Conveyancing is the transfer of the legal title of a house from one person to another. There are normally two stages to this – the first being the exchange of contracts, and the second being the completion, where the legal title passes.
A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). You will need to get a licensed conveyancer after you’ve agreed an offer on a house with the buyer or seller. Conveyancing will be a vital service for both the buying and selling of a property. When buying, the process will last until you receive the keys and when selling, the process comes to an end when you hand over the keys to your property / land.
A conveyancer will help take care of the legal side of buying and selling a house, with the ultimate goal being the transfer of ownership. They will ensure that the necessary documents and administrative duties are signed and carried out, including:
- Council and utility company searches.
- Land registry searches.
- Advisory duties.
- Checking contracts.
- Liaising with mortgage lenders.
- Liaising with the seller/buyer’s solicitor.
- Finalise contracts.
- Pay fees and sale price.
Conveyancing services are referred to a third party. Neither Prestige Financial Solutions (Holdings) Ltd nor PRIMIS are responsible for the service received.
For more details on Conveyancing, or for more information / enquiries on General Financial Advice, please contact Prestige Financial Solutions