What is conveyancing procedure
It is a procedure involving several consequential steps which has to be followed before the transaction is lawfully completed. When you decide to buy or sell a property and instruct a solicitor with respect to this transaction, the whole job will be in his hands and he will inform you of the steps he is taking throughout the transaction. The steps for the Buyer’s and the Seller’s solicitor differ. After taking instructions the procedure is as follows.
The Seller’s Solicitor will prepare a draft a contract and will send it to the Buyer’s Solicitor for approval. He will also obtain title documents from the Land registry. Title documents are the evidence of ownership of the property and various other rights. The Buyer’s Solicitor will make pre-contract searches and pre contract enquires, investigate and rise queries on title/current ownership of the property.
Precontract searches and enquiries
Pre contract searches and enquiries is a set of questions to be asked the Seller’s Solicitor and Local Authority with respect to the concerned property in order to find out whether there are any third party rights and interests in the property. Failure to investigate and do those searches and enquiries may result in you buying the property which in the end may partly belong to those third parties and not solely to you. If the Solicitor fails to investigate properly you will have a right to sue him for Professional Negligence.
The Seller’s solicitor will deduct the title/ownership of the property and answer pre-contract enquiries and queries on title. When answering the questions the Seller or his Solicitor must not deliberately conceal the facts and current state of the property. Failure to do so may result in you buying the property which in fact is not what you thought it was.
For more information on:
- Step 3
- Standard requisitions and pre-completion searches
- Post Completion matters
- Differences in residential and commercial conveyancing