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Posts Tagged ‘conveyancing explained’


What you will need during the Conveyancing Process | Saturday, July 17th, 2010

If you are a seller who is preparing their house for the buyer you will need to consider collating the information required for the conveyancing process. This is basically all of the information about the house as it applies to any outstanding mortgages or monies owed, the forms required for the conveyancing process and information required to draw up the contracts that are going to be required to transfer ownership. Of course you will also need your deed of ownership that stipulates that you actually own the property and have the right to sell it. This may not seem like a great deal, but when you break it down it is easy to see why it takes so long to go through the conveyancing process as any information that applies to the house is needed in order to finalise the sale.

It is wise to start by getting together the easily obtainable information. You probably have (or you should have) the title deed for the house locked away safely in a filing cabinet. The solicitor that oversaw the purchase of the property should also have a copy of this in the event you can’t find it. This should be step one of the conveyancing process – ensuring you have a copy of this document. Next, get any information that you have conglomerated while having the property on the market. This will include things such as surveyor reports, real estate documentation and things that specify what the house is worth and why it is worth the amount that has now become the sale price. Alternatively, you might have been made an offer. Get this offer in writing and include it in the documentation.

If your property is mortgaged you will require some information from the bank. Get all of the information that you can as it relates to the current mortgage status. You will also have to let the bank know the particulars of the potential buyer to ensure they can allow them to take over the mortgage. If you are using the proceeds from the sale to finalise the mortgage, you will have to let the bank know. There may be a fee for paying the mortgage outright. After all of this and you have managed to get the basic information together you can start filling out the forms required to kick start the conveyancing process. I won’t detail all of the forms you will require here. You should consult a conveyancing firm from this point onward.

What is Conveyancing? | Saturday, July 17th, 2010

Conveyancing is designed to protect both parties (although it is most beneficial to the buyer or receiver of the title) in the event of a transaction relevant to the exchange of a land title. It can be a drawn out process that ensures that the buyer has the right to sell the title to the land and that there is nothing to suggest that the land is acceptable for resale at the behest of the buyer. It is also a formality for banks or lenders in the event the land is to be bought via a mortgage or long term loan. This ensures that if the person borrowing the money neglects to pay the money back – the banks have some option in regard to reselling the property to get their money back.

Other important reasons for conveyancing includes drawing up the relevant contracts for the buyer and seller that stipulate the terms of the sale. This is to ensure that the buyer is given the right to do with the land what they wish. If no agreement is made during this process it gives the buyer and the seller the opportunity to back out of the deal before anything is signed. The conveyancing process is a necessity in that it ensures a transparent means of equity transferral. Because purchasing land is a major expenditure on the part of the buyer, there needs to be a system in place that records all of the details of the exchange in order to allow the buyer and seller come to an adequate understanding as it applies to the deed of sale.

Conveyancing is also relevant in regards to the transferral of any mortgages or monies owed on the property that is being sold. As conveyancing is more akin to facilitating the transfer of equity from one person to another, a person may opt to take over the mortgage or loan repayments on the property if they are still outstanding. Because of the large time frame in which the process is undertaken and the many variables involved in the undertaking of the process, it is not a simple task. This is compounded by any outstanding loans of mortgages on the property as it will require a bank to sign off on the transfer of the loans. It is important that people who require this form of transfer deal with a buyer that has a clean credit history in order for the bank to allow the process to continue.