Property Video Walkthroughs
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Conveyancing Explained – Conveyancing is the transfer of legal ownership of property from one person to another.
The Basic Process
There are two stages involved: stage one is preparing for exchange of contracts, once these have been exchanged the buyer and seller are legally committed to the transaction and the completion date can be set.
The second stage is the period of time between exchange of contracts and completion.
What Can I Expect To Happen When Selling A House?
- The solicitor will prepare the contract of sale that contains all terms and conditions regarding the sale
- They deal with any enquiries from the buyer’s conveyancer
- The solicitor arranges for the preparing and signing of all property transfer documents
- They handle the financial transactions of the sale, including deposit and mortgage redemption
What Can I Expect To Happen When Buying A House?
- The solicitor will check the sale contract thoroughly
- They will ask the seller’s solicitor questions about any legal issues e.g. evidence of the sellers ownership of the property, rights of way over the property and restrictions on the use of the property. This stage is known as raising enquiries
- They will carry out local authority, drainage and environmental searches
- They receive and check your mortgage offer if applicable
- They deal with all financial aspects of the sale including mortgage and stamp duty
- They report to you with the contract and other documents for signature and request the deposit
- They register your legal ownership at the Land Registry
How Long Will It Take To Complete The Property Transaction?
On average, a conveyancing transaction takes 8 - 12 weeks from the time they receive the draft contract to completion, although a leasehold flat will take longer. How long it takes will depend on a variety of factors that include when a buyer’s mortgage is approved, the speed of the solicitors, how long it takes to get search results back, the length of the chain of transactions (if any) and the legal issues involved.
Who Is Chris Mowat?
Christopher G Mowat Property Lawyers has all the conveyancing experience you will need. Chris has been practising since he qualified as a Solicitor in 1973 and working in the local area for over 20 years.
CGM Property Lawyers operates within our Windermere branch ensuring it really is a close working relationship!