What Does Conveyancing Mean to Those Looking to Buy a House?
Conveyancing is the legal process of passing ownership of a home from one person to another. In this case, this means from the seller to you. There are going to be quite a few steps between picking the house you want and getting your hands on the house keys. It will be a long journey, but very worthwhile!
As with many other major decisions, you can enjoy the smoothest journey to homeownership when you rely on the expertise of professionals. Here’s how the conveyancing step should go:
Look for a Skilled Conveyancer
First things first, find yourself a licensed conveyancer or solicitor. Do some research, read the reviews, and ask your friends and family if they have any recommendations. Their prices and levels of competence vary. This person will be there with you through every step of the process, so choose wisely.
Once you’ve picked a solicitor, they will send you a letter of terms and conditions. Once you both agree to the terms set out, you’ll instruct them to oversee the process on your behalf. After this stage, they can begin contacting the seller’s conveyancer or solicitor. The seller’s conveyancer or solicitor represents the seller in the negotiations the same way yours represents you. They will handle the exchange of important information and paperwork.
Fill out all the Paperwork
You and your conveyancer will receive various files and forms from the seller concerning the property. If you find that the information provided in the forms is incorrect after the transaction has transpired, you can sue the seller for financial compensation.
The forms should cover much of the information that you require to make an informed purchase. There’s general information about the property such as boundary issues, environmental matters, and noise complaints in the area. There are forms with information about the leasehold or commonhold, depending on the nature of ownership the seller has over the property. Another form will list the furniture and fixtures that will come with the purchase of the property such as lights, bathtubs, curtains, and anything else.
The solicitors or conveyancers will also detail the settlement of mortgages, the date of completion of the transaction, when the handover will take place, and liability claims.
You should go over the documents yourself, with your representative’s guidance. Even if this isn’t your area of expertise, it’s a good idea to get involved all the same. This is your future home, after all.
Armed with all this information, your conveyancer can draft a contract and begin negotiations with the seller.
View the Property
Your conveyancer will likely recommend that you visit the property. This is to search for things that might have been left out of the forms or are outright incorrect.
Communicate with the Mortgage Company
Once you’ve decided the property must be yours, your conveyancer will work alongside the mortgage company to secure a deal. You need to make sure you have enough money for the mortgage deposit. Your lender will require you to acquire insurance for the property seeing as you’ll be in charge of it as soon as the deal is done.
Go over the contract one last time to ensure the terms are to your liking before signing. Once signed, your solicitor and the buyer’s solicitor will exchange contracts on the agreed-upon date.
Once contracts are all filled and signed, your purchase will reach completion. Completion day is the day all the payments and formalities have been settled. Today is the day you receive a new set of house keys. Prepare all your worldly possessions for the move!
There were quite a few legal hoops to jump through. However, it’s all worth it when you realise at the end of it that you’re the proud owner of a new home. All you need is the willingness to put in the hard work.
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