What is Conveyancing? What does Conveyancing mean and What is involved in the Conveyancing Process?
In law, conveyancing is 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.
Conveyancing in England and Wales is typically undertaken by a trained and qualified legal professional. These include solicitors trained in residential conveyancing and licensed conveyancers. You can however conduct your own property conveyancing, although to avoid complications and pitfalls, it's often best left to the professionals.
As part of these conveyancing services, your legal professional will often conduct numerous searches about the property that is being bought or sold, as well as personal searches about the individuals involved in the property transaction. They will also file and conduct an necessary paperwork with HM Land Registry and also prepare a draft contract for the property being bought or sold.
A typical conveyancing transaction can take between 10 and 12 weeks to complete, although some move quicker and others slower, with varying factors such as personal and financial circumstances coming into play.
Under English and Welsh law, a property transaction is not binding until contracts have been exchanged. This allows both the advantage of freedom before a contract is signed, but also the disadvantage of wasted time and expense in the event that the property transaction does not go ahead.
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