So you’ve decided to sell your property; Perhaps you’re looking to move up the property ladder or sell your inheritance? Or are you looking to buy your first home or an investment property?
Whatever you’re looking for, finding out how to get the best value and the most credible service in today’s market is integral to achieving your sale or purchase!
What is conveyancing
Conveyancing is the legal process for transferring property from a buyer to a seller. It starts when an offer is accepted and ends when the property is registered in the buyer’s name. The 2 stages of the conveyancing procedure are as follows:
Prior to Exchange
This is the first stage before exchange of contracts. At this point, either party (the seller or the buyer) can back out of the transaction or re-negotiate the purchase price. Both the seller and buyer are responsible for their own fees in the transaction and cannot claim their costs from the other should the property fall through.
This is the second stage and is after exchange of contracts. At this stage both the seller and the buyer are legally bound to buy and sell the property and must complete by the agreed completion date at the agreed purchase price. If either party fail to complete on this day, then they will be in breach of contract and will face additional legal fees which can be extensive.