What is conveyancing?
First of all: if you are buying a business you should instruct a specialist solicitor to work on your behalf.
Now that’s out of the way lets talk about conveyancing. You may not have heard of it before. In legal terms conveyance means to transfer. It is the legal transfer of property or business from one name to another, either as ownership or lease.
The process of Conveyance
Conveyancing can be a lengthy process, so it is important to understand what it entails. Conveyancers for both parties will liaise which each other and their clients throughout the proceedings. They will draw up draft contracts, check ID’s, complete searches, handle property reports, and complete any Land Registry forms.
Searches during Conveyance Process
Your conveyancing solicitor will usually carry out a series of searches on the property. Some of the searches carried out may include:
Local authority searches. This will red light any planning permission that has been granted or is likely to be underway.
Environmental. This search will give you information about possible flood risk, land contamination, and ground stability.
When it comes to choosing a conveyancer be sure the check that they are a member of the Law Society and the Council of Licensed Conveyancers.
Exchange and Completion
Towards the end of the process the seller and buyer will arrange a date to exchange contracts. Once the exchange has taken place the buyer has entered into a legally binding contract. The seller is legally bound to sell and if for any reason the buyer does not complete the process they will lose their deposit.
Completion day is usually a fixed date determined by both parties. Once the seller’s solicitors has confirmed the money has been received the keys can be handed over to the buyer and the conveyance is complete.