This term describes the process of transferring property from one party to another. The buyer will legally receive the property from the seller. This process is typically managed by one of two parties – either a solicitor or a licensed conveyancer.
While the transfer of ownership is a singular process, each party involved in the sale must find their own conveyancer to handle the process on their behalf. This means the seller and the buyer will need to find a suitable party to take care of the conveyancing for them.
Solicitors can handle the conveyancing process – indeed, anyone can. There is no law to say the conveyancing must be done by a qualified person. However, it is always best to hire an expert in this part of the property sales process. There is a lot that could potentially go wrong or be overlooked if this is not done. For example, the solicitor will check boundaries, rights to the land on which the property is built, your rights concerning parking, and so on. These are just a few examples of areas that are covered during the conveyancing process.
The conveyancing process covers the transfer of the legal title currently held by the seller, passing it onto the new owner. At that point, the transaction is complete, and the property has legally passed to the new owner. A qualified solicitor or conveyancer will check the terms of the deal and highlight any potential problems before the contracts for the sale are signed and exchanged. These property searches, as they are known, can take weeks to work through. Hence why most conveyancing takes around eight weeks (and sometimes longer) to be completed.