Conveyancing Process – Can be as Easy as ABC

October 15, 2012

Conveyancing Process Requirements

Buying and selling a property can be a relatively quick and hassle-free process, yet there are legal obligations associated with the conveyancing process that require professional intervention such as licensed conveyancers or conveyancing solicitors. A house is likely to be the largest purchase that an individual undertakes in their lifetime, so it makes total sense that professional advice is obtained, at every stage, in order to safeguard the actual conveyancing process, now, as well as the ongoing ownership of the property, for the future.

Stages of the Property Conveyancing Process

Broadly speaking, the conveyancing process can be split into three distinct phases, each of which has its own legal position and status. Firstly, before the exchange of contracts, the parties need to negotiate the terms and conditions of the sale. These property negotiations offer the perfect opportunity for the parties to ensure that the transaction is likely to proceed within the required timescale, and also to identify any particularly difficult factors which could, potentially, prevent the sale from continuing, beyond this stage.

From a legal point of view, this stage of the property conveyancing process can be quite complex; but, it is important to bear in mind that neither party is under a legal obligation to continue through the conveyancing process to completion, until the contracts have been exchanged.

This stage prior to exchanging contracts, however, will allow the purchaser to obtain the full mortgage offer; it will provide an opportunity to undertake the necessary searches, to ensure that both parties have full knowledge of the convenyancing process that is to follow.

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The second stage of the conveyancing process is to exchange the contracts. It is at this point that legal relations are officially formed and, from now on, there is an obligation on both parties to continue with the transaction. Crucially, it is this stage of the conveyancing process that requires the deposit to be paid and contracts to be signed, making it a particularly important aspect of the conveyancing process, which is often viewed as the point of no return. Any failure to complete the conveyancing process, after exchange of contracts, will result in a cost to the defaulting party.

Finally, there is completion, which is the point at which the balance is paid and the conveyancing process officially comes to an end, as ownership is transferred. The time delay between exchange and completion is agreed, prior to the exchange of contracts, and depend on the nature of the conveyancing process being undertaken. With an empty property and no chain, it may be possible for exchange and completion to take place simultaneously and the latter to be agreed between the parties, at an early point, within the conveyancing process.

The property conveyancing process can be viewed as simple and procedural; however, there are many potential problems that can arise. By using a qualified legal professional, these problems can be dealt with efficiently and the biggest purchase of your lifetime safeguarded for your future.

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Category: Conveyancing Guide

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