NUMBER ONE Success System

[Tommy Lee]

http://www.noss123.com/


United Kingdom

In England and Wales this is usually done by a solicitor or a licensed
conveyancer. Either may employ or supervise an unqualified conveyancer. The
domestic conveyancing market is price competitive, with a high number of
firms of solicitors and conveyancing companies offering a similar service.
It is possible for someone to carry out their own conveyancing.

Under English and Welsh law agreements are not legally binding until
contracts are exchanged. This affords both the advantage of freedom before
contract, but also the disadvantage of wasted time and expense in the event
the deal is not done. To try to address this, Home Information Packs are
being introduced from August 2007.

The normal practice is for the buyer to negotiate an agreed price with the
seller then organise a survey and have the solicitor (or conveyancer) carry
out their searches and pre-contract enquiries. The seller's solicitor or
conveyancer will prepare the draft contract to be approved by the buyer's
solicitor. The seller's solicitor will also collect and prepare property
information to be provided to the buyer's solicitors, in line with the Law
Society's National Protocol for domestic conveyancing.

It takes on average 10-12 weeks to complete a conveyancing transaction, but
some transactions are quicker, many take longer. The timescale is determined
by a host of factors - legal, personal, social and financial. During this
period prior to exchange of contracts (exchange being the point at which the
transaction becomes legally-binding) either party can pull out of the
transaction at any time and for any reason, with no legal or moral
obligation to the other. This gives rise to a risk of gazumping and its
converse, gazundering.
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