Home Business Magazine Online
The housing market remains precariously poised at present, with the average annual domestic property growth continuing to outstrip the total wage in the area in approximately 40% of the country.
Such price hikes are also underpinned by a sustained imbalance between supply and demand in the marketplace, as a lack of house-building initiatives leaves aspiring buyers struggling to identify their ideal homes.
For those fortunate enough to have found a home, you will also have to go through the complex process of conveyancing. However, what does this mean for buyers, and what are the individual steps that the process includes?
What Is Conveyancing?
In simple terms, conveyancing refers to the legal process of transferring the ownership of property deeds from one person to another.
Although this seems relatively simple, it can be a relatively complex and time-consuming process, which is why you will need to employ a conveyancing solicitor to carry this out efficiently.
During the buying process, a conveyancer’s role is to secure the title (together with all the rights of the land), while ensuring that you are aware of any restrictions before you commit officially to the purchase.
Such an expert service comes at a fee too, with charges for a standard freehold purchase likely to range between £700 and £1,500 depending on a variety of factors.
Exploring the Conveyancing Process
However, what exactly is included as part of the conveyancing process? Here is a brief breakdown to help you learn more:
#1. Line Up Your Mortgage and Conveyancer: Before starting the process, you will need to line up your potential mortgage and chosen conveyancer. In terms of the former, be sure to obtain mortgage quotes and application forms, ensuring that you are in an informed position from the outset. Then, compare the private market to seek out the best and most qualified conveyancers, with a view to seeking out a balance between transaction costs and the quality of service available.
#2. Make an Offer: At this stage, you will instruct your solicitor and make an offer, kickstarting the conveyancing process as a result. During this stage, your solicitor should ask for a property to be taken off the market, on the proviso that you are proactive as a buyer and look to book a survey or mortgage valuation offer within a 14-day period. Then you can request that the seller’s conveyancer send a copy of the draft contract and legal pack before raising any specific enquiries that you may have.
#3. Finalize Your Mortgage and Sign Documents: As the process continues, you will reach a point where you have to finalize your mortgage and have this reviewed by your solicitor. At the same time, you can review your conveyancer’s legal report, which is a comprehensive document that includes information on searches and the final mortgage offer. Finally, all the necessary documents can be officially signed, laying the foundation for you to send the requisite deposit, exchange contracts and set a completion date.