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If you’re unaware, conveyancing is vital when purchasing a house. Once this process is complete, you can move into your new home, but it can often take a lot of time.
But, what is the conveyancing process and how can you make it as simple and efficient as possible? After all, the last thing anybody wants when purchasing a house is delays and stress.
What is conveyancing?
Conveyancing is the legal transfer of the ownership of a home from the seller to you. The entire process begins when your offer on the property is accepted. The process is complete when you are handed the keys and everything has been signed off with all funds transferred to the correct bank account.
The conveyancing process is a critical part of buying a property so you will want to ensure you get it right. You could get some support from conveyancing solicitors in Manchester, for example.
Conveyancing solicitors handle the entire legal side of property purchases and transfers. They handle everything from contracts and searches to offering legal advice and transferring the money to pay for your property.
What are the conveyancing steps and how can you make the process more efficient?
The full process of conveyancing involves the following steps:
- Instruct a conveyancing solicitor
- Mortgage and deposit
- Property survey
- Conveyancing searches
- Exchange of contracts
- Completion
- Post completion
Instruct a conveyancing solicitor
The first stage of the process is to find the right solicitor and instruct them to handle the legal side of your property purchase.
The estate agent in charge of selling the property may recommend a conveyancing solicitor for you to use, but we recommend you search for your own and compare skills and quotes. You may find someone better suited to your desired property and at a good price. This is the first step in ensuring the process moves quickly and smoothly.
Mortgage and deposit
At this stage, your solicitor will check for proof of funds if there is a gifted deposit and start the whole mortgage process. This includes drafting the initial contract and checking any supporting documents with the seller’s solicitor.
You’ll want to check the tenure of the property at this stage, too, and whether it’s a leasehold or freehold. Your solicitor will advise on the next steps depending on the type and length of tenure there is on the property. Whatever documents your solicitor sends to you, ensure you reply quickly to speed up the process.
Property survey
It is not a legal requirement to have a survey conducted on the property but it is highly advised. A survey can determine the true state of the property and pick up on things like dampness or structural issues. To ensure you’re spending your money properly, get a survey. Your solicitor will help organize this.
Conveyancing searches
Next, your conveyancing solicitor will conduct property searches. This includes a wide range of factors, including checking for any potential building work or motorway construction nearby. Your solicitor will also check for flood risks, water authority searches and other potential medieval liabilities, such as local church repair.
Exchange of contracts
Once your mortgage has been approved and you have the proper financing for the deposit, the contracts for the property can be exchanged. As previously mentioned, if your solicitor sends you any documents, be sure to check them thoroughly, sign and return them as quickly as possible. This ensures everything can run smoothly and prevents any unnecessary delays.
Once you and the seller have exchanged and signed the contracts, if you pull out of the deal for any reason, you’ll lose your deposit.
Completion
You are now at the final stage of the entire process and not far off from receiving the keys to your new home. You should start organizing your belongings ready for the moving day while your solicitor finalizes the remaining documents, including a statement showing your final figure. This will need to be cleared into your solicitor’s bank account at least one day before completion. They will then apply to your mortgage lender for the loan.
You will receive the keys to the property once the seller’s solicitor confirms all funds have been cleared.
Post completion
After completion, your solicitor will need to complete the final few tasks of conveyancing which include paying stamp duty on the property on your behalf, registering the property in your name on the Land Registry, notifying the freeholder if the property is leasehold, and, finally, hand you the bill for their services.
Find a Conveyancing Solicitor
If you’re looking to purchase a property and are searching for conveyancing solicitors in Manchester, or anywhere else in the UK, consider GD Property Solicitors.
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