'Conveyance' refers to the lawful transfer of property, such as land and other commodities, from one party to another. The conveyancing process in England and Wales is deemed as one of the safest and most ideal property transfer systems in the world. This is because the system is aimed at ensuring the accuracy of the process as well as providing security to both the buyer and the seller for a long time to come. Kelly & Co Solicitors are experts at conveyancing in England and Wales.
The conveyancing process in England and Wales takes a period of ten to twelve weeks for it to be completed. However, this will depend on several decisive factors such as the financial position of both the buyer and the seller. The process has three distinct steps. These steps are the pre-contract stage, the pre-completion stage and the past completion stage. All these stages involve the exchange of information between the buyer's solicitors and the seller's solicitors in regards to the property in question.
At the start of the negotiations, otherwise known as the pre-contract stage, both parties need to present their respective solicitors. The buyer and the seller agree on a price and the buyer sets up a survey on the property. It is the duty of the buyer's solicitor to carry out the survey to ensure that all is well with the property. Other functions of the buyer's solicitor include acquiring the title deed from the seller's solicitor to ensure that there are no obstructions in the deed.
He also needs to ensure that there are no developments happening in the vicinity of the property that may cause the property to depreciate in value. These developments include widening of roads and other similar projects. The solicitor also needs to ensure that the amenities surrounding the property are well maintained by the local authorities. During this stage, neither party is obligated by law to follow through with the agreement. As such, there is the risk of the parties involved either gazumping or gazundering. You can get more information about these developments by visiting www.kellyand.co.uk
In the conveyance process in England and Wales, an agreement cannot be binding if contracts have not been exchanged. Therefore, the two parties have to exchange contracts and this is done during the pre-completion stage. The exchanging of the contracts also usually involves the buyer paying a deposit to the seller of the property. This deposit is usually 10% of the purchasing price of the property.
The post completion stage is when the buyer finishes paying the remainder of the sum owed to the seller. There are also other fees to be paid which include the stamp duty fees. The transfer of the property is facilitated using the Transfer Deed which has the date of completion of the transaction written on it. This document is then submitted to the Land Registry where the details of the new owner are recorded.
This process usually takes a long time to be completed mainly because of the lengthy procedures involved in applying and getting approved for mortgages. There is also the inefficiency of the local authorities that has become a major hindrance to the process.
In the conveyance process in England and Wales, an agreement cannot be binding if contracts have not been exchanged. Therefore, the two parties have to exchange contracts and this is done during the pre-completion stage. The exchanging of the contracts also usually involves the buyer paying a deposit to the seller of the property. This deposit is usually 10% of the purchasing price of the property.
The post completion stage is when the buyer finishes paying the remainder of the sum owed to the seller. There are also other fees to be paid which include the stamp duty fees. The transfer of the property is facilitated using the Transfer Deed which has the date of completion of the transaction written on it. This document is then submitted to the Land Registry where the details of the new owner are recorded.
This process usually takes a long time to be completed mainly because of the lengthy procedures involved in applying and getting approved for mortgages. There is also the inefficiency of the local authorities that has become a major hindrance to the process.
