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Conveyancing

Despite the fact that the economic downturn has had an affect on the number of sales from 2008 to 2009 (June 2009 saw around half as many mortgage applications as the same month in the previous year), sales have increased month by month in 2009. What this does mean, however, is that it more important than ever to seek correct advice on the legal aspects of selling your property. Buyers faced with a lot of choice in the market will want a quick turnaround on their purchase, meaning it is essential to choose an efficient experienced conveyancer.

Conveyancing is normally handled by a 'high street' solicitor's office who will specialise in a number of areas of law. However, you can also have the process completed by a licensed conveyancer, who might operate in a conveyancing practice or alongside solicitors in a firm. There are three general stages to buying or selling a property: agreed sale, exchange of contracts, and completion. In the first stage, the conveyancer will perform land registry and local authority searches, help arrange mortgage offers, and draft contracts. In the second stage, deposits are transferred, transfer deeds are executed and further bankruptcy searches can be undertaken. While the exchange of contracts is often celebrated as the formal change of ownership, it is not until stamp duty has been paid, the Land Registry has recorded the new owner, and the mortgage company receives the title deeds that the buyer becomes the legal owner. Some land in the UK is unregistered, and in this case, you should check that your conveyancer has previous experience of this.

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