Residential conveyancing is the legal process of transferring ownership or title of a property from one person or entity to another. This can include buying, selling, remortgaging, taking out an equity release, or entering into a lease agreement. All these transactions require the services of an experienced and qualified residential conveyancer.
The residential conveyancing process starts when a property is identified as suitable for the transaction and it usually involves checks to ensure its legality and legality of any existing mortgages/debts. The buyer’s solicitor will make sure that all documents associated with the sale are in order and also represent their client in any negotiations over the price and terms of the sale. They will then draft up a contract which outlines all aspects of the deal before submitting it to the seller’s solicitor for approval.
Once both parties have signed off on the contract, it passes to the Land Registry who check all paperwork is complete. They may need additional surveys carried out before approving registration at which point financial funds are released from buyer’s solicitors to seller’s solicitors. The Land Registry then informs both parties that they have completed registration and title deeds can be issued if applicable.
Throughout this entire process there are other obligations placed upon both parties such as paying stamp duty land tax (SDLT) depending on your circumstances – this must be paid within 30 days or you will receive a penalty notice – so it’s important that your chosen legal representative has experience handling these matters ensuring everything goes as smoothly as possible.
Finally, once all checks have been completed and payment has been made, ownership is legally transferred from one party to another completing the residential conveyancing process. It may seem like a lengthy procedure but having an experienced legal practitioner involved will ensure everything runs smoothly providing peace of mind throughout – something essential when dealing with such large sums of money involved in property transactions!