For anyone considering any type of property transaction, it is most likely that you will need to use the services of a conveyancer. But for those not in the know, what is conveyancing and what does a conveyancer actually do?Here we look at the role of conveyancing solicitors in Cardiff in more detail.
What is Conveyancing?
In a nutshell, conveyancing is property law. That is dealing with the legal aspects of transferring a property from seller to buyer or changing ownership as a result of changing family circumstances. Conveyancing also covers dealing with legal aspects of existing property ownership such as lease extensions, changing the finance of a property or varying terms of a lease. Although an area of law in its own right, conveyancing is also linked to other areas of law such as Wills and Probate, Family Law , Trust Law and Litigation.
Types of Conveyancing
There are two main types of conveyancers, the first is a solicitor who has trained in all area of law and chosen to specialise in conveyancing. The second is a conveyancer who has only ever trained and specialised in conveyancing. A common question is, does it matter and we often see a common misconception that a solicitor is better, whereas in truth it makes very little difference. Both are equally suited and qualified to carry out a conveyancing matter.
What does a Conveyancer do in a Sale?
When a conveyancer is acting on the sale side of a transaction, they will draft the contract paperwork and collate title information about the property held at the Land Registry, along with other important supporting documents about the property itself. They will send these across to the buyer’s conveyancer. Once the buyer’s conveyancer raises legal enquiries, the selling conveyancer will provide response to these, either directly themselves or in conjunction with the seller. If there are any financial charges on the property, the conveyancer will deal with the formalities of removing this charge and ensuring any financial redemption is settled. Once contracts are exchanged and on completion, they will receive completion funds, and release keys to the buyers.
What does a Conveyancer do in a Purchase?
The short answer is the opposite to in a sale, however in truth it is more complex. The reason being is that the onus of a property transaction is always on a purchaser. Upon receipt of contracts from the seller’s solicitor, they will need to raise legal enquiries, and request property searches. Once received, they will need to decide if they are satisfactory or if further information is required. Once happy with all the information about the property, the conveyancer will provide a report on title to the client giving an overall recommendation about the property. If a mortgage is being used, the conveyancer will need to also make sure all the lender requirements are met so that funds can be released for the purchase. The conveyancer will exchange contracts and carry out completion formalities including registration of the property at the Land Registry.
It is important that you find a conveyancing solicitor you can trust to carry out the legal formalities of your property transaction with the expertise and skill needed.