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What Happens During The Process Known As Conveyancing
You may have heard of the expression “conveyancing” and because this is, after all, what you are paying fees for, perhaps it would be helpful if we explained a bit about what we do during the conveyancing process.
Conveyancing is the legal process by which ownership is transferred from one party to another. This is a highly technical process but much of it is carried on quietly and efficiently on your behalf without you being notified of each technical stage in the transaction.
Generally the process starts with the submission of an Offer to the selling Solicitor. The clauses in the Offer which are of most importance to the clients are the price, the date of entry and what items are included in the price. There are, however, around 30 other clauses which have to be addressed by the Solicitors for the seller and purchaser. These relate to such matters as the titles, the Local Authority records affecting the property, alterations and any documents relating to dry rot, wet rot, woodworm or rising damp.
The Offer puts the ball in the seller’s court and the seller’s Solicitor will go through each clause with the seller to make sure that the position is adequately covered. The seller’s Solicitor then prepares a “qualified acceptance” which puts the ball back in the purchaser’s court and the purchaser’s Solicitor will determine whether the position can safely be accepted by the purchaser. The letters passing between purchaser’s and seller’s Solicitors are called the missives.
Assuming the purchaser’s Solicitor finds the position as presented to be satisfactory a letter will be issued to the seller’s Solicitor accepting all the modifications made to the original offer and “holding the bargain as concluded”.This creates a binding contract and is called conclusion of missives. This equates to exchange of contracts in England.
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