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Monday, May 27, 2013

Online Conveyancing: What You Need to Know?

Conveyancing is the lawful transfer of property title from one person or a legal entity to another. It is usually a process worth paying for. For instance, if you are buying a house, it is always import to ensure that the sellers have the legal rights to do so. It also offers quicker and smoother transaction during purchase or sale of a property.
Since you cannot evade this process, it is only advisable to look for ways of saving money and time as you go through this vital process.
If you intend to use conveyancing services you may consider doing it online. Online conveyancing services are both cost effect and fast. However, each transaction for a particular property can vary greatly - as the professionals search for title deeds and verify them.
The following are some key points you may need to know before doing this transaction online:

What's the Cost of Online Conveyancing?

The conveyancing cost varies just as the companies which offer them and the nature of the transaction. However, online they range from 199 pounds up to 1200 plus pounds. Lover fees are possible when dealing with larger firms with high transaction volumes. High costs do not usually translate to better services. So it is advisable to choose a company with proven reputation other than an expensive one.

How quick is online conveyancing?

Online conveyancing can be an excellent time saver. With outstanding team structures in place and incredible IT facility, most of the progressive law firms can complete your transaction within a very short time. Case management enables clients get regular updates on their transaction; by logging on they can check their progress. To get the best out of this new efficient approach, it would be meaningful to combine it with the assurance of you ability to verbally communicate with your solicitor.

Stages in Conveyancing

Whether you are doing these transactions online or at the company's physical address, there are three stages that conveyancing will have to follow:

1. Pre-exchange: At this stage, the original draft is considered to be negotiated by the involved parties. It includes details on the parties involved, costs, the seller's title deed and the amount of deposit to be paid. It is important to get a copy of the contract from your solicitor before making an agreement. When all these enquiries are through and both the parties are satisfied, an official mortgage offer is launched.

2. Exchange of contracts: With everybody satisfied, the contracts are signed and exchanged, and finally the buyer pays the deposit. This legally binds the two parties into a contract. The transfer documents are drawn up, transferring the title from the seller to the buyer and must be signed by both parties. Next, the mortgage documents are signed and then final enquiries are made to make sure there are no undisclosed mortgages or any other thing registered against the seller.

3. Completion: The property is handed over to the buyer and the seller has to move out the same day, if he hadn't. The payment must also be completed then the buyer receives the title deeds and a copy of the transfer documents. Extra costs like stump duty and land registry fee will need to be covered. Finally, the conveyancing solicitor carry out his due to of informing relevant authority of the transaction, paying stamp duty, registering the new ownership at the lands registry and sending the buyer a certificate of completion.

The domestic conveyancing market is price competitive, with a large number of conveyancing companies and solicitors offering similar services. It may also be tempting for one to try out 'conveyancing' for themselves but this may lead to unnecessary legal tussles.

1 comment:

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