Online Conveyancing ? What Does It Involve?
The process of conveyancing involves the legal transfer of property to one party from another. If performed without professional assistance, it can prove to be very time consuming especially if you are not aware of the legal procedures and complexities that can be involved. Therefore, often the most efficient solution is to use the knowledgeable advice of a professional conveyancer or a solicitor instead of undertaking the process by yourself. Conveyancers can easily be found online by searching or through a reputable agency.
The conveyancing process essentially consists of two stages. The first is where the exchange of contracts takes place after instruction from the buyer or seller. There are several sub steps involved in this phase which differ for both the buyer and the seller including price settlement, lease information, approving the mortgage agreements, completion of forms, evaluation of the property and the preparation of the contract. The date of completion of the sale is also included in this phase. The end of this first stage leads to the exchange of the contract of the property amongst the conveyancer. A down payment of around 10% of the total purchase value is often made at this time.
The second stage is that of completion, where the transfer deed is prepared and signed. Following completion, the deeds are exchanged and the payment for the property is made. While carrying out all these steps, it is necessary that everything should be done in accordance with the terms and conditions of the Law society. The total time taken for completion of a conveyance deal may range from three to four months on the average, depending upon the complexity of the case and the time that is taken for the approvals and other legal undertakings.
Nowadays, the online conveyance firms are being preferred by more and more people owing to their high quality of services, which are much more personalized than the regular ones. Also the online conveyancing firms have many advantages over the regular conveyancing firms, with some of the more prominent ones being briefly explained here. First of all since the entire process is online, it is easy to track the progress of the entire transaction from the very first day to the day of completion. Secondly paperwork can be downloaded easily from the website of the respective firm, who themselves also keep you up to date by sending you all important documents and notifications via electronic mail. This also acts as a proof of all transactions that have been carried out over the passage of time. These features not only help to save time and effort, but also save you a lot of money.
It is well worth checking any potential online conveyancing firm you are considering utilising the services are regulated by the Solicitors Regulation Authority and The Council for Licensed Conveyancers. Some online conveyancing firms also work on a no move-no fee basis, which means that if the transaction fails to take place there is no fee to be paid to the conveyance.
