A guide to property conveyancing

May 29, 2010

We always want to have our properties legalized with the necessary documents stating it’s legality from the original owner until the time that property has been transferred to the buyer. However, making the property as legal as possible is not an easy job as you think it is. We call this whole process, property conveyancing.

Buyers of properties usually have a property solicitor who does all the works for them. They are the one who assist you in the process of the transfer before they will pay for the property transfer itself.

The one selling the property also has to have their own solicitor; they are called conveyancing solicitors which they are the one who makes the contract of the property. They also apply the deed from the lender. They will be the one to organize conveyancing searches and surveys.

Lenders have the authority to get a search to properly show the details of the property. If there are plans to build roads near the premise of the property then it has to be discussed in detail and documented properly. The drainage will also be part of the search to identify where the drainage goes if it goes directly to a private or public sewer. A search on the land will ensure that the property has not been changed. The land search can also guarantee the buyer that seller has never been bankrupted.

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A survey is conducted to show any renovation or repair on the property. Doing the survey can have present possible repair on the property.

The solicitor of the property can organize the date where the contracts will be signed. Usually this exchange is after all the search and surveys have been completed. At this point the sale is already sure. Once the contract has been signed, the property already belongs to the buyer.

You have to pay for the service that the solicitor offered and conveyancing fees are sometimes expensive but it usually varies from region to region in UK. Solicitors may add charges to the money transfer form the lender to the account of the owner, postage and any other costs that they have spent will also be charged. Additional TAX is added to the fee of the solicitor.

Stamp Duty can also be charged by the solicitor if the house is beyond 120,000 pound. Stamp duties may vary according to the property value.

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Category: Buying or Selling, Property Conveyancing

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