Property buyers and sellers often feel confused when they come across legal terms. If you want to sell or buy a property, the ownership needs to be transferred and all sorts of other legal implications need to be understood. In short, this is the field of conveyancing.
What are the steps for conveyancing?
Before hiring a professional land surveyor, you should learn about the property conveyancing process.
Find the best conveyancer:
The most important step is to locate a reliable conveyancer. You can then instruct them on starting the conveyancing process. You may also ask some conveyancers to send quotes for their services. Besides, your realty agents can give you recommendations on the best conveyancer in your locality.
Create a contract and make enquiries:
Your conveyancer will analyse the contract and related documents. They will also work with the solicitor engaged by the seller or the opposite party. Remember that you must check your new house’s tenure. If you purchase a leasehold property, you can consider leasehold conveyancing. In case the lease period is less than 80 years, it may cause an issue.
The seller also needs to fill out a form about the property details. What’s more, contract papers have proof from the Land Registry to prove the seller’s legal ownership of the property.
Conduct a survey on the property:
Though there is no legal compulsion, you can conduct a property survey process. The report of the survey will show you the defects in the house. It also tells whether you should consider further investigations. Moreover, you will learn about the need for any costly repairs. If the house needs a lot of repairs, you can renegotiate the property cost.
By interpreting the report, you will know about the type of roof, the age of the property, and the overall condition.
Investigate the title and arrange funds:
After dealing with the contract paper’s receipt, the conveyancer of the buyer will check the provided details. It is also essential to make enquiries on the property, title, and contract. The seller should provide enough responses to the enquiries. Similarly, buyers can consider the Environmental Agency and Local Authority to make property searches. They also need to have a mortgage and inform the seller’s conveyancer of everything.
Sign contract documentation:
If the conveyancer of the property buyer is satisfied, they can inform the buyers. In the case of the leasehold property, the reporting process takes a longer period. As it involves different lease terms, everything will be complex. Buyers should be content with the report before making a contract.
Exchange contracts:
The buyer needs to make a deposit and receive the signed contracts. There will be a formal exchange of the contracts, and the sale is now legal.
If the buyer makes a different decision at this time, the seller will not receive any refund. They can, however, claim a deposit for breaching a contract.
So, look for a conveyancer while transferring the property ownership to another person. Ownit Conveyancing is a reliable destination for hiring a conveyancer as a seller or buyer.
