/ Mortgages

A guide to Mortgage Conveyancing

What is conveyancing?

Conveyancing is a legal process undertaken by a solicitor, lawyer or legal professional who specialises in property.This process can often take weeks or even months in the UK.This could be due to things such as unverified source of mortgage deposit, remortgages, survey delays, title and search delays.
Another thing which can increase the conveyance time is the “chain”. A chain exists when a buyer has to sell their home or a seller is buying a new home and all transactions are dependant on each other.

In a scenario where you don't need a mortgage to buy a property conveyancing can be incredibly quicker due to a lot of the mortgage delays vanishing.

To ensure you conveyancing gets handled efficiently and in the quickest time possible you will need to hire a suitable conveyancer from a firm where technology is as much a focus as the quality of work. If the solicitor does not have a conveyancing quality scheme then you should think twice.
Technology will play a key role in informing you with updates and making the process faster. It will also reassure a seller as they will know things are moving on forward.

Ensuring you hire a suitable Digital mortgage broker will enable your mortgage funds to be in place on time and avoid that being a source of delay.

So to recap

Hire a suitable conveyancer
Technology is key
Use a reputable digital mortgage broker

Whats included in a conveyancing fee?

Conveyancing fees will include the cost of hiring the conveyancer as well as costs which are not paid directly to the conveyancer but are part of the conveyancing(these are called disbursements) such as search costs, stamp duty and land registry fees.
Ensure this costs are included in your quote and are VAT inclusive before proceeding to avoid getting blindsided.
If the property purchase falls though some solicitors offer a “'no move, no fee' deal. Be sure to confirm this is included before hiring a conveyancer and ensure disbursements mentioned above are included in this deal.

So how does conveyancing work?

Once you receive and sign a letter of engagement from your solicitor, your conveyancer will inform all parties involved that they are now working on your case.

After receiving the memorandum of sale your conveyancer will review the property information form and then begin searches on the property.

If they are satisfied they will then confirm the mortgage details with the lender.

You conveyancer will then request you to sign the contracts and then begin the exchange of contracts process.You lender will usually require you to have building and contents insurance before signing the contracts. Once the contracts have been exchanged the sale becomes legally binding.

Your deposit is then sent to the seller's conveyancer or solicitor after which you will need to pay your conveyancer.After your payment has been received your conveyancer will draw up a transfer deed which you will sign for completion.

And then its completion, this will require your conveyancer ensuring nothing goes wrong at this point afterwhich keys are dropped off and you can get into your new home.

Complain about your conveyancer
If you are not satisfied with the service you have received from your conveyancer then the Legal Ombudsman or the Law Society will welcome your complaints and take any necessary action.

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A guide to Mortgage Conveyancing
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