The conveyance solicitor deals with conveyancing, which is the area of law associated with transferring ownership of property.
Both parties to a conveyancing transaction will generally have legal representation. Most people appoint a firm of solicitors.
Its the seller’s legal representative who is responsible for drawing up the legal contract to transfer ownership.
The conveyance contract will deal with matters such as the price of the property, the property boundaries, the fixtures and fittings included in the sale, any legal restrictions or covenants and the date for the completion of the transaction.
The seller’s lawyer will also deal with any questions that the buyer’s solicitor or conveyancer raises.
In the meantime the buyer’s conveyancer will undertake searches and liaise with any mortgage provider.
When both sides are happy with the contract and the funding for the purchase is in place the parties then ‘exchange’ contracts
This involves the buyer and seller sending a signed copy of the contract to each other. A deposit is usually paid at this point.
Once exchanged the contact is legally binding. If one of the parties breaches the contract by withdrawing from the transaction then it is likely that they will forfeit the deposit paid.
The contract will state the date for completion. When that day arrives the purchase money is transferred from the buyer’s solicitor to the seller’s solicitor.
The legal documents transferring ownership are also handed over to the buyer’s solicitor.
Once the lawyers are happy that completion has taken place the buyer is handed the keys and is permitted to move into the property.
Following completion the buyer’s conveyancer will register the sale at HM Land Registry.
If you are buying a house or flat in Somerset and need a conveyancing solicitor to act on your behalf then give us a call.
We are happy to provide an estimate of fees and we can deal with the transaction on a ‘no completion – no fee’ basis; Just ask for details.
Call us on Taunton 01823 354545