News What is the Specific Process Involved in Conveyancing?

What is the Specific Process Involved in Conveyancing?

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If you are planning to invest on property deals, then you must remember that it requires many steps. It is not easy to invest a huge amount of money in the process of buying a home or land without any prior investigation and documentations. So the most important thing is to sketch a proper plan for buying or selling property and acquire the services of persons who engage in the smooth transfer of property as a profession.

How can I start the process?

If you want to buy your dream house at the most suitable price range, then you should consult your solicitors for conveyancing process. In some cases, it may happen that buyers want to invest their money in the land to increase their income and they need only high quality properties. Your solicitor will allow you the best chance at acquiring the best deal.

Title Deed and Agreement Made by Solicitor

If the sale is agreed upon, by both parties, then the seller’s solicitor prepares a title agreement and a draft copy of this agreement for the seller. This document contains electronic land registry certificates and deed where all the details regarding ownership and land registration are mentioned. For the mortgaged property, the original deed can be kept by the banks or funding societies, but the mortgage account numbers with detail should be provided to the solicitor for further investigations.

Necessary Documentation and Form Filing

Informal documentations:

The seller should complete the property information and fixture fitting forms and send them to the buyer. The property information form is a questionnaire which contains:

  • The declaration about the boundary walls.
  • Information about the private lawns.
  • Informal or authorised arrangement with neighbourhoods or local societies (if any).

This is totally an informal documentation. The seller should provide each and every detail about the property and buyer is requested to inform his/her prior interest, so that it can be highlighted. The fixture and fitting statement contents include all the furniture and inconsumable property lists which the buyer shall retain and the rest will be added as the property valuation.

Semi formal documentations:

In this stage, the solicitor of the party making the sale, has to produce all the search resources including permission from municipalities. If the buyer wants to clarify any doubts then they can add them in this format also. This search helps to prepare a refined agreement of land registry. If the entire search process shows a positive and undisputed property then the buyer is then requested to make a deposit of 10% of the total price as a token. Afterward the exchange of contracts is permitted.

Final agreement

The buyer’s solicitor transfers the final deed of agreement to the client and the seller can complete signing and other legal formalities.

  • The buyer sends the exchange agreement to the seller.
  • The seller accepts the agreement and duly signs and delivers it to the buyer for further registration.
  • The solicitor conducts a final search and requests to release the mortgaged amount from the seller.
  • The balance payment is made to the seller’s solicitor.
  • The property registration is complete and it is duly signed by both the parties.
  • The buyers can enter into their new home or land.

 

What is the Specific Process Involved in Conveyancing?
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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