How Does Web Conveyancing Work

Web Conveyancing

Web Conveyancing

The internet has evolved and altered the way we look at things and how we work today. The work wide web has now made it possible for companies to conduct transactions without the need to meet with their clients physically.

Just a decade ago if anyone required the services undertaken by a conveyancing solicitor they had to locate a high street agency. It was, so they were able to conduct the work on their behalf. Over the last decade, quite a lot of changes have taken place. It is now possible to have conveyancing work done through online based conveyancing services.

Pros of Using Web Conveyancing Services

There are two significant advantages attached to using web-based conveyancing services. It is as opposed to utilizing services rendered by a high street agency. Some of these benefits include:

  • Online based conveyancing firms don’t have expensive overheads associated with high street firms.
  • Property solicitors online firms do not have to pay exorbitant rents, land rates or even hire a receptionist for the sole purpose of meet and greet.

Given the above options, it means that these are firms that are now able to pass savings to their clients. They are typically cheaper than high street conveyancing agencies. Another advantage includes the speed in which web conveyancers can complete transactions.

Since everything they do is on an online platform, it’s not a must that you schedule time off work and attend a meeting with the conveyancers at their office premises. Instead, you will only send and receive documents through the internet.

You can keep track of everything taking place without having to call in. A username and a password that you will use to access your case to follow the progress sent.

Exchange and Completion

All a buyer is required to know about the completion and exchange. The most critical part of any property sale or purchase is contract exchange. An agreement becomes binding legally, and the completion date set in stone.

Kindly note that there are around 3-5 days between the exchange and completion process. It is a critical period in which certain tasks need to complete by both trading parties and the solicitors representing them. We now take a look at an overview of the mandatory tasks involved in the property buying process:

Pre-exchange

  • Your appointed solicitor should be the recipient of your funds in a cleared funds state.
  • All necessitated searches conducted on the property.
  • The mortgage offer confirmed.

Exchange

  • The deposit you place forwarded to the solicitor representing the seller.
  • Your appointed solicitor conducts a Land Registry search. It is to ascertain that zero financial interests registered against the property by getting office copied from the Land Registry.
  • Such a move by your solicitor prevents and occurrence of interests registered against the property for a thirty-day period. It is the time in which your conveyancing solicitor arranges for the title register in your name.
  • Your appointed solicitor preps the transfer and mortgage deed for you to sign.
  • Sign the contract that sent to the lawyer representing the seller. The seller signs, it is sent back and after signing it becomes legally binding. You are mandated to complete the purchase.
  • The date of completion set. Failure to complete on the specified date, you will be mandated to pay up a hefty fine.

Pre – Completion

  • The full costs of disbursements and fees should be received by your appointed solicitor at least one day before the completion of the transaction. It makes it possible for the lawyer to make arrangements for Stamp Duty Land Tax (SDLT) and have the property registered in your name.
  • Your appointed solicitor should then receive the property purchase balance from your mortgage financier as funds that have cleared.
  • Get in touch with a removal firm to confirm the date for your removals.

Completion

  • The seller vacates the property. You are now able to collect the keys to the property from your real estate agent, and you can start moving in.
  • Your appointed solicitor will now pay the SDLT.
  • The solicitor will again collect documents that are in relation to the property from the lawyer representing the seller. They will send them out to the Land Registry so that the title’s name is changed to yours.
  • The purchase balance to the account of the solicitor representing the buyer as CHAPS payment is sent.

Post Completion

At this point, your appointed web conveyancing solicitor arranges for the property registered in your name. He/she will collect the deed and any other documents held up by the HM Land Registry. They will have all these documents forwarded to you. If you are the outright owner of the property, if not, they will be sent to your mortgage financier.

Leave a Reply