Are you moving home?. AgentQuote explains why you need legal help.
What is conveyancing?
So, you want to buy or sell property. It's a complicated old business. However, if you strip away all of the fluff, what you're left with is a simple transfer of title of ownership from the OLD owner to the NEW owner.
What do we mean? - Well, in the UK (like many other countries), owning property is about having "legal" piece of paper that says that you own it. This is your "Property Title". Should you have this in a box under your bed, then please consider putting it with your bank or building society for SAFE & SECURE STORAGE!!!
If you buy or sell a property, then this title of ownership must be transfered to the new owner of the property. This is a complex process, often involving chains of people, transfers of large sums of money, redemption of existing mortgages, and release of new mortgage funds.
If you are beginning to think that you might be able to do it on your own, think again! Just one wrong move and you will lose your house or you will find yourself with a huge hole in your pocket, right where your money used to be.
There are 3 steps which need to be taken in this process:
Firstly, the Pre-Exchange which is mostly composed of various checks and searches, the agreement and signing of the terms of business along with preparing the contract and purchasing a indemnity insurance policy. Some aditional issues are dealt with, depending on the type of transaction: purchase or sale.
In the second step, the report on title will be sent to the lender, the mortgage issue will be handled, the Land Registry and the Land Charges Registry searches will be carried out, bills will be obtained from third parties and will be sent to the client and the transaction (or the transactions) will be completed.
The last step involves making sure that everyone who should be paid is paid and, in case of a purchase, the registration of the title at the Land Registry is done.
Sounds difficult? Well, it is! The money transfer between parties must be done at the right moment and simultaneously, otherwise it might lead to big problems.
Thus, this process is best left to a solicitor!! Use the buttons at the top of this web-page to get a quotation from our experienced solicitors and you will not regret!
We offer a great value for money deal, one of the best on the current market! So try now!
Author: Terry Davies
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