Residential conveyancing refers to the sale and purchase of residential property. Most frequently, solicitors or conveyancers in the United Kingdom use this term as opposed to in the United States, where those in the real estate business use terms such as residential property sales or transactions. Some of the best tips for residential conveyancing may include hiring a solicitor or conveyancer who specializes in residential conveyancing, arranging for all required inspections and searches, and ensuring that the conveyance complies with all of your current mortgage company’s requirements or instructions.
Engaging the services of a professional residential property solicitor or residential conveyancer can be key to efficiently and appropriately completing your residential conveyancing. The solicitor will be responsible for making sure that you complete all necessary forms, perform all mandatory inspections and searches, and enter into a contract with the purchaser that contains your desired terms. If you currently have a mortgage lender who has an interest in the property that is the subject of the conveyancing, your solicitor will help you contact your lender and see what the lender requires in order to carry out the conveyance. The solicitor will also ensure that all final documents are in order, including the contract and mortgage deed. Following the transaction, the solicitor will take any further steps necessary to complete the conveyance, such as registering the property transfer at the Land Registry.
There are certain types of inspections and searches that are customary or even required in any property transaction, although any requirements or customs may vary among jurisdictions. For instance, residential conveyancing in the United Kingdom often involves obtaining an Energy Performance Certificate, a personal local authority search, and an official drainage search. In the United States, it is typical for the parties to arrange to have professionals perform a home inspection and a property title search. American law also mandates certain disclosures by the seller in any property transaction, such as a lead paint disclosure.
Finally, if the property that is the subject of the residential conveyancing is subject to a mortgage, your mortgage lender may set forth certain requirements before the conveyancing can occur. For instance, the mortgage must be satisfied during the conveyancing process by using the sale proceeds to do so. Since the mortgage holder has a financial interest in the property, it essentially has the power to approve or disapprove of any proposed conveyancing.