subject: Role of a Solicitor in a Conveyancing Transaction [print this page] Conveyancing refers to the process of transferring the ownership rights of a property from the seller to the buyer. The conveyancing procedure also includes the task of making the relevant searches before investing in a property. The activities lined up for buyers during conveyancing are different from those of the seller.
Conveyancing is necessary in order to determine the fact that the title of the property is appropriately transferred and registered in the name of the new buyer. During the conveyancing process, it is necessary to examine the fact whether the property has any history of mortgage or any other liabilities that the previous owner had not taken care of. The property should also have the required rights of way and a proper plan approved by the concerned authorities.
Majority of people conduct a property transaction without seeking the assistance of a conveyancing solicitor. However, there is no denying the fact that the services of such a solicitor is called for as you may not be aware of the legal implications of such a transaction.
Assigning the task of looking into the conveyancing process to an established lawyer will imply that you can rely on them for a detailed verification.
At the time of the exchange of contracts, a solicitor will:
Arrange for the transfer of the deposit to the seller's solicitor
Draft the mortgage deed (as and when applicable) and the deed of transfer
Draft the final completion statement
Arrange for the collection of funds
Conduct the final searches when it comes to checking for bankruptcy and debts
If you are investing in a mortgage, your solicitor will go through the draft of the offer. Once all the queries have been carefully answered, the legal procedure can then be initialized.
As per British and Welsh law, conveyancing agreements are not considered to be legally binding until the contract exchange takes place. The process that is normally followed includes the buyer and the seller carrying out a survey and then asking the solicitor to carry out the relevant searches. The solicitor will then carry out the necessary legalities in compliance with the National Protocol devised by the Law Society.
On an average it takes about 10-12 weeks to round off a conveyancing transaction. The time taken is influenced by a number of factors. Before the contract is exchanged, either of the parties can choose to withdraw from the deal as there are no legal bindings.
It is important to choose conveyancing lawyers carefully. They will help you to negotiate the deal successfully and also speed up the time taken to complete the legal proceedings connected with such a transaction.
Once the exchange of contracts takes place, the parties are bound to follow the terms stated in the contract. As a buyer, you need to show that you have purchased a buildings insurance for the property in question at the time of the exchange. You can move into your new property after this and it is up to your solicitor to allocate the purchase funds on the sale. You need to choose a solicitor or conveyancer who is connected to and listed with either The Council of Licensed Conveyancers or the Law Society.
