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Somewhere along the way, our lives have been made simpler by the internet. We can search prospective buyers or sellers, get in touch with solicitors, and do the whole transaction through the net. Some relevant information on this is being included below.
What is Online Conveyancing?
The Thesaurus defines conveyancing as “the act of transferring property title from one person to another.” This transfer involves certain legal documents, showing the value of the property, its status (name of the owner, whether it is pre-mortgaged, commercial or residential etc.), the name of the future owner, the transaction between the two parties, and the terms of the transfer. Online conveyancing indicates the exchange of these documents and their preparation through the internet. There is a chance that the government might actually make e-conveyancing of some of the most important documents mandatory in the future. The benefits must be very obvious; otherwise the government would not have given such a hint.
Who is Involved and What Happens?
Three people are primarily involved in this process – the buyer, the seller and the solicitor. Then there are others – brokers, agents, banks, the land registry department and the government – who are also involved at various stages. The steps can be broadly mentioned as below:
- The seller finds the buyer.
- A solicitor is fixed up.
- A ‘contract’ or agreement is drawn between the two parties stating what is to be done and how.
- The land registration and other papers are processed. The government departments concerned are notified.
- Taxation factors are worked out and the bank work executed.
- The ‘completion’ of the process happens, i.e., the ownership of the property is legally and formally handed over to the new owner.
Keeping Track
Since this is a very competitive field, and the UK is fairly bristling with lawyers, there are apprentices hired by the firms to oversee the process. They are the ones who have traditionally done the running around from department to bank to client to office. But now this ‘running’ happens on the fingers, i.e., one can obtain updates and mail everyone, keeping track of the process with much less hassle, and at a lower cost. There are softwares in the market, offering conveyancing packages. The idea is to enable the user to track the entire progress from pre-agreement to post-completion. It must be mentioned here that many people are now trying to monitor the whole process themselves, without going to a lawyer at all, largely by applying the software package. Keeping this trend in mind, the government of UK plans to bring out the Home Information Pack in June 2007.
The Advantages
All said and done, nothing is coming for free yet. So why should one fish out the pounds and buy a software, when a solicitor with an ‘attractive package’ and maybe even a few free gifts is just a phone call away?
- The lawyer will also charge. And if one compares costs honestly (including all the time you would spend physically with the lawyer), a software is a much better idea. It is a one-time expenditure, i.e., once you have installed it, all you have to do is keep clicking and following the instructions.
- Online conveyancing is much faster. Think of all those government offices, the drab red or gray buildings, the queues, and the clerks who fail to understand your time is precious too. Now all you have to do is ‘visit’ the same places, but without moving out of your chair. The process, too, takes a shorter time overall.
- More secure: You have done your research before getting the solicitor. You are convinced that he is the cheapest in the market. There are economically attractive frauds walking all over Britain, looking for a killing in the name of consultancy. Besides, applying to the government departments online is also more foolproof, and a more accurate as well as more accessible record is maintained.
- Greater control: This is the most popular reason behind online conveyancing. Everyone has the right to know where the money and property are going, exactly what is happening at each step, without getting bogged down in jargons. The software gives you precisely that control.
So make the move – and do it much better than before. |
