Securing your dream home isn’t as easy as buying something from a retail store. It may involve checking some properties, contacting different brokers, checking for necessary repairs or modifications, and more. You might want to immediately secure the best house you wanted to buy, but there are legal processes involved before moving in. One of this is getting a conveyancing quotation.
What is conveyancing?
The legal process of transferring property from one owner to another is called conveyancing. It will guarantee that the home acquisition is legal including all the legal and administrative processes necessary. He or she is making sure that the client who would like to acquire a piece of land receives the title deeds and of the property itself. This person acting on behalf of the buyer is called a licensed conveyancer or the conveyancing solicitor. Aside from buying a new house, you may also have a property lawyer when moving houses, remortgaging, or Buy-to-Let.
Is it expensive?
As mentioned, conveyancing will involve dealing with a professional expert in the field. This may include getting the services of a property lawyer to ensure that transactions are legally binding. It will also ensure that it is in compliance with the law, avoiding any hassle brought by conflict or any situation that will put the buyer and/or seller in a tough situation. Good thing, there are now websites that can help buyers manage the budget for conveyancing without entering their personal details. Just like Homebuyer Conveyancing – which provides a search pledge within all its purchase conveyancing quotes while being an easy to use conveyancer costs comparison. This will give peace of mind to those planning for the unforeseen, as the offer on a property only becomes binding at the exchange of contracts.
What is the conveyancing process?
The first step of the conveyancing process is to instruct the conveyancing solicitor to help buy the house. It will start once the seller has accepted your offer to buy the property. After which, you will be arranging a survey on the property and applying for a mortgage if necessary. The same solicitor will draft a letter that will set out the terms and the fixed fee cost, then contact the seller’s own conveyancing solicitor for the contract pack. Your conveyancer will double-check this pack and the necessary documents. Once reviewed, your solicitor will ask the pre-contract inquiries they have, if any. The other party’s solicitor should answer these inquiries as they will be discussed with you.
If you are already satisfied with the terms and conditions, both parties will be guided by their respective solicitors to ensure that they are committed to the transaction. It will also include the processing of documents that will be required by the law to secure the sale. Some of the steps written are on a case-to-case basis, where some of them may not be necessary to close the deal.
There is a huge importance of undergoing a conveyancing process. This will give first-time homebuyers more confidence to know what they should expect in buying a house. Besides, this will also ensure that all buyers and sellers are treated equally and in compliance with the rules mandated by the law.