You have saved enough or found a good mortgage deal, and it’s now time to close the deal. It sounds exciting, but can you oversee the transfer procedure swiftly without forgetting important paperwork?
Buying or selling a home without prior experience in the real estate industry has never been easy. You need to coordinate and organize legal matters, finances and comply with specific regulations.
Here’s a property conveyancing guide and why working along with a solicitor can add value.
What Is Property Conveyancing?
Conveyancing is a broad process based on land law, trusts law, and, at times, contract law. The process involves the transfer of property rights or ownership from one individual to another.
An experienced solicitor prepares the paperwork, negotiates, and exchanges the contracts on your behalf. However, this is after performing severe scrutiny to key documents.
The conveyancing process will come to an end once both parties exchange the signed contracts.
How Does Property Conveyancing Consultancy Work?
As soon as your home buying offer is accepted, you can start the conveyancing process. The process may last between four and eight weeks, depending on the property size and other variables.
Here’s how the conveyancing process works:
Instruct a Solicitor
Find a reliable solicitor and ask them to help you buy or sell a house. When they identify a prospective buyer, they’ll proceed with this private property transaction procedure immediately.
The solicitor will send out the initial client care pack, confirm essential information, and set the price with your approval.
Inquiries and Search
Copies of the valid title will be sent to your solicitor, ready for search and document validation. They’ll then search, raise inquiries, and request alterations where necessary.
If the search turns out positive and there’s no adverse matter, the property enjoinment can proceed.
Secure the Mortgage
Armed with the search report and copies of the valid title, it’s time to apply for a mortgage. The lender will take minimal time in processing the offer while the paperwork is in order and confirmed by the conveyancing solicitor.
However, you have to wait for the lender to conduct a property valuation. This ensures that the property is worth the requested amount. To hasten the process, you can engage a competent surveyor to carry out the home survey.
Is the appropriate financing ready, and is the buyer’s solicitor satisfied with the procedure? If all parties agree and the necessary funding is ready, it’s time to seal the deal.
The exchange of contracts will start once the buyer deposits at least 10% of the agreed purchase price.
Completion of Sale
Your solicitor will transfer the remaining funds to the seller’s conveyancing solicitor on the scheduled completion date. To avoid complications, your solicitor must make the funds available a day before to avoid delays.
Once the conveyancer acknowledges funds receipt, the house occupants will hand over the keys to you. As such, the conveyancing process would have come to an end successfully.
Nothing makes the house buying process easier than working with a conveyancer. The professionals smoothly handle the process, ensuring that what you get is worth the cost and no extra costs will arise later.
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