Property Conveyance- Do I Really Need It?
Many people often wonder, what is property conveyance? The concept is quite simple. Conveyancing is the legal transfer of property from one owner to another. During the conveyancing process, once properly carried out by conveyance solicitors, ensures that the purchaser actually owns all the property, land and rights that have been paid for. Selling your house (conveyancing), is really a simple process.
The role of a Property Conveyance Solicitor is to obtain property deeds, completing a property information form and a list of the fixtures, fittings and contents within the house, sending a draft contract providing full details of the property and its services, agreeing upon a date when the purchase will be complete, exchanging contracts and overseeing any other pertinent matters.
Sometimes it is best to use the skills and knowledge provided by a solicitor as opposed to venturing into selling your house on your own. There are many solicitors available through the Internet, agencies and through insurers referrals.
A conveyance solicitor usually sets a fixed fee, which is usually competitive, due to the high level soliciting taking place in the UK at present. Your case is tracked and all legalities are taken cared of. For the sake of security, please ensure that your conveyance solicitor is Regulated by the Solicitors Regulation Authority – so you can be confident that your conveyancing transaction is in safe hands. You should also be aware of The Council for Licensed Conveyancers (CLC), which is the regulatory body for licensed conveyancers. Their duties include dealing with complaints against licensed conveyancers. Sometimes a licensed conveyancer’s service falls below the standard you expect and you may wish to complain. This organization would be the one to contact in such a case.
Even though the cost of property in the UK is fairly costly, he cost of buying property abroad is likely to be higher than it is in the UK, according to a new study.
Published by the European Commission, the report, which could be of interest to those taking out mortgages, found that the deregulated legal systems used in England and Wales are better for consumers in terms of cost and the choice of conveyance services.
The study analysed the cost of such services, which include pre-contract searches, transfer deed drafting and signature certification, in 21 countries in the European Union.
Professor Peter Sparkes of the University of Southampton, who compiled the report, said: “Buying a house may seem like a nightmare at home, but this survey suggests that the cost of transactions abroad is likely to be higher.
“Although it is very difficult to compare transaction costs, because of varying rates of stamp duty, it is no surprise to find our system among the cheapest in Europe.”
The release of the study has come after Experian urged those thinking about taking out a mortgage to take steps to improve their credit status.
Conveyance is an increasing phenomenon in the UK, and one main point to note with regard to this is the establishment of a trial of the government’s controversial new home seller packs has been extended from the current six to 12 more areas.Home Information Packs (HIPs), which will become mandatory in England and Wales this Summer, shift most of the burden of gathering information about a property prior to sale from the buyer and onto the seller. This may reduce the need for a conveyance solicitor, but the results are yet to be seen.
The move was announced at a House of Lords event, at which Lord Redesdale publicised his Private Members’ Bill on Energy Efficiency, which aims to ensure that energy performance certificates play a vital role in HIPs.
The trial of the packs started in six areas — Southampton, Newcastle, Northampton, Bath, Huddersfield and Cambridge — in November last year.
Consumers will test the new system for free before the packs become mandatory in June. They are expected to cost the seller around 500 pounds.
Having all the information available to you leaves no room for questions when coming to property conveyance.