Conveyancing Explained

Conveyancing…it’s a strange word, a little “old fashioned” but what does it mean?

Here’s the Wiki definition:

In law, conveyancing is the transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien.

A typical conveyancing transaction contains two major landmarks: the exchange of contracts (whereby equitable title passes), and completion ( whereby legal title passes ). Conveyancing occurs in three stages: before contract, before completion and after completion.

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What We Say:

Conveyancing is  the  legal  process  of  buying   and  selling   property, whether  that property is freehold or leasehold, and  whether it is  a  house, an  apartment or  just undeveloped land.

If acting for you in a sale, your conveyancer will take  you through the legal process up to 'completion' when  your sale is finalised. At that stage, your conveyancer will utilise the sale proceeds to repay  your mortgage and  the costs of sale, and will then  account to you with  the  balance of the sale proceeds, or utilise the balance  towards the purchase of another property which you may then  be buying.

If acting for you in a purchase, your conveyancer will carry out  searches against the property and  will  make  relevant enquiries with  the  seller's conveyancer about  the property so  you  are  fully  aware  of all  matters relating to  the  property before  you commit  to purchasing the property by "exchange  of contracts".

At Tilly Bailey &  Irvine we recognise, whether you are  buying  your  first  home  or selling  and  buying  another property,  that friendly, clear  and  helpful  advice  is what clients should  expect and deserve.