage or lien. We'll demystify what conveyancing is, breaking down everything from the role of solicitors and licensed conveyancers to searches and completion.īy the end, you'll be well-equipped to tackle the process with confidence. In this comprehensive guide, we'll help you wrap your head around the legalities involved in buying a home. ![]() Are you a first-time homebuyer or simply in need of a refresher on the conveyancing process? ![]()
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