Buying the Home of Your Dreams

Everyone dreams of having their own homes, whether it is a huge house on top of a hill, a small house in the suburbs, or an apartment in the city. However, what you need to know about buying a property is that it is not just as simple as having enough money to pay for it or getting approved for a home loan and you are all set. When buying and selling a property, there is a certain conveyancing process that should be followed. While it is possible to do the conveyancing by yourself, it is not entirely advisable because of the technicalities and legalities involved. It is best to get qualified, trained, and knowledgeable conveyancing solicitors to do the job for you so that you are sure that no steps are missed, and everything is entirely in place to guarantee that you would not have any liabilities in the end. 

The Initial Stages

The first step to the conveyancing process is of course once you find a property that you are interested in, you would make an offer to buy it, and the seller would accept it. Once your offer to buy has been accepted by a seller, you should form your conveyancing solicitor so that he or she could start the process which would begin with a property survey. Should there be a need to apply for a mortgage, it should already be done before proceeding with anything else. Your conveyancer would be in charge of negotiating with the seller’s conveyancer, so it is important to set all of the terms and fixed fee costs so that when he gets the contract pack from the seller’s conveyancer, it is all set and clear. In finalising the contract, you would really appreciate how much your conveyancer knows about the law, so that he could really help you to carry out all of the necessary searches, raise other enquiries you might have, and also get a copy of the mortgage offer.

Exchanging of Contracts

The drafting and the review of the contract is really a crucial step in the whole process because the contract is what makes the transaction legally binding. You have to make sure that all of the terms, conditions, and contents of the contract are already okay for both parties, so that no one would be disadvantaged in the end. Once the contract is already okay for both parties, payment for a deposit should be arranged by your end so that once the contracts are signed, and each party gets their copy, the deposit should already be with the seller’s conveyancer already. During this time, both parties are already legally bonded to the transaction as the signatures have already been affixed in the contracts.

Completion and Finalisation

Once contracts are exchanged, your conveyancer should also be able to draft a transfer deed and fill out a completion information form for the seller to approve. Remember that once documents are final, a signature may be affixed to confirm the proves. To start finalising the transaction, your conveyancer would have to prepare a completion statement. Pre-completion searches should also be carried out, and any mortgage application should be finalised so that the buyer could already send the remaining payment needed to the seller’s conveyancer. If everything goes smoothly and according to plan, the seller’s conveyancer should already be able to release the keys to the property and send out all of the title and transfer deeds to your conveyancer. The final few steps before the process could be declared closed is that your conveyancer should pay for the stamp duty that is payable to the HMR and register the property of course in your name already with The Land Registry. All you have to do after is to wait for your copy of the registered title in your name, which would come from The Land Registry.

It’s Not As Simple As It Seems

That is why it is really important to get conveyancing solicitors who are really capable of doing the job and who are very knowledgeable regarding the laws covering the purchase of properties. After all, it is not really a small transaction that you would just pay for with your hard-earned money, why not get the best person to handle it for you? That way, you would be guaranteed that you will not only be disadvantaged in the end but also you will not be liable for any mishaps that could arise with the transaction.

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