The Process of Conveyancing Made Easy
Buying a property can be an overwhelming experience, whether it’s your first time or your third time. However, without the help of an experienced mortgage broker to guide you through the process, the process of buying a home can be made even more stressful than it needs to be.
When it comes to buying and selling property, you may have heard of the term ‘conveyancing’ and you might wonder what it means. Well, let us explain, as it plays a pivotal role in the buying process…
What is Conveyancing?
Conveyancing is the legal transfer of a property from one owner, to another, seller to the buyer. Without going through conveyancing, you cannot buy your first home or any other property.
Conveyancing starts when your offer on a house is accepted and finishes when you receive the keys to your home. The process involves a conveyancing solicitor or licensed conveyancer who acts on behalf of the buyer to ensure their client receives the title deeds to the property and the land it sits on.
Essentially, conveyancing encapsulates the entirety of the legal and administrative work required to ensure a house purchase is valid under the law. Understanding what conveyancing involves will help you ensure that there are fewer surprises that crop up along the way.
Standard Conveyancing Practice
During the process of buying a home, your conveyancer or mortgage lender will refer to the “exchange of contracts”. The exchange of signed contracts between the buyer and seller is what legally commits both parties to the sale of the property.
It’s important to note that a house purchase is not legally binding until contracts are exchanged between the buyer and the seller. This gives freedom to both parties prior to the exchange of contracts. A deposit, typically of 10 percent of the purchase price is required at the exchange of contracts.
During the phase prior to exchanging contracts, either party is entitled to cancel the transaction, with no obligations to the other party. This can potentially increase the risk of gazumping if you are part of a lengthy moving chain.
Upon the exchange of contracts, the buyer and seller are both legally committed to the purchase and the agreed terms of the sale. If you decide to pull out of the agreement at this stage, you may automatically lose the deposit you paid upon exchange.
There’s a lot to know when it comes to conveyancing and you’ll require a solicitor or conveyancer. Technically, it is possible for you to deal with your own conveyancing, however, it is a detailed, lengthy and complicated process and is a big responsibility. So we highly recommend the use of a qualified and experienced property lawyer.
Luckily, we help provide conveyancing services to you so you won’t have to worry about the legal stuff. A solicitor or conveyancer will handle all the legal aspects of buying or selling a property for you and a good one will keep you updated regularly, and can really support you in what is likely to be a stressful process. It’s an important role, so it’s important to choose carefully.
Setbacks Along The Way
When it comes to buying and selling homes, it’s likely that you will face some setbacks along the way, either minor or major. The vendor may drop out, which is just bad luck and very frustrating. You can ask them for a contribution towards your legal fees, but they are under no obligation to pay. You may even encounter an uncommunicative solicitor or the costs can increase when you’re in a chain, problems could be found during a survey and you might have face difficulty getting a mortgage.
However, we can help minimise the number of setbacks you face and help you tie up the loose ends to complete the process of buying a home. The majority of property buyers are better off with a professional conveyance, especially when they are buying a home for the very first time.
So get in touch today to find out how we can help you with getting the right mortgage and conveyancing.
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