You have probably heard of conveyancing but probably do not know what it even really entails. As with many areas of law it can be hard to understand what is involved in the discipline. There are so many area of law that it is no surprise that most people do not know what each entails.
Today we wanted to shed some light about conveyancing. If you have any questions about what this property focused discipline of law is all about and what it involves, keep reading! Let’s jump into conveyancing as a whole in more detail below.
We will continue to blog on this website giving you our latest thoughts about the industry and useful information you can use. We are your local conveyancing solicitors in Manchester and are here to talk to you anytime you need support. Moving houses, buying homes and so on is a complicated matter. We don’t mind speaking to anyone and helping in anyway we can. Just get in touch to speak with the legal team we can refer you to!
So what exactly does a conveyancer do?
Conveyancing encompasses everything that has to happen before the transfer in ownership of a property happens between two parties. This process is executed by either a solicitor or a conveyancer.
So, many people boil this service down to its most simplistic form like – a solicitor just transfers ownership of a property between two people. Of course, there is a whole process before this that has to be carried out for the transfer to happen. Also, a conveyancer does more than just transfer ownership. A conveyancer is also required to transfer equity as well as remortgage a property. A conveyancer is instrumental when it comes to properties and reassigning value/ownership to the property.
Which services does a conveyancer carry out?
Following the above, a conveyancer does more than just transfer ownership of a property. Ever heard of a search service? A conveyancer can submit searches to the local authorities to enquire about a property. This could be to something like the land registry. You will not always need the service – some searches would be required legally and others are optional and for your own knowledge. And what is the reason for the search? Well, in a lot of cases, the search allows you to know whether the valuation of the property is truly accurate. That way, the client we are working with will know if they are spending the right amount for the property they are trying to buy.
As the conveyancer, we will also obtain the title deeds of the property on your behalf in addition to any other documentation that is needed. A lot of the time, this part of the process is carried out between us and the other party’s solicitor.
The most common service
Our most common service as conveyancers is selling and purchasing or a property. Obviously, a new homeowner is only interested in our buying service and someone looking to sell a property will need us for our selling service. If you are selling a property and looking to buy a new property – you can get one conveyancer to do this (as opposed to two different types of solicitors having to carry out each individual service). Although these processes are independent of one another – the same conveyance solicitor can carry out both of these parts of the process.
You transfer equity when you want to sell or give a percentage of a property to another party. For example, if you wanted to give a percentage of your property to your children, you would need to transfer equity in the home to your child.
Or, you could transfer equity if you are removing someone from the title deeds on the property Although this is a relatively easy process of the services we offer, a solicitor is still required to transfer any equity within a property.
Remortgaging can be a great option for property owners. Many people in the buy to let industry remortgage their property in order to gain more debt (and therefore leverage) within their deal. They can continue to earn monthly income, then get more debt from the bank in order to use their own money for other ventures. In the residential market you might take a remortgage to save money on your monthly payments. Another reason you could do it is to get a cash injection into your bank for things like extending your property. Whatever your reason, you will need a conveyancer in order to have your property remortgaged.
Basically, when you think of a conveyancer – think of someone that is required whenever any sort of major value or equity shift is happening related to a property and its ownership. Want to sell your property? You need a conveyancer. Want to buy a property? You need a conveyancer again. Need to transfer equity in a property? You need a conveyancer again!
Overall, the team we recommend are here to help and make sure that everything is handled smoothly. For most, your property is your most valuable asset so the team’s expense is always worth the safety we can provide you when it comes to reassigning property value through buying, selling, remortgaging or reallocating equity. For further reading check out this complete guide to conveyancing. It’s a good article and makes for a good extension from what you’ve just read here. Hopefully this and the other article will be helpful to you. Remember, you can just get in contact with us if you have any specific questions.