Conveyancing is the process of transferring ownership between a seller and buyer. This can include both residential and commercial transactions. In England and Wales there are both ‘registered’ and ‘unregistered’ systems of conveyancing.
Under unregistered conveyancing the seller has to show the buyer documented evidence to prove their ownership of the land. Whereas registered conveyancing is when the Government maintains a register of land and transfers take place by notifying the Land Registry of a change of ownership.
Beacon Wealth Legal have achieved the Law Society’s Conveyancing Quality Scheme accreditation mark, which recognises the quality of our firm’s residential conveyancing work; you can be assured that our firm shall handle your transaction in an efficient manner.
There are three main steps of a conveyancing transaction:
- Find a solicitor to act for you as either the buyer or seller in the conveyancing transaction
- The seller’s solicitor prepares the pre-contract package that includes; draft contract and evidence of the legal title of property
- The buyer’s solicitors must check documents supplied by the seller and raise any queries
- Carry out pre-contract searches which enable the buyer to obtain information on the property
- Be able to confirm that you are able to proceed financially
- ‘Exchange of Contracts’ represents a point in which a binding contract has been entered into (the buyer will usually pay a deposit)
- The buyer’s solicitor sends a draft purchase deed to the seller’s solicitor
- The buyer’s solicitor obtains the mortgage loan from the buyer’s lender
- The seller’s solicitor must confirm the exact amount of money required to discharge his mortgage
- Completion (money is transmitted to the seller’s solicitor and the deeds are sent to the buyer’s solicitor)
- The seller’s solicitor discharges the seller’s mortgage and sends a receipt to the buyer’s solicitor
- The buyer’s solicitor must pay stamp duty land tax due on the property
- The buyer’s solicitor must apply to the Land Registry for the title to be registered
Beacon Wealth Legal deal with all aspects of property transactions, including:
- Buying and selling property
- Buying and selling land
- Leasehold properties
- Buy to Let property
- Shared ownership
- Gift of property
- Transfer of Equity
Call Beacon Wealth Legal today, for expertly skilled and experienced conveyancing Solicitors.
Contact your specialist for advice.
Tel: 01480 219699