Conveyancing Assistance When Moving Home
The sale or purchase of a home is a stressful time even when things are running smoothly. Ensuring that you are fully covered from all aspects of the moving process, and legally covered and understand your rights and obligations should be a priority. Conveyancing is the process in which a property is purchased or sold, including the raising of money through a mortgage provider such as a bank, building society or other type of lender. A professional conveyancer will help you understand all aspects of a property transaction, and will even be able to assist should you be looking to remortgage your current property in order to obtain a better deal or to raise extra funds.
There are a few different processes that must be undertaken when completing a transaction of a property between two parties. As a buyer it is important to understand whether or not you will be accepted for a mortgage, and what type and size of mortgage you can expect to be given, as well as the amount you would be expected to put down as a deposit on a property. Your conveyancer will put together the expected protocols, including putting together local searches on the property in question. Property searches deal with the records of the local authority where the property is situated, including anything that could seriously affect the price of the property such as potential planning and infrastructure developments in the immediate vicinity. It will also take into account the plot of land and any water and drainage problems, environmental concerns and all other aspects that could affect the property long-term.
Whether a property is freehold or leasehold could have serious implications for a potential mortgage or future sale. It is therefore vital that you seek legal advice from your conveyancing expert on the matter. They will be able to answer all relevant questions on the specific property before commencing with a purchase offer or an attempted sale.
Once you are ready, whether as the seller or the buyer, and the other party is also ready, the contracts can be exchanged on the property and the deposit paid by the buyer. A specialist conveyancing solicitor has the ability and legal expertise to assist you in drawing up the contracts and ensuring that both parties can come to agreed terms. It is at this point that a property transaction becomes legally binding, with the exchange of contracts ensuring that all involved parties are now legally bound to complete on the transaction.
The completion stage of a property transaction is the moment when contracts are exchanged and a date of completion is agreed. As soon as the seller of a property receives the agreed purchase price they must move out of the property, as the buyer is the new legal owner.
The time it takes to complete a property purchase very much depends on the individual circumstances of both buyer and seller, and whether there is a property chain involved in the process. On average it takes between 6-12 weeks. Having expert conveyancing solicitors by your side throughout the process will ensure you are fully covered for all legal aspects.