Conveyancing for First Time Buyers
Buying or selling a property requires multiple processes and various documents. Even if you want to be hands-on with everything in the procedure, specific tasks are best left to the professionals’ hands. One of which is conveyancing. If you have been searching for articles about property buying or selling, you might have come across this term many times.
A Look Into Conveyancing: What Is It?
Conveyancing is the branch of law that deals with all the documents relating to property transfer from the previous owner to the current, which is handled by licensed conveyancers. Licensed conveyancers strictly follow property laws, and their services involve all legal and administrative work concerning the legal transfers.
Whether you are eyeing a residential property, business premises, or a large estate or development, conveyancers can cover and process all the documents on your behalf.
The Two Systems of Conveyancing
There are two systems of conveyancing based on whether the land you are buying is registered or not. Here is how they differ:
For Registered Land – If the land is registered under the Land Registry, the process would be more straightforward. You only need to get a copy of the official registration and check if there are inconsistencies. For example, even a simple change in the previous owner’s name because of marriage or death is crucial in the process. It should come with support documents to avoid problems in the future.
For Unregistered Land – If you are selling unregistered land, conveyancing would help you gather all necessary documents to prove that you are allowed to sell your property. That means acquiring all the records you have throughout the years. This includes the purchase of the property from the previous owner, the proof of them purchasing the land from the former owners, and so on.
The documents need to cover at least 15 years from the current year. The same process should be observed if you plan to buy an unregistered property, which means you need to acquire documents from 2006 if you plan to buy a property in 2021. In 1998, a mandatory requirement to register both registered and unregistered lands was implemented. The said process should make the obtaining of documents more feasible for the property sellers and buyers.
When Do You Need Conveyancing
You can hire a conveyancer as soon as the seller accepts your offer. These are the stages that you are to expect from the process:
- Pre-Contract Stage – The creation of the report and all paperwork necessary in the home buying process
- Exchange of Contracts – The review and signing of the buyer’s mortgage offer and other documents
- Pre-Completion – Involves the process of turnover once everything is signed, paid, and completed
- Change of Ownership – At this stage, the whole property is officially under new ownership
- Post Completion – The stage of finalising everything that begins with registering the property under the new owner’s name.
Depending on the situation, the whole conveyancing process typically lasts for around two to three months or longer.
Conveyancing is a mandatory part of the property selling or buying process, and you need to hire a conveyancer to ensure that everything about the transfer is in order. They understand all law-related matters regarding your property purchase. They can help you make a smooth transaction.
We can help you find the best conveyancing quotes available in the market today. At Conveyancing Supermarket, we can give you free and instant quotations. We provide no obligation conveyance quotes with no hidden fees, so send us your details and save hundreds from the process.