Why You Need a Solicitor for Conveyancing
Conveyancing is all about the transfer of ownership of property as stipulated by the law. It can be as a mortgage, deed, lease or document. It is the alienation and transmission of property from one individual to another. When you have sold a property, the person to whom you have sold it to needs administrative and legal work to own it legally. When the buyer and seller strike an agreement, the seller is supposed to draw up a legal contract to transfer ownership. The information on the contract may include:
the price of the property in question
any services associated with the property
how far the property sale covers
any requirements that might be required in handling the property.
when the transaction will be over
Due to the incumbent nature of the transaction, hiring a solicitor ensures that no legal loopholes are left behind. Conveyancing has its own legal complexities that can only be noticed by the professional eye. It ensures a sense of safety and security to avoid any drama or misunderstanding arising in the future. In the case where the seller is working with a conveyance or solicitor, the following steps are followed:
coming up with the contract of sale
discuss any issues arising from the contract
addressing any concerns from the buyer’s conveyance or solicitor
Steps Followed in Sealing the Transaction
If the buyer and seller are contented with the contract as is (after any special conditions are harmonized), they sign and exchange the final copies.
The buyer can now pay the amount of money stipulated in the contract.
All the legal documents associated with the sale of the property are handed over to the buyer.
If the property is transferred to the buyer in the condition vested upon on the contract, the sale is now complete. The property now is the buyer’s.
Since the time for settlement of the transaction is stipulated in the contract of sale, any adjustments arising will need to be addressed. Your conveyance can then advise on the most convenient time for the buyer and seller to meet and exchange the money. The delay can at times be caused by a bank’s inefficiency or any other factor. Your conveyance can also advice your bank during the financial transaction to ensure that all legal documents are at their disposal.
A solicitor is required by law to provide you with written instructions or terms of the transaction. So, you might want to be careful acting upon verbal directions. In the quotation (written document) scrutinize the tax and all expenses including the proposed ones. When it comes to the amount of fee to be charged by your solicitor, it varies as much as there are number of firms. In England and Wales, all solicitors who are practicing law are required to register with the Law Society.
When your conveyance acts for the lender, it saves you a lot of money. Having a conveyance is crucial because he ensures that the transfer process is done according to the law and that every base is covered. They also serve to give you reliable and informed advice on any issues that may strike you as uncertain or to just to give you further directions.