If you are in the process of buying your first property, you may be wondering what is involved in the conveyancing process. Initially, the conveyancing process can seem overwhelming, with various legal and financial matters to co-ordinate.
However, a team of legal experts will be able to manage everything on your behalf and ensure the transfer process runs smoothly. To provide you with everything you need to know about conveyancing, we have compiled this useful information.
What Is Conveyancing?
‘Conveyancing’ is a term used to describe the process of legally transferring a property from one owner to another. The actual conveyancing process covers everything relating to both administrative and legal work needed to lawfully purchase a home.
What Stages Are Involved In The Conveyancing Process?
Although every transaction is different, there are several typical stages involved in the process. First of all, if you are planning on purchasing or selling a property, you need to instruct a conveyancer. This will speed up the process for everyone and ensure all the required information is collected.
Once a property sells, the conveyancer will receive copies of the legal title deeds and the contract. They will check that everything is in order, such as planning permission and the necessary rights. The searches are then completed to ensure there are no potential issues which you should be aware of or matters which could affect the lender’s willingness to lend.
The buyer will apply for their mortgage and the lender will complete their own valuation on the property. This is designed to ensure that the buyer is purchasing a property which is worth the agreed price and the loan to value amount is correct.
Before contracts can be exchanged you will be asked to sign documents, such as The Sellers Property Information Form, The Title Information Document, The Mortgage Deed and the Transfer document.
When every conveyancer in the chain has completed their various steps a mutually convenient date is set for exchanging contracts and a completion date is agreed.
The conveyancer will also handle the financial side of the transaction and a completion statement will detail how much money you need to pay before completion or how much money you will receive after completion.
After completion on a purchase has taken place, the conveyancer will handle your Stamp Duty Land Tax submission and will register you as the new property owner.
An experienced, qualified, and knowledgeable team is essential. It can be beneficial to check previous client testimonials and to ask friends and family for their own recommendations. The team here at Bowsers are always more than happy to discuss the process and how we can manage every aspect of your conveyancing requirements. To find out more, please contact our team today.