Whenever anyone is looking to buy or sell any residential property, the residential conveyancing comes into the play. A solicitor or conveyancer must ensure that Residential Conveyancing is explained. However, if you are a buyer or seller, you must understand few things that require attention for the residential conveyancing process.
Residential Conveyancing Explained
The first thing that should be understood is what residential conveyancing is. There are two kinds of properties in broad classification, residential and commercial. So, whenever a buyer is looking for a residential property, it has to be understood that the title holder of the property is the seller or is entitled at least to sell the property. The process starts with a draft contract and ends on the exchange of contracts. In the meantime, the name of the buyer has to be registered in the Land of Registry, search and disbursement processes must be complete as well. Here are the details where the entire process residential conveyancing is explained.
Both buyer and seller get the best solicitor for the conveyancing. The solicitor prepares the draft contract and sends it to the buyer solicitor to verify it. The solicitor of the buyer thus must ensure that all the questions are answered before moving forward to the next process. The residential conveyancing is quite simple, and the property should be searched with the authorities to verify that everything is clear about it. Starting from Tax, environment index, insurance, mortgage, electrical connection, water sources, drainage system and many others need to be searched. The authorities charge a separate amount for the information. The solicitor must ensure that the property and the title holder is genuinely verifiable in the Land Registry of the particular area.
The next process is to finalise the contract and get it exchanged after signing it. However, the process should only commence once the name of the title holder in the land of Registry has changed to the name of the buyer. Once the process completes, then the seller must move out of the residential property. The buyer can make any renovation if required before moving in.
However, this is the process for the freehold property. It is a bit different for the leasehold properties. In leasehold properties, the land never gets registered on the name of the buyer, and the buyer should pay some amount every year to the property owner along with the charges of maintenance. Even though the basic residential conveyancing process is not different from the freehold or the leasehold properties but it is crucial to get an experienced and specialist solicitor.