How to Transfer Property Ownership
If you’re selling or buying a property, you’ll need to go through the conveyancing process. This is the legal procedure that transfers ownership of the property from one person to another. For this process, you should hire my conveyancing specialist.
The conveyancing process usually takes around six weeks, but it can vary depending on the circumstances. It’s important to bear in mind that you won’t be able to move into your new home until the transfer of ownership is complete. So, if you’re buying a property, make sure you factor this in to your moving plans.
Pre-contractual stage – This is when you and the seller exchange contracts and pay any deposits. You’ll also need to get mortgage or loan offers in place at this stage. This can take a few weeks.
Contractual stage – This is when the contracts are exchanged and signed by both parties. The sale can now go ahead, but it’s still subject to searches and other checks.
Completion stage – Once all the checks have been carried out, the property will be transferred from the seller to the buyer. The buyer will then need to pay the final balance of the purchase price.
Once you’ve exchanged contracts, the sale is legally binding. This means you can’t back out of buying or selling a property unless there’s a specific clause in the contract that allows it.
To start conveyancing, you’ll need to contact your solicitor and let them know what type of property transaction you’re planning on making. Once they have this information, they will send over a ‘client care letter’ which will explain how much their services cost and any other important details about your case. A client letter should be sent before work begins so make sure it arrives at least two days in advance if possible!