Conveyancing is the process of transferring legal ownership of real property from one party to another or issuing a mortgage or lien. This process allows the buyer to be informed of any restrictions that come with purchase of the property because the buyer is handed the title deed for the land with the rights attached to it. This process can take 8 to 12 weeks, depending on the complexity of the property at hand but conveyancers sydney is here to make your process easier. If a mistake is not corrected early enough in the process, there may be delays.
Different countries have various systems of conveyancing. Land registration systems in many nations provide reliable records to assure the buyer a legitimate title to the land in question. Property issues are quite complex; therefore, a well-stipulated conveyancing process should be in place to support a smooth exchange. In the UK there are now online conveyancing companies like My Conveyancing Specialist who can provide an instant online quote and have good features such as no move no fee guaranties.
Some of the steps may include:
- Getting a solicitor and the first stages
- Gathering searches and further inquiries
- Applying for a mortgage and inspection of the house
- Contract execution
- Exchanging of contracts
Getting a solicitor and the first stages
Before you have a buyer or seller, you should have a solicitor to take you through the purchase process. Once you have a willing client, then you can begin the transaction process. Your solicitor will issue you a questionnaire for filling, which should be answered accurately to avoid liabilities at a later stage of the process. Incorrect information will have you on a tight spot dealing with compensating the buyer; other times, this may cause the buyer to opt-out.
If you want to sell your own house, you will have to secure an EPC(Energy Performance Certificate); this is a requirement for you to consider because you will have to hand it to the buyer before the contract exchange. This certificate is one of the documents needed.
Gathering searches and further inquiries
The solicitor acquires some documents for verification from the seller. Some of the documents include:
- Title deeds
- The form of information on the property
- Energy performance certificate
- Report on title
- Other information regarding set borders and neighbors
When inspecting the property, the estate agent might not notice some problems. Therefore, the drainage and environment searches are essential to undertake before purchase. Dealing with a series of problems with the property will slow down the conveyance process. A proper inspection is best to avoid such a scenario.
Applying for a mortgage and inspection of the house
To facilitate your mortgage application, be sure to give all accurate information of the requested data. The lender will organize a valuation of the property to validate the accuracy of the said amount. End up presenting wrong information to the lender, either because of errors made by the valuer, like possible defects of the building. You will not be able to take action on the valuer later.
These errors of the valuer can cause adverse effects because you will have acquired a property with unidentified problems. To avoid such problems, conducting a more intense survey would work. You can take the home buyers survey or even a building surveyor to check for building defects.
At this point, the buyer's solicitor has the required documentation; this includes the findings of the conducted searches and a duplicate of the mortgage offer. The seller and the buyer will meet to discuss some issues; the seller may forward a report to the buyer to advise on the following:
- Ownership options
- Mortgage repayment
- The need for building insurance
- The deposit
After all these issues have been discussed, the buyer can sign the contract to complete the process.
The final date to complete the process is set and no party is allowed to go ahead with the process until this stage is complete. Between the exchange of contracts step and handover, there should be a grace period of 7 days or more to facilitate the money transactions. Having set the completion date, both solicitors will be handling transactions; the buyer's solicitor is obligated to get the money from the buyer and the lender.
For any underlying payments to the seller, payment arrangements are done before to ensure no balances on this day. When you have bought the property, you will be given the legal transfer document and other documents on the property. The seller's solicitor will give instructions for keys to be given to the legitimate buyer on completion of pending balances.
The two parties at this stage are happy about the successful transaction. However, the solicitor on the buyer's side will have to carry out further activities like registering the property to the land registry, paying the stamp duty, and notifying the freehold owner of a leasehold property.
If it sounds like a lot of work, it is, which is why it pays to hire a specialist conveyancing solicitor to handle all the work for you.