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Let’s get to The Basics
What is Conveyancing?
Conveyancing is the legal part of the house buying and selling process. It is required by law that specific parts of the process are undertaken by regulated law firms, like us, and the people that conduct the work are your conveyancers
What is exchange and how does it work?
Exchange, or “exchange of contracts” is the moment the agreement for the sale of the property is made legally binding by the conveyancers for each party, over the phone. It is the point at which the actual completion date, the day you move in/out of the property is fixed. A deposit of 10% of the purchase price is usually paid to the seller’s conveyancer at the time of exchange of contracts
What’s the Process of conveyancing?
Conveyancing involves legal steps to transfer property ownership. It begins with an offer acceptance, followed by searches, inquiries, and contract preparation. Upon exchange, parties are legally bound. Post-exchange, final checks, mortgage arrangements, and settlement occur. The process concludes with the transfer of funds, title deeds, and registration, marking the successful transfer of property ownership.
What is a Search Indemnity?
Search indemnity is an insurance policy to protect against any financial losses a property owner incurs as a result of undisclosed issues that would otherwise have been revealed by search results, if they had been obtained. It provides peace of mind while also ensuring the purchase transaction can progress quickly and smoothly, avoiding delays in awaiting search results.
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Online vs Local Conveyancing: Which Is Right For You?
Buying a house is an exciting prospect. However, it has also been found to be one of the most stressful life events, just behind the death of a loved one, divorce and job loss. One study found that four out of 10 homeowners said buying a house was one of the most stressful life events they had ever experienced. But don’t worry; there are steps you can take to reduce the stress of buying a house, such as finding a reliable conveyancer.
2024-03-06
Frequently Asked Questions
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