The legal procedure of transferring property ownership from one person to another is known as conveyancing. It’s normally done by a lawyer or a qualified conveyancing solicitor. When you buy a house, your conveyancer’s job is to ensure that you have title to the property, as well as all of the land’s rights and that you are informed of all the conditions before you sign a contract.
What is the conveyancing process for buying a house?
- Instruct a solicitor: As soon as you intend to purchase or sell your home, you should Instruct a solicitor to assist you with the process. That way, when you locate a buyer or a seller, your conveyancer will be able to move forward immediately. Your lawyer will open a file, lay out the charges, and confirm all of the information they require.
- Due diligence: A contract, as well as documents of the legal title, will be sent to your solicitor. They will then make inquiries to clarify points and make sure everything is in order. A property search will then be carried out at the relevant agencies to ensure there is nothing wrong with the property you intend to buy that could hinder your bank’s choice to lend on it. Some searches are required, while others are not. Your mortgage lender may need a specific search as a requirement sometimes. You must also remember that your lawyer will also in many cases be acting for your lender and owe them a duty.
- Mortgage process: Your bank must get all requested information so that when your conveyancing solicitor or lawyer validates the information to the bank, should the information vary, your bank may reconsider lending you money. Then, a valuation of the property will be performed by your bank. This is to guarantee that it is worth the agreed-upon amount and that they can use it to secure your mortgage.
- Exchanging contracts: Your conveyancer will provide you with a copy of essential documents such as the mortgage deed and the Sellers Property Information Form in advance of the exchange of contract. They will also require your deposit, which will be paid on the exchange of contracts to the other side’s solicitors. This will take place after all the enquiries and anti-money laundering checks have been performed. All parties can agree on a mutually agreed completion date and exchange contracts after the funding is secured.
The conveyancing procedure can be stressful for people wanting to purchase their first property. There is a lot to plan and arrange, such as legal issues, financial arrangements, and regulations to follow. Alfred James & Co Solicitors LLP is one of the best Conveyancing Solicitors in Croydon. Contact them now at 0-20-8681-4627 for any queries.