Conveyancing is one area that most people will find ourselves involved in at some time in our lives, but what is it? Conveyancing is the operation of transferring legal ownership of (or conveying) land from one individual to another.
Why The Conveyancing Process Is So Complex
A common question people ask is why the transfer of ownership of a house is so much more complicated (and time consuming) when compared to the purchase of other high value items such as a car for example? The answer is that land is considered much more important than any other possession and as such a whole body of law developed to deal with land ownership and the conveyancing process.
Unlike a car or a piece of jewellery, the land you own can affect other people. Even though you may own it, other may have rights in it or over it (such as a right of way or a tenant’s right to occupy under the terms of a lease etc.) It can generate income both for the land owner and for those who have rights in it. Due to the importance of land there have been many laws made to protect people’s interests and many disputes resolved in the courts. As a result there are many things to consider when buying land that don’t arise when buying any other possession. The purpose of the conveyancing process is therefore to ensure that the buyer is aware of any interests or other matters that affect the land and that all valid interests are protected.
Do You Need Special Qualifications In Order To Offer Conveyancing Services?
Only a qualified solicitor, licenced conveyancer or barrister is allowed by law to provide conveyancing services in return for money. If an unqualified person carries out activities such as drafting a contract or transfer deed or making an application for registration (these are known as “reserved legal activities”) for a reward then he is committing an offence under the Legal Services Act 2007, the penalty for which is a fine or, in extreme cases, even imprisonment.
Can I Do My Own Conveyancing?
There is nothing illegal about DIY conveyancing so technically the answer is yes! However, there are some important points to consider. First, if you are buying a property and you are obtaining a mortgage the lender will insist that a conveyancing solicitor is appointed to act for it at your expense. Conveyancing fees can easily spiral under these circumstances.
There are no set fee scales for conveyancing and as such the lenders solicitor can charge whatever they like. It is unlikely to be a prohibitive amount however, you have no control and if you’d appointed your own solicitor to carry out your conveyancing they would have acted for the lender as well at no extra cost. In effect, there is no financial gain for you when attempting DIY conveyancing on a property when a mortgage is involved.
Secondly, conveyancing is, contrary to what some might say, more than just a form filling exercise. It is true that much of the work is administrative but a knowledge of the law is required to ensure that there are no defects with the title which might cause problems for the purchaser in future. Any problems that do exist may not be immediately apparent and may not not come to light until the owner comes to sell the property on. As well as giving the benefit of legal knowledge and experience, instructing a conveyancing lawyer means that if he makes a mistake, you can recover your losses from his insurance – a comfort you don’t have if you do the work yourself.
What Is The Average Time-frame For Conveyancing?
There is no simple answer to this question since no two conveyancing transactions are alike. Several factors have to be considered when putting a time-frame to the conveyancing process such as how complex the transaction is, if there is a chain, what position the other elements are in relative to your own and of course the efficiency of your conveyancing solicitor! As a rough guide however, a simple freehold transaction should take six to eight weeks and a little longer for a leashold transaction (around eight to twelve weeks).
