| Getting on the property ladder is one of the | | | | sale is not completed. |
| major issues facing many young adults these | | | | This process of buying a house normally involves |
| days. Housing prices in the UK are one of the | | | | the following: buyer agrees price with the seller, |
| main headaches but also knowing the house | | | | have a survey of the house done, then the |
| buying process and the conveyance process can | | | | solicitor will carry out their services and enquiries |
| help to avoid the dreaded gazumping. This article | | | | into the property. Once this is complete the |
| will guide you through the conveyance process | | | | conveyance will prepare a draft contract to be |
| and how to avoid gazumping. | | | | approved by the buyer's solicitors. Part of the |
| Conveyance is commonly the transfer of rights | | | | conveyance's services will be to provide the |
| to a property, basically changing the legal title of a | | | | buyer's solicitors with the property information in |
| property. The major landmarks of conveyance | | | | accordance with the Law Society terms and |
| are the exchange of contracts and also the | | | | conditions. |
| completion of contracts. The 3 important stages | | | | Normally it will take three months to complete a |
| are before contract, before completion and after | | | | conveyance transaction. However this can vary |
| completion. | | | | and usually depends on factors such as legal, |
| In the UK , conveyance services are usually | | | | financial, social and personal reasons. It is during |
| offered by a solicitor even though it is usually | | | | the time before exchange of the contracts (when |
| possible for you to carry out the service yourself. | | | | it becomes legally binding) that there is a danger |
| When you make an offer for a house in the UK | | | | of gazumping. Gazumping is the practice of the |
| normally you will engage a conveyance to help to | | | | seller pulling out before the exchange of contracts |
| complete the sale, however the sale is not legally | | | | and can normally be expensive for the |
| binding until the contracts have been exchanged. | | | | prospective buyer as they have already footed |
| This has the disadvantage of wasting time if the | | | | the cost of surveys and conveyance fees. |