What Does The Online Conveyancing Process Involve?

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What Does The Online Conveyancing Process Involve?

by: WilliamIanGutteridge | Total views: 2 | Word Count: 464 | View PDF | Print View
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The process of conveyancing involves the legal transfer of property to one party from another. If performed without professional assistance, it can prove to be very time consuming especially if you are not aware of the legal procedures and complexities that can be involved. Therefore, often the most efficient solution is to use the knowledgeable advice of a professional conveyancer or a solicitor instead of undertaking the process by yourself. Conveyancers can easily be found online by searching or through a reputable agency.

The conveyancing process essentially consists of two stages. The first is where the exchange of contracts takes place after instruction from the buyer or seller. There are several sub steps involved in this phase which differ for both the buyer and the seller including price settlement, lease information, approving the mortgage agreements, completion of forms, evaluation of the property and the preparation of the contract. The date of completion of the sale is also included in this phase. The end of this first stage leads to the exchange of the contract of the property amongst the conveyancer. A down payment of around 10% of the total purchase value is often made at this time.

The second stage is where the deeds of transfer are prepared and signed and this is known as completion. Once this second stage is complete and the deeds are exchanged, the payment for the property is made. While carrying out all these steps, it is necessary to comply with the terms and conditions stipulated by the Law Society. The time it can take for all the necessary details of the conveyancing process to be completed depends on the complexity of the case and the time taken up waiting for approvals and other legal matter. Eight to twelve weeks is usually the average duration for the whole process but this can be longer or shorter.

Online conveyancing is now becoming more popular as the quality of service has improved and the practice has become trusted. Online conveyancing also offers several advantages over a traditional conveyancing offering. One of these is the ability to be able to track the progress of the process right the way through to completion. Secondly the important paperwork should be accessible from the website of the respective firm, who themselves should also keep you up to date via email. These features cannot only help to save time and effort, but can also make the process more cost-effective.

It is well worth checking any potential online conveyancing firm you are considering utilising the services are regulated by the Solicitors Regulation Authority and The Council for Licensed Conveyancers. Some online conveyancing firms also work on a no move-no fee basis, which means that if the transaction fails to take place there is no fee to be paid to the conveyance.
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