For most people, buying a house is the single biggest purchase you’ll ever make, and it represents an exciting milestone in adult life. There’s plenty to look forward to in regards to owning your first home, but it’s easy to become overwhelmed with the amount of legal jargon and red tape you have to go through before it can be made official. One word which you’ll be hearing a lot of is ‘conveyancing’, but what exactly is it and how does it work? See our brief guide below to find out more and how hiring a conveyancer makes the process of buying property a lot easier to manage.
What is it?
Put simply, conveyancing is the legal transfer of property from one owner to another, so it’s something you’ll encounter whether you’re buying your first home or if you’re an experienced property seller. The term conveyancing covers all of the legal and administrative work that needs to be carried out to ensure everything is legal and above board. There are two main phases; the exchange of contracts, and completion, the point when the property legally changes ownership.
It can be rather complicated, so it’s always best to hire a licensed conveyancer or conveyancing solicitor to do the hard work for you.
The role of a conveyancer
A qualified conveyancer can take care of all the legal processes and paperwork for you once your offer on a property has been accepted. They cover a whole range of tasks, including obtaining a contract pack from the seller’s solicitor, getting a copy of your mortgage offer, carrying out local authority searches, arranging completion dates and swapping signed contracts with the seller’s conveyancer.
They will also sort out the exchange of money for the property; from requesting payment of the mortgage advance from your chosen lender, to transferring the balance (minus deposit), submitting a tax return and paying the necessary Stamp Duty Land Tax. It is possible to do all these things yourself, however it can be a complicated legal process with a lot of red tape involved, so it’s almost always recommended that you hire a professional
When searching for a conveyancing solicitor, look out for those who have been awarded the Law Society’s Conveyancing Quality Scheme Accreditation; this provides a recognised standard of good practice and credibility so you can be sure you’re getting a professional and reliable service.
If you’re in need of an expert conveyancing solicitor, give Catherine Higgins Law a call. We can assist with all types of residential property transactions, including buying or selling your home, transferring a part share, a new mortgage and more. We’ve been awarded the Law Society’s Conveyancing Quality Scheme Accreditation, which is recognised by mortgage lenders, so you can be sure you’re in safe hands. For more information, give us a call today or visit our website.