Buying or selling property can be tricky and extremely time-consuming. Navigating the legal field can be exhausting, and legal terminology can often prove confusing.
Luckily, we are here to help simplify the concept to ensure you know exactly what conveyancing is and how it affects the buying and selling of your property.
WHAT IS CONVEYANCING?
In a nutshell, conveyancing can be best described as a legal process by which property is transferred from one owner to another. The process involves a conveyancing solicitor or a licenced conveyancer who acts on behalf of the buyer to ensure their clients receive the legal title to the property.
Conveyancing effectively encapsulates the entirety of the legal and administrative work required to ensure your home or commercial property is transferred to you and any mortgage is registered correctly.
The process typically has two main phases; exchange of contracts and completion.
WHAT DOES EXCHANGE OF CONTRACTS MEAN?
Exchange of contracts can be described as the point at which the contract for the sale becomes legally binding. Before the exchange, the solicitor or licensed conveyancer will need to conduct various searches and legal tasks. Only after this is carried out, can exchange of contracts take place. It is usually conducted over the telephone and it is important to note that both the buyer and the seller can withdraw from the transaction up until this point without being held financially liable.
WHAT HAPPENS ON THE COMPLETION DATE?
The completion date is the point at which the ownership of the property is transferred to the buyer. On completion day, the buyers’ solicitor will arrange for the purchase money to be sent to the sellers’ solicitor, who will arrange for the keys to the property to be handed over to the buyer.
HOW LONG DOES THE CONVEYANCING PROCESS TAKE?
Typically the conveyancing process can take around 8 to 12 weeks, however, it is important to note that conveyancing deals with people and not just property; each situation and transaction is unique and unless you find experts such as our team at Philips Lewis Smith, it can be a difficult and stressful process.
Our conveyancing team, made up of; Louise O’Farrell, Mahak Mohsin and Peter Phillips have many years of experience in commercial and residential property and will be there to guide and keep you in the know every step of the way.
WHY DO YOU NEED US?
Whether you are buying or selling a property, getting in touch with one of our conveyancing solicitors will ensure you get the right advice, at the right time.
At Phillips Lewis Smith Solicitors, our conveyancing solicitors are situated just five minutes away from Charing Cross Station. We are in the heart of the West End of London and are accredited members of the Law Society’s Conveyancing Quality Scheme.
At Phillips Lewis Smith, not only do we recognise the importance of providing legal services of an exceptional standard, but also, the importance of keeping you informed and guiding you through the conveyancing process. For specialist Conveyancing legal advice, visit our website, or contact us on Tel +44 (0)20 7925 2244.