Conveyancing: How Conveyancing has changed over the years

DEEDS & OWNERSHIP

Back in the day, property owners would have deeds that were handwritten on often large sheets of parchment paper. These deeds were important as they were the only way to show that the property and land was theirs.

These old deeds would then be handed over to the new owners when they bought the property. Fortunately, times have moved on, and property ownership is a far simpler and streamlined system.

The Land Registry now holds records of all property ownership on registered land as a public document. Some land is still unregistered and once that land is transferred or mortgaged it will become registered.

EXCHANGE OF CONTRACTS

A long time ago, the Solicitors for both the buyers and sellers would meet in person to exchange contracts, hence the phrase! However, this wasn’t the most practical or time effective way of conducting an exchange of contract, so now we speak to the other side’s Solicitors over the phone, followed by posting the signed contracts the same day.

When exchange of contracts takes place, the buyer’s solicitor also sends a deposit to the seller’s solicitors as well as the contract. The deposit amount is typically 10% of the purchase price, and so before exchange of contracts takes place, the buyers will need to send their Solicitors this amount.

Exchange of contract is an important step, as it is the stage when the two parties legally commit to the purchase and sale of that property.

COMPLETION

This is the day our clients have eagerly been waiting for!

This is the official day when the seller moves out of their property, and the buyers move in to their new home. Once funds have been transferred to the other side’s Solicitors, this is when the buyers become the legal owners of the property.

Again, the modern way of completing on a sale is far more simple than it used to be. Solicitors used to again meet with the other side’s Solicitors and hand over a banker’s draft, and in return be given those old deeds (which can often be big bundles!) and a set of keys.

Fortunately, we now live in a digital world. Though bank technology can have the occasional hiccup, the process of transferring funds on the day of completion is generally a smooth process.

After completion, the buyer’s Solicitors will register the new property ownership and any applicable mortgage with the Land Registry, again something which is done through the online Land Registry portal.

WE ARE HERE TO HELP

I hope you found this blog interesting. If you have any questions relating to the conveyancing process, or if you are looking to buy/sell, our well established and highly skilled conveyancing team would be pleased to assist. With our free instant quote calculator and complete cost transparency, we support you with the most important purchase of your life. Contact us via our website or call our friendly team on 01761 414646.