Conveyancing

Conveyancing, as per definitions, means the act of transferring the legal rights of one entity to another. Simply speaking, it is the process that involves buying and selling adhering to certain legal norms. In fact, Conveyancing is an absolutely essential part of the game when you want to move homes or go for remortgaging.

Conveyancing, as per laws, cannot be done by anyone who wishes to. In fact, only licensed coyenancers or property solicitors can undertake it. As per the laws, a single lawyer cannot be acting for both the parties involved in the transaction. This is to avoid the hassles about the fact that with a single lawyer, conflicts can arise between the buyer and the seller and the interest of both served by the same agent is not a very fruitful one.

Solicitors can practice all sorts of legalities besides Conveyancing. The Law Society regulates them. Licensed conveyancers are solicitors who have acquired the License Conveyancer status. This group is generally regulated by the Council for Licensed Conveyancers and specializes only in Conveyancing. The consumer protection system is however the same for both the types of firms.

A conveyancer acts for either of the parties- either the buyer of the seller. They bring forward the interest of their client in the matters of the transaction proceedings. They are responsible for setting and checking all the terms and conditions that are put forward for the transaction. They ensure for their client that all the financial details are correct and the contract is reasonably good. The process in which they act depends largely on who their client is- the buyer or the seller.

The conveyancer, in case his client is a buyer, is most likely to search for various bodies, which includes local authorities as well, and asses the terms of contract as suggested by the seller’s lawyer. In case of loans being taken to facilitate the transaction or the right being mortgaged, the conveyancer also takes in to account the formal papers of the Mortgage that has been undertaken and that the buyer has enough funds to actually facilitate the transaction.

The conveyancer for the seller, on the other hand, initially demands a copy of the land registry entry for the property in question. It cannot be sold if the registration was not properly completed and this is something for which a probe should be carried out by any responsible conveyancer. These being complete, the terms of contract are set and the land registry details are incorporated, before actually forwarding the copies to the buyer’s solicitor.

In the case of any disagreement or unsatisfactory proposals in the contract, the buyer’s lawyer can always discuss the matter across with the seller’s conveyancer. When all the details of the matter is settled and both the parties are happy with the deal, the proof of funds is there and the searches are complete, the transaction can be taken forward. Once the exchange contract is formalized, no party can back off from the transaction. The date of completion i.e. to hand over the keys legally is finalized in the contract itself.