Conveyancing services are companies that facilitate the transfer of legal title to a property from one person to another person, and that also grant mortgages and liens on properties. billys look out Conveyancing can also sometimes refer to the trade of bulk commodities, but that isn’t want the average consumer thinks of.
Conveyancing is a multi- stage process. Firstly, there is the exchange of contract, where the ‘equitable’ title is passed from one person to another, and then there is the completion stage, where the legal title is passed.
The buyer of the property must ensure that they obtain the right title to the land, and make sure that the seller actually has the right to sell such title themselves – with no factors that would stop re-sale or a mortgage.
Conveyancing exists to facilitate this, ensuring that the buyer gets title and all the rights associated with the land or property and that they are fairly and properly informed of any restrictions that might exist.
Agreements are not considered to be legally binding unless a contract is exchanged, and this helps a lot because it ensures that there is freedom before the contract gets exchanged, but there is also the risk of time being wasted if the buyer or seller backs out before the deal is complted.
Normally, the buyer will agree a price with the seller and then there will be a proper survey carried out, before some pre-contract enquiries are made. The solicitor and the conveyancer (if both are used) will work to put together a contract which will be looked over by the buyer’s solicitor, and the seller’s solicitor will provide any relevant information required for the buyer to make an informed decision. The due diligence process can be quite time consuming and expensive, but it prevents hassle later on.