What is conveyancing?

pile of documents

A conveyancing solicitor Emsworth is responsible for dealing with the legal work relating to selling and buying of houses and also any transfers of land and remortgagin/g. If someone is considering selling or buying their house they should contact a conveyancing solicitor Emsworth who will be able to guide them through the process and will ensure that their best interests are protected at all times.

How do people buy houses?

There are many ways in which people are able to buy houses. The most common way in which people do this is by getting a mortgage or loan from the bank. Also another method that people use is cash funds or money in the bank that they have accumulated through savings, through gifts from parents and family members and through inheritance. A further way in which funds can be raised to purchase a house is by way of getting a bridging loan which is a loan from the bank but is not the same as a mortgage.

What is the conveyancing process?

The conveyancing process usually takes between 8 and 12 weeks from the point that a buyer puts in an offer, which is accepted, on a property they wish to purchase and the point of exchange of contracts.

So what happens during these 8-12 weeks?

Once the offer has been accepted by the seller, it is important that the buyer instructs a conveyancing solicitor Emsworth as soon as possible in order to start the legal process. Often buyers take time in doing this part of the process but this only leads to frustration and anger on the seller’s part and increases the chance of the seller opting to go with a different buyer who is more efficient and proactive.

processing documents

Once the conveyancing solicitors Emsworth have been instructed and paid a relevant fee to start the work by both the sellers and the buyers, the conveyancing solicitors Emsworth will be able to begin communicating with one another. It is the responsibility of the seller’s solicitor to issue the contract pack to the buyer’s solicitor, which is a set of documents outlining information about the property and includes the deeds.

Once the buyer’s conveyancing solicitor Emsworth has received this pack he or she will be able to start the legal work. The conveyancing solicitor Emsworth will be responsible for reviewing the pack and the deeds and making sure that there is nothing there that would jeopardise the buyers and their best interests and also ensure that the necessary enquiries are made about aspects that the solicitor requires clarity or further information on. In the meantime the buyer’s solicitor will also apply for searches from the local council which will provide the solicitor with information relating to the environment, water and drainage, any planned works or restrictions in place.

Once all the information has been collated the buyer’s solicitor will send the final report to the buyer and the contracts to sign. Once signed and returned the buyer will need to transfer across 10% deposit which is 10% of the value of the property to the solicitor to enable them to exchange contracts with the seller’s solicitor.

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