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.