Conveyancing: what you need to know
In law, conveyancing is the transfer of legal title of property from one person to another, and involves the following
Missives
Within 24-48 hours of receiving a written letter of acceptance to your offer we shall contact you to discuss the letter of acceptance and take your further instructions. We shall then respond to the letter of acceptance, either accepting all of the conditions in it or sending further qualifications. These letters between us and the Seller's solicitor constitute the contract and are called "missives" and they normally comprise:
- the offer issued by us on your behalf
- an acceptance or a qualified acceptance issued by the Seller's solicitor (a qualified acceptance is a letter accepting our offer but subject to certain amendments or qualifications being made to it); and
- usually, one or more additional letters until both sides are in agreement.
When an offer (or an acceptance that is subject to qualifications) is accepted without qualification, a binding contract is in place.
This is often referred to as a "concluded contract" or "concluded missives" and only once this stage has been reached is there a binding contract. Prior to that point either party can pull out of the deal without penalty.
Examination of Title
On your behalf we will check the legal boundaries of the property to ensure that you are buying what you think you are buying and that you have the necessary rights of access. We will also check the Title conditions in case there are e.g prohibitions against alteration or extension of the property, carrying out a business or trade from the premises, using the property for anything other than residential use etc.
If you are buying a flat we want to ensure that you are not burdened with an unfair share of any common liabilities. We will also check various reports fromoutside bodies e.g. Property Enquiry Certificates, which are a check of the local authority's records for the property and reports on the title from the Registers.
Dealing with instructions from your lender
Normally your Lender will instruct us to deal with the security work on its behalf. We will therefore be acting as agents for your Lender as well as you. We will prepare the security documents for you to sign and explain them to you. We will also report to your Lender on the terms of the title.
If you are married or have entered into a civil partnership but title to the property is to be in your name only, your Lender will need your wife/husband/civil partner to consent to the granting of the security. Your wife/husband/civil partner may want to take independent legal advice before signing the consent. Consent will not be needed if you are separated and your wife/husband/civil partner will not occupy the house with you.
Registering your title
After you have paid the price, we will submit a SDLT Land Transaction Return to H M Revenue & Customs and then register your title in the Land Register. Once your title is registered a Land Certificate will be issued. We will send this to your Lender, if you have a mortgage. If you don't have a mortgage we will put it in our strong room for safekeeping, or if you instruct us to do so, deliver it to you.
Unless you wish us to deliver the Land Certificate to you we will send you a copy of the Certificate. The Registration process can, in some cases, take a long time and it may be many months (even years) before you receive a copy Certificate from us.
