Conveyancing is an integral part of any property purchase or sale. This guide will cover everything you need to know about the process from finding a conveyancer to closing the sale.
Conveyancing is the legal work carried out to transfer the ownership of a property from one person to another in the UK. It’s important to know what it involves and what to expect in order to avoid unwanted costs and delays.
- Find a Conveyancer
A conveyancer melbourne is a professional who will help you with the legal process of buying or selling a property. They can help you with removing all covenants and caveats, checking the title and more.
A good conveyancer can also look into easements and pending developments that may affect your purchase. This can save you time and stress over the long-term.
The most reliable way to find a conveyancer is by getting recommendations from friends and family. They will have had a good experience with them and you can trust their opinion.
- Get a Mortgage
A mortgage is required to finance the purchase of a property. You will need to find a lender, complete some forms, and then get a mortgage.
Once you have found a lender, you can make an offer. A surveyor will be sent by the lender to assess the property (a valuation).
Your conveyancer will begin to prepare the legal paperwork to transfer your title once your mortgage offer has been accepted. This will take a few weeks and they will be writing to you about everything that’s happening.
- Find a Property
A well-researched property search is the best way to go about securing a new home. Before you make an offer, be sure to thoroughly inspect the property. This will allow you to make a competitive offer and avoid any snags along the way. The key is to keep your wits about you, as you never know when your dream house may be snatched away by another prospective buyer. It’s also a good idea to have an ironclad contingency plan in place, such as a cash fund or a well-placed deposit.
- Make an offer
Making an offer is one of the most important parts of buying a property. It is a significant step in the process and should be done via a solicitor or licensed conveyancer to ensure your rights are protected.
If you’re serious about buying the home, put your offer in writing together with a holding deposit. This will ensure that the seller takes your offer seriously and not ‘gazumping” other buyers who have made better offers.
- Exchange Contracts
The exchange of contracts is the final stage in the conveyancing process where buyer and seller become legally bound to complete the sale.
A completion date is set, a deposit (usually 5-10% from the sale price) is made, and the responsibility for building insuranc is transferred to the buyer.
This is an important step in the property purchase process. It ensures that both parties are legally responsible to complete the transaction. If either party fails to ‘complete’ this is considered a breach of contract and they can be sued.
- Check the Title
It is important to verify the title before you buy a home. This document identifies the owner of the property and contains a legal description as well as notice of any liens or other encumbrances.
A title search also provides information about encroachments, covenants, conditions, and restrictions. These issues can make the property unsuitable for a specific use or lower its value, so it’s best to avoid them.
If you find any problems with the title, it is important to contact the seller/realtor to discuss your options. Depending on the situation, you might need to walk away from the deal and get your deposit back or negotiate with the seller to resolve the issue before closing.
- Completion
Completion is the point where ownership of a property legally transfers from a seller to a buyer. This means that the seller must give the keys to the new owner.
The completion process can take anywhere from two to four weeks depending on the time it takes for the conveyancer transfer funds from the buyer’s solicitor to the seller.
Once all money has been transferred, the property is officially complete and the buyer will be able to pick up the keys. It’s a good idea to plan ahead for this, especially if you have a large amount of possessions that need moving.
