The United Kingdom is a state comprising the historic counties of England, Wales, Scotland, and Northern Ireland. It is the home of modern parliamentary democracy and the Industrial Revolution.
Conveyancing is commonly used in real estate transactions when buyers and sellers transfer land, building, or home ownership.
Although solicitors and conveyancers ease out the whole conveyancing process, there is a specific time limit when property ownership is transferred to another owner.
Generally, it takes around 8-12 weeks from the date of agreement that conveyancing takes place, depending on the nature of the transaction. You need at least basic knowledge of the conveyancing process before buying or selling a property in the UK.
This article will explain the role of conveyancing in the UK and how it is essential in your real estate transaction.
What Is Conveyancing and What Does It Do?
Conveyancing is a branch of law that deals with the legal side of moving a property’s ownership from one individual to another.
Generally, the conveyancing process is handled by a conveyancing solicitor. You can take the assistance of top London conveyancing solicitors, such as AVRillo, before finalising a property deal. You can easily request a free online conveyancing quote from them online.
The process of conveyancing is majorly divided into three categories:
- Exchange contract
You can expect to pay between £300 and £2000 as conveyancing charges if you make a real estate transaction in the UK. The seller and buyer must pay the amount as a conveyancing fee.
Role of Conveyancing in the UK While Buying a Home
Conveyancing can take time between 8 and 12 weeks from when the sale is agreed till the sale is finished. The time it takes to complete the conveyancing process will depend on whether you buy or sell the property.
However, times differ from situation to situation. Many processes can speed up the process; sales that involve many chains can sometimes take up to six months, whereas a short chain with no complex issues can take up to one month or last to last two months.
You can only buy or sell a home by going through conveyancing. The legal process transfers property ownership from one person to another while purchasing and buying a property or a house.
Exchanging contracts usually happens within eight weeks of the conveyancing process. However, this depends on your situation. You must wait for the first transaction when the deal is done. To speed up the process, make sure you have everything with you.
If no chain is involved in the buying process, you can generally expect to complete the process in three months. Conveyancing with no property chain is quicker and can take eight weeks from the point the sale is agreed upon till when the sale is completed.
The completion date is usually 7-14 days after exchanging contracts. The time between the exchange and the completion date depends on the type of transaction.
The main stage for the seller’s conveyancer is to assemble the paperwork and then complete the process. If this stage can be undertaken quickly, it will help with the speed of the transaction.
Conveyancing can be a complicated process, but with the help of a suitable conveyancer, it can be completed relatively quickly and without too many delays.
Ensure you instruct your conveyancing as soon as possible when you start your house paperwork and all the legal work.
The conveyancing process takes around 8 and 12 weeks. It is possible to get it done in a month by completing the legal work as soon as possible.
We hope that this article will help you in finding a dream house in the UK.