In the UK, conveyancing refers to the process by which you get to buy a house. In legal terminology, conveyancing is a transfer of title, ownership or an encumbrance (as in a mortgage or a deed of trust) of real estate to another person. A typical conveyance transaction usually has two stages: the initial exchange of formal contracts (including the details of any parties involved and the date for the closing), and the completion of the purchase. In the UK, the buyer’s agent is called a solicitor.
Conveyancing – The process by which you get to buy a house
Mortgage companies are required by law to give their clients a written mortgage contract. This document sets out all of the financial terms of the mortgage (for example, who pays for what, how much, how often etc), as well as any other information about the contract, which are referred to as the “notice of position.” The contract should also contain the parties’ legal names, and their addresses and contact numbers. You are not allowed to include any material that might be considered a “gimmick” in your contract. A “gimmick” is a term used in business jargon that describes an obvious or uninteresting feature.
As a general rule, you do not need to get a solicitor for conveyancing, but if you do, it is best to have one on call. The most important purpose of a conveyancer is to make sure that you are aware of all the legal implications of a mortgage transaction, which can include taxes, penalties, liens, and any other issues.