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Conveyancing can be one of the most stressful experiences in your life, but with a conveyancer by your side, the process can be made as seamless as possible.
Your conveyancer will guarantee that the title deeds and any land it sits upon are legally transferred to you as the new owner of the property.
How it works
Conveyancing is the process of transferring property ownership from one individual or company to another. This task usually falls under the purview of a solicitor or licensed conveyancer.
Before exchanging contracts, your conveyancer will require that you complete several steps. These include performing local authority searches, verifying the survey and acquiring any mortgage paperwork if taking out a mortgage.
Once you are content with the outcome of these checks, your conveyancer will create a draft contract and submit it to the buyer’s legal representative. They also request a deposit. Check out for conveyancing services melbourne.
Once both parties reach an agreement on a completion date, contracts are officially exchanged – signifying that both parties are legally committed to the deal.
Once all these steps have been completed, the sale is officially closed. Your solicitor’s office will pay off any outstanding mortgage and deduct their fees from any remaining funds before sending them to the seller – usually within a few days.
Documents you’ll need
Conveyancing requires you to gather and fill out many documents that will transfer ownership of your property. These include a contract of sale, which outlines the conditions of the transfer, as well as a land title which confirms that you are the legal owner of said land.
When buying or selling a property, it’s essential that all necessary steps are completed and handed over promptly. Doing so will prevent delays in the process and enable your solicitor to move onto other matters quickly.
Your conveyancer will also order a series of searches to provide details on planning, drainage and environmental concerns. Once they receive them, they’ll review them and raise any queries (questions) with the seller’s conveyancer. Afterward, your conveyancer will write you a report outlining all their findings along with any further queries or worries you may have.
Fees
Purchasing or selling a home can be an intensely stressful and expensive process. That is why you need a conveyancer who will guide you through the procedure and guarantee all legal obligations are fulfilled.
Conveyancing fees can range depending on the type of property you’re purchasing and your location. Typically, they include conducting searches, drafting contracts and registering the transfer of ownership with the Land Registry.
If you’re purchasing a leasehold property or the sale involves a Help to Buy ISA, additional fees may apply. These should be reflected in your quote as either an increase to the basic fee or as a separate supplement fee.
If you’re selling a property to pay off a mortgage, your conveyancer must perform additional checks and procedures. They may need to determine if you can claim money from friends and family for assistance with the purchase.
Timescales
When purchasing a property, the conveyancing process can be lengthy. You’ll have to submit your mortgage application and have your survey performed, among other steps.
Your conveyancer will handle all necessary legal work to guarantee your new home is legally yours. They’ll order searches that provide comprehensive details on planning, drainage and environmental matters.
Once the searches are complete, your conveyancer will make specific inquiries with the sellers’ solicitors and request any extra documents or information that may be needed.
Once all these stages are completed, you should be able to exchange contracts and close on the property. This process typically takes 8-12 weeks for a straightforward purchase but may take longer if there are complicated issues with the property.
