The following guide will answer some important questions about personal conveyance solicitors and the conveyance process as a whole.
“Conveyance” is the legal term for the transaction of a home and property from one buyer to one seller.
By understanding what is involved from the beginning, it is easier to avoid the nasty surprises that can arise further down the line.
-How long will the process take?
If you have a specific date that you would like to have this process completed by, you should inform your personal conveyance solicitor so they can progress toward this date.
On the average, you can expect the transaction to take between 6 and eight weeks to complete. Nevertheless, it can be difficult to make a precise estimate due to all the variables involved. For example, waiting for a mortgage to clear can be unpredictable as can the many other inquiries and factors that increase the time frame for transaction completion. Furthermore, the transaction can only be completed when all parties are ready.
-How often will my personal conveyance solicitor update me on progress?
Different solicitors will contact their clients at different intervals. But, reputable solicitors will contact you as often as needed, especially if there is something new to report. For example, if we receive some important information from a search conducted, this information will be presented to you posthaste. You Can be contacted by phone, letter or email, whichever suits you best.
In the case of urgent “time-sensitive” information, you will need to be contacted by your conveyance solicitors urgently so leaving a reliable phone number is a good idea.
-Can I contact My Solicitor during the transaction?
During one of your initial consultations with your conveyance solicitor, you will be given a list of phone numbers for the specialists assigned to your case. You can call them up at any time (preferably during proper business hours) for an update on your transaction.
-When should I hand in my notice of leaving the rented accommodations I am using?
The only time to move forward with any plans stringent on the completion of the transaction is after the transaction has been fully completed. If you are to hand in your notice four months before you intend to leave, the only course of action that can be considered 100% safe is to wait till the papers have been exchanged and the contracts completed. Once the entire conveyance process is completed, you are safe to proceed with handing in your notice.
-If my buyer or seller pulls out can I sue them?
Once the contracts have been exchanged, you have a legally binding contract and can sue your buyer or seller for breaching this contract. However, if they were to pull out of the arrangement before this junction, you will not be able to sue. It is only when the contracts have been fully exchanged, that they can be considered binding.
If the incident happens before the contracts have become binding, there is nothing that can be done. Nevertheless, this is a relatively rare occurrence, typically this type of transactions can be concluded without a problem.
Can my Buyer or Seller delay the process? What can I do in this event?
This can happen due to a variety of instances; the other party could be waiting for their financial aid to come through in the form of a mortgage. Sometimes the personal conveyance solicitor will be able to call them up and speed up the process.
But in the end, there is nothing that can be done to push the other parties any faster. You may be inclined to threaten to pull out yourself, which may be effective. Or they can call you bluff, and you will be left to practice patience.