Conveyancing

Generally a solicitor will take care of the conveyancing side of things, however there are those who specialise in conveyancing or you can carry out your own conveyancing to reduce your costs. Under English law, Conveyancing agreements do not become legally binding until contracts are exchanged.

1. Buyer and seller negotiate until an agree price is reached.
2. A survey is arranged.
3. The solicitor or licensed conveyancer performs necessary searches and prepares a contract.

It generally takes 10-12 weeks to gather the deeds of the property, during which time either party can pull out.

Scottish law differs in that an offer on a property is legally binding

Conveyancing in this instance results in:
1. a survey being carried out before the buyer makes a bid via the solicitors
2. the seller setting a closing date for offers on the property to be considered
3. the buyer receiving a written acceptance that their bid was successful
4. the buyer's solicitor or conveyancer carrying out the necessary searches and preparing the contract.

In this case the buyer and seller are legally bound by the written acceptance of the offer. One downside of this is that the buyer has the additional cost of surveys for unsuccessful bids.

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	Information About Conveyancing Property law Part of the common law series Acquisition of property Gift &; Adverse possession &; Deed Lost, mislaid, and abandoned property Bailment &; Licence Estates in land Allodial.
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