The Idiot-Proof Guide To Conveyancing

“What on earth is conveyancing?” If this is the question that popped up in your mind after reading the title, this post is definitely and without a doubt meant for you.

What is Conveyancing?

Wikipedia defines it as, “… 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.”

The Idiot-Proof Guide To Conveyancing

Who can Help Me?

You can choose an individual consultant, a lawyer, or a firm that deals with conveyancing services. Just make sure that the person you choose is an accredited professional. Two of the bodies that provide recognition and certification are the Council for Licensed Conveyancers and the Law Society that governs the Quality Conveyancing Scheme.

Where can I find these People?

You can either go the physical office address of the firm or individual you choose, or you can choose online conveyancing instead. You could even do a combination of both if you are not comfortable with the whole transaction happening online. Just look up the services and their charges, request quotes and then walk into the office of the service provider you think suits your needs best.

How Expensive is Conveyancing?

This will depend on the kind of service provider you choose and the services that you opt for. In general you can either choose a fixed price or an hourly basis fee. Professional conveyancing consultants and lawyers can charge you anywhere between two-fifty to three hundred pounds an hour. If you choose a fixed fee, or if you opt for online conveyancing, it is usually easier on the pocket. And never forget to negotiate the fees.

What if I want to Sell or Remortgage Instead? 

These are not options you should consider unless you have an emergency on your hands. However, if you are left with no choice but to remortgage or sell, many conveyancing firms will either buy the property from you, or find you a buyer in a very short time. This of course will have a negative impact on the amount you were expecting, so be prepared for that.

Hopefully, this little mini guide has cleared up some of the questions that you had. Drop in a line in the comments section if you have any experiences to share or questions to ask. And if you want to know more about conveyancing, click here.

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