Conveyancing
mortgage glossary
(In England & Wales)
Conveyancing is the term used to describe the transfer of ownership of property. It is a complicated process which should be handled by a suitably qualified person, however there are occasions when an individual can deal with a conveyance.
However the majority of lenders insist that a solicitor or licensed conveyancer handle the legal work in connection with property purchases.
The Legal process goes something like this:
Investigation of title
The conveyancer checks to see if the person selling is entitled to sell, and that the property offered is exactly what the purchaser believes it to be.
As a general rule, investigation of title is carried out by searching the Land Registry, or the Land Charges Registry / General register of Sasines in the case of unregistered land
Precontract enquiries
T these are specific questions which may cover issues such as disputes with neighbours, alterations to the property. The seller is legally obliged to answer these questions.
A local authority search
This is a check with the local authority to see if there are any plans both financial and building which would effect the property. Such as, is there a plan to build a motorway at the end of your garden.
Once all the necessary enquiries have been made and contracts have been drawn up and approved, the buyer and seller are in a position to exchange contracts, at this point the contract is signed and a deposit is paid. Both Buyer and Seller are legally bound to complete the deal.
|
 |
