Buying a home will be one of the biggest investment in your life, and it is important to do it right or else you end up regretting later. There is a lot that goes into the process of buying or selling a home, and the whole process can be very frustrating. You will need to invest a lot of time and the paperwork will be a lot too. This is why it is a good idea to have professionals help you out with some of the things you might have a hard time understanding and will also help you save yourself a lot of frustration.
When buying your first home or any other property you will need to go through conveyancing. This is the legal process of transferring ownership titles of a property from one person to another. But what is conveyancing, who does it, and how much can you expect to spend on it. It is important to know what is involved in the conveyancing process and how it works whether you are buying or selling a home. There will be different steps taken, and each of them is important.
What is conveyancing?
The term conveyancing can be used to refer to the work (both legal and administrative ) associated with the transfer of ownership of land or building from one person to another. The process of conveyancing will start from the point when an offer is accepted. The process will end when all the final contracts have been signed and the money has been transferred from the buyer to the seller to complete the purchase.
Who does conveyancing?
When you want to buy or sell a home, you will need a conveyancer. You can hire a solicitor, conveyancing solicitors, or licensed conveyancer to help you out with the process. It is important to invest time and effort in choosing the right conveyancer, but many people usually choose the first option they get. Solicitors are all qualified to do this type of work, but not of them are experienced in doing it. This is why you are advised to choose a solicitor who has specialized in residential property transactions. You can also choose a dedicated licensed conveyancer who has experience working in similar cases as yours.
You may, however, have to choose from a list of conveyers who have been approved by your mortgage lender, or go to another conveyancer and pay the fee.
What will the conveyancer/solicitor do for you?
The first thing that a conveyancer will do when instructed is conducting vital searches with organizations such as utility companies and local authorities to make sure that there aren’t any building plans afoot- an example being a big prison next door.
The search is also important because it will help in revealing any sewers running close to the property, if the area has been categorized as a flood risk, and if there are any financial liabilities on the property from past inhabitants.
The conveyancer will also provide you with advice on other “incurred costs” such as stamp duty, go through the contract drawn by the seller which details important information such as sale price and the property boundaries and liaise with your lender to ensure that all the information needed to proceed is there.
The conveyancer will pay all the related fees on your behalf when the process is at an end and register you as the owner of the home with the Land Registry.
The cost of conveyancing will vary depending on the value of your property. An average property conveyancing fees are around a thousand dollars.