Conveyancing is the legal process of transferring Title in a property to/from another person or giving a legal interest in a property to a lending institution. Although it can be dealt with personally, it is recommended that specialist legal representation is obtained, and often independent legal advice is a necessity where a mortgage is involved.
The milestones of the conveyancing process are typically as follows:-
Following completion, the net sale proceeds are released to the seller after redemption of any outstanding mortgages and estate agents fees. The buyer must submit a Stamp Duty Land Tax return to the Inland Revenue with the full tax payment applicable before then making their application to the Land Registry to record the change of ownership and note any mortgages in the Property Title.
The time it takes to conclude any conveyancing transaction will vary. Some factors that you may wish to consider are, whether your transaction forms part of a chain of sales/purchases, the time taken for individuals to secure required mortgage finance and the personal circumstances of any person which might have a direct bearing on a timescale that may or may not be convenient to them.
It is imperative when purchasing/transferring land, especially with a Partner, Spouse or other individual to instruct a Solicitor as advice will need to be given regarding the manner of the proposed ownership, the options available and the type most applicable to you and your circumstances.
Mike Nicholls - firstname.lastname@example.org
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