![]() The old mortgage will be repaid and removed by the seller’s Conveyancer. Once the transaction has completed, the buyer’s Conveyancer will send an application to the Land Registry to transfer the property into the buyer’s name and secure any new mortgage. The completion date is when the money and keys are handed over and the date that you physically move house. It is also on exchange of contracts that a completion date is set. Once completed, it is this that legally commits both parties to the sale and purchase of the property. The exchange of contracts usually takes place over the telephone. The next key stage in both buying and selling property, is the exchange of the signed contracts between the seller and the buyer. ![]() The mortgage deed, is the document that secures the money and the obligations imposed by the Lender. It is dated with the completion date and is sent to the Land Registry after completion, meaning that the Land Registry records can be changed to reflect the new owner of the property.Ī mortgage is the loan taken out to assist you with buying the property and it is secured against the property. It is this document that passes the ownership of the property from the seller to the buyer. The transfer is prepared by the buyer’s Conveyancer. It also incorporates standard conditions, which set out each parties obligations and responsibilities. The contract sets out the agreement reached between the seller and the buyer and sets out the price of property, the names of the parties and the completion date. If the buyer is having a mortgage, then they will also sign a mortgage deed. ![]() It is usually only once this stage is complete, that you will be asked to sign the documentation.īoth the seller and buyer will sign separate but identical copies of the contract (sometimes called the agreement) and transfer. If you are buying a property, it is at this stage that enquiries and searches are raised, and reports are sent to you regarding the title, searches and if applicable, your mortgage offer. The majority of the Conveyancing work is carried out between a Conveyancer receiving instructions and exchanging contracts. For those selling and buying a property it is also an extremely important commercial transaction and it is not merely a legal process. The conveyancing process can be very complicated but it is also very procedural with notable key stages along the way. Ensuring that the correct procedure is followed and that the loan is correctly secured against the property. A Conveyancer would deal with the legal work associated with the mortgage. You will also need a Conveyancer if you wish to re-mortgage your property, for example because you want to repay your current mortgage and take out a new mortgage with a new lender. A Conveyancer will draw up the documents to transfer the property and will then ensure that the ownership is correctly registered at the Land Registry. ![]() Or vice versa if your circumstances have changed. There may be instances where you already own your home but you wish to transfer the property from joint names into one name. Sometimes you will need a Conveyancer even if you are not selling or buying a property outright. Most people think that Conveyancers only assist with sales and purchases which isn’t strictly true. What is a Conveyancer and What Do They Do? What is a Conveyancer?Ī Conveyancer is someone who can help you through the process of selling buying or mortgaging a property so when your bank or estate agent tells you that you need a Conveyancer, they mean someone who specialises in the legal aspect of transferring property from one person to another.Ī Conveyancer can also be a Solicitor, licensed Conveyancer or a Chartered Legal Executive.Ĭonveyancing is the legal process of transferring a house from one person to another or the process of securing a mortgage or debt.
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