First Time Buyers, These Conveyancing Tips Are For You
One of the biggest and most important things you will decide on is probably buying your own house. And while it’s an exciting prospect at the moment, it’s so massive that it can absolutely be daunting. The process of purchasing, being significant in all aspects, can bring an enormous amount of stress, let alone making sure you’re financially equipped for it. Of course, you’ll also have to take legal formalities into account to make sure you will eventually legally own the property following completion of the purchase.
To make it less daunting and a bit more seamless, you’re going to have instruct a legal expert who’s well versed with the conveyancing process to give you the best value for your money and high quality services.
What is conveyancing?
Simply put, conveyancing is the process of purchasing and legally transferring the ownership of the property from the selling party to you, the buyer. Conveyancers take care of the process on your behalf while providing proper legal advice to get some issues sorted out through every stage of the transaction.
What will your conveyancer do?
One of the most important tasks your conveyancer will carry out is to conduct legal searches on the property. They will arrange for either a mortgage valuation for your lender or a full structural survey to carefully inspect the property for physical issues.
More so, they will be in charge of overseeing the following:
Verify the seller’s eligibility, and yours to proceed with the transaction.
Check to see if the seller has the legal title over the property.
Check for any plans and restrictions that could affect your living condition.
Determine boundaries of the land and their respective owners
Advise and assist on all other legals aspects to complete the transaction.
They are also going to get the following sorted for you:
Prepare the sale/purchase contract with the seller’s solicitor
Advise and help with the payment arrangements for Stamp Duty
Liaise with your mortgage lender
Help with the registration of the property at the Land Registry
Why are conveyancers important?
While you’re generally not required to instruct a licensed conveyancer, you are highly advised to do so. The process can be very expensive and failing to see an even small legal issue can affect you negatively. More so, like most first time buyers, you may find the legal terms and peculiarities confusing.
In addition, mortgage lenders strongly urge that a qualified conveyancer (and someone they approve of) carry out tasks for them relevant to your mortgage application and the property’s value. It will be more expensive if you do the conveyancing on your own and hire an expert every now and then for legal tasks that require a licensed professional.
To be sure you’re getting the best value for your money, shop around online for conveyancing quotes that you think can help you diligently and look after your best interest, while at the same time complying with the latest regulations and quality standards. Don’t fail to ask for price quotes so you won’t miss out on more affordable services ahead and find out whether you’re actually paying for good ones.
Finding the Right Conveyancer - What Are the Signs?
As the UK looks into a growing housing market for the past few years, conveyancing has also become a rather competitive industry. As more and more potential buyers rush into the market, legal experts and licensed conveyancers take advantage of the surge and offer their services here and there. This is why it can sometimes get tricky for potential homebuyers to find an ideal one. Whilst majority of them are advertising reasonably low process for their services, it’s quite a challenge to find someone who can complete the process with diligence and compliance.
If you’re a first time home buyer, you need to know that the entire process can take weeks (even months) to complete and without having a wingman (a licensed conveyancer, and a good one at that), you might find it rather confusing and stressful.
it is also worth remembering that a lot of tasks are involved in the conveyancing process that you need someone who can religiously comply with guidelines and standards to keep your transaction out of trouble. This is the very reason that the Conveyancing Quality Scheme has been implemented by the Law Society: to provide strict regulations and quality standards in the conveyancing process.
To help you in finding the right conveyancer for your first home buying venture, here are the indicators of a really good one.
Good conveyancers make things (terms and the process) easy to understand for you. When they explain things, they don’t speak in jargons, and use a rather layman’s language instead.
They have an effective and rather efficient system in place to keep you updated. They won’t keep you in the dark about the progress of your case and they would generally send you an email, SMS, call you, or have you log in to their website to check updates on your transaction. Occasionally, they may also have you meet them personally to discuss matters.
More so, they would also generally get you involved in the process, especially with the paperwork, though they would generally take care of virtually all of the tasks on your behalf. Your expectations will also be properly set, especially when timelines and quality of service are involved. They would take the extra mile to even exceed your expectations if you really found an excellent one.
In terms of advice, a good conveyancer is always ready to give their professional opinion, especially when you’re facing a dilemma about the transaction. You can expect them to be pretty straightforward with what they think the problem is and what the possible solution(s) should be.
When it comes to fees, well, you can expect an ideal conveyancer to be honest and transparent from the very moment you requested for price quotes. They would give you a clearly itemised list of fees and services they will charge you for.
And quite just as importantly, you know you’re in good hands if your conveyancer is an accredited member of the Conveyancing Quality Scheme. They will have enough experience and are highly adept in the process that you could expect them to carry out the process while complying guidelines and quality standards.
Now, if you reckon these characteristics fit a number of conveyancing firms or independent solicitors on your list, you can narrow it down by comparing the prices you were quoted and the time table they presented to you.
Bear in mind though, that even though you can set an expected completion date with your conveyancer, the entire process may take longer than that (and if you’re lucky, perhaps rather quicker). Conveyancer can be quite complicated at times and this is why you need someone competent and knowledgeable enough to make it less stressful for you.