Conveyance is the legal work involved in transferring ownership of property or land, usually carried out by an attorney or licensed transferor.
While a property inspection will identify any potential structural issues, it will not uncover issues that may affect the property and the land it is built on. It is for these reasons that a professional transfer attorney or licensed transferor is needed.
Issues such as leases, use restrictions, access to services such as water and electricity, rights of way, and land rentals can affect the home, its purchase or sale, and your ability to successfully complete the transaction.
Your transfer attorney will be responsible for checking these to make sure you are aware of all the issues affecting the property before committing to buy or sell. Your attorney will also draft the necessary paperwork to transfer legal title to a property from one party to another.
Typical duties of a transporter include:
Verify legal title documentation (for example, contract and Land Registry information) and make inquiries to clarify any information provided in the contract package.
Conducting searches with various authorities to determine if there are flood risks, financial liabilities, boundary disputes, potential building developments.
Provide the buyer client with a detailed report on the legal title, contract and supporting documents provided by the seller
Submit a tax return and pay the required stamp duty land tax to HM Revenue & Customs.
Drafting contracts detailing what is included in the transaction, such as fixtures, fittings, and content.
Send the documentation related to the transfer of ownership to the Land Registry.
Advice on additional costs such as stamp duty, rental notification fees, property registration fees and other mandatory expenses
Request a mortgage advance payment from your lender.
Liaise with mortgage lenders to ensure funds are available when needed
Produce the transfer documents required for the purchase or sale of a house to process
Perform all final checks prior to exchanging contracts, after which neither party can back out without incurring significant costs
Exchange of contracts, bringing one step closer to the day of completion
Contact the seller’s attorney to receive a contract package
Manage the presentation of the transmission in the property registry
Request and obtain a copy of your mortgage offer.
Arrange the payment of all related fees.
You should appoint an attorney/conveyor as soon as you consider selling or buying a property, even before you’ve made an offer on a home (or someone has made an offer to you), as this can help speed up the process by bringing them early on board.
If you are buying a home, you can expect your contract exchange to take place within 6-8 weeks of receiving your contract package. However, keep in mind that if you are in a long chain of transactions, delays in the chain will impact your own completion. Each home is individual and the transfer process reflects this.
How much will it cost?
The cost of streaming services depends on the value of the property you’re buying, although there’s not necessarily more legal work involved in buying a £2.5 million house than buying a £150,000 flat.
However, the transfer required for the purchase of an average UK property generally costs around £800-£1000.
This amount includes time expenses, calls and letters from the assignor, as well as fees for municipal records and registration in the Land Registry.
You may be able to save money by opting for an online carrier, some of which only charge as little as £500.
DIY transport is possible. However, it is a complicated and time-consuming business that could end badly.