While 2021 may have seen the busiest year ever in the UK property market (according to Rightmove, at least), the sector may not hit its peak until later this year.
Certainly, a further property boom and increased demand is being forecast for 2022, creating an excellent opportunity for sellers to optimise the value of the equity in their homes.
From a buyer’s perspective, now is the ideal time to prepare to enter the market and understand the conveyancing process. So, let’s explore this in further detail and ask why it’s such an important service in the home buying process?
What is Conveyancing and Why is it Important?
In simple terms, conveyancing refers to the legal transfer of home ownership from the vendor to a successful buyer.
This diverse, complex and far-reaching process starts in earnest from the moment that you have an offer accepted on a particular property. It then runs until the moment that you’re handed the keys, and it helps buyers to ensure that you’re investing in a viable piece of real estate and securing the title deeds.
More specifically, the conveyancing process is designed to combine the title to the land with all associated rights, while making sure that buyers are notified of any restrictions or challenges ahead of the purchase.
Who Does the Conveyancing?
In broad terms, a solicitor or qualified legal service provider is tasked with conveyancing, but we need to drill down a little deeper into this to make the most of the process.
In fact, you’ll need to liaise with a solicitor that specialises in conveyancing, and ideally one that has experience in the UK market and has helped to complete property purchases over a period of years.
Once you’ve made contact with a chosen and reputable conveyancing solicitor, the next step is to draw up a draft contract or viable terms of engagement, which will set out the terms of the agreement, their service providers charges and any requisite deposit.
What Are Their Duties and Responsibilities?
Ultimately, your chosen conveyancing solicitor has a range of duties and responsibilities included within their remit, including the initial task of examining draft contracts and any supporting documents.
They’re also responsible for communicating directly with the vendor’s lawyers, liaising on everything from completed forms to any queries that their client raises throughout the process.
Your solicitor will also carry out an array of property searches, including a comprehensive survey of the location and others that identify any potential issues or factors that a buyer needs to be aware of.
This includes local property searches, along with detailed checks of the title register and similar legal documentation.
