Conveyancing is the legal process of transferring property ownership from the seller to the buyer.
It involves several steps that must be completed correctly to ensure a smooth and successful transaction.
Conveyancing is the legal process that transfers your property from one person’s name to another.
The first step in the conveyancing process is to find a solicitor or conveyancer to handle
the legal aspects of the sale. They will help you prepare the necessary documents. The
solicitor will request a copy of the Home Report from the estate agent. The home report is
a document which provides potential buyers with information about the property’s
condition such as energy efficiency, repairs needed and the value of the property.
After the offer is accepted, the buyer and seller’s solicitors must negotiate the contract
terms through an exchange of missives including the date of entry and whether the offer
includes any additional extras such as white goods, furniture etc. The seller’s solicitor must
provide the title deeds and land register search to show that there are no issues with
selling the property. This contract’s conclusion is called the ‘conclusion of missives.’
The buyer’s solicitor will request that the purchase funds be sent to their specific bank
account and any mortgage funds from the lender if needed. On the date of entry, the
buyer’s solicitor transfers the purchase price to the seller’s solicitor, and the seller provides
the paperwork to transfer ownership to the buyer.
Once the buyer’s solicitor confirms the paperwork is satisfactory and the seller’s solicitor
confirms receipt of the purchase price, the transaction is settled. The buyer can pick up
keys from the seller or estate agents and move into their new home.
Lastly, the buyer’s solicitor informs the land registers of the property’s new ownership and
pays any Land and Buildings Transaction Tax required by the government (formerly
known as Stamp Duty).
In Scotland, the conveyancing process typically takes between 8-12 weeks to complete,
although this can vary depending on the complexity of the sale and any issues that may
arise.
The role of the solicitor in property transfers
When you buy a house or other property in Scotland, the key person involved in the
conveyancing process is your solicitor. Here’s what the solicitor does:
- Your solicitor will be responsible for drawing up all relevant documents needed to
transfer ownership of land from one person or company (the seller) to another
(you). - They will also make sure that any legal issues are resolved before the contract is
concluded.
Oracle Law are Conveyancing experts.
If you are looking to buy or sell a home, then our expert team at Oracle Law can help. As a
Glasgow based law firm with over 20 years’ experience. We have a wealth of knowledge
about the local area and can help with all aspects of conveyancing.
Our conveyancing services include:
- Selling/purchasing residential property
- Selling/purchasing commercial property
- Discharging mortgage/ remortgage
- Transfer of title for separating couples
- Selling property as part of a divorce settlement
We keep on top of any new legislation that comes into play and the marketing conditions.
As a result, we can advise you on current matters that may affect your house purchase or
other property issues.
We offer competitive prices and speedy outcomes for our clients.
Please get in touch today to learn more!