Purchasing a new home is exciting but can be complicated. Conveyancing is an easy way to do it with fewer hassles. Conveyancing is the legal procedure that is followed when buying a home. Specific steps govern the process. If you want to hire a luxurious home then you may contact companies such as The Chicago Home.
It entails the formal transfer of house ownership from the seller to the buyer. Conveyancing begins when the seller accepts your offer and ends when you receive the keys to the house. It is possible to do the conveyancing yourself; however, it is advisable to use a conveyancing solicitor to ensure that all the legal bases are covered.
Instructing Your Conveyancing Solicitor
To carry out the conveyancing process, you need to find the right solicitor, such as Prime Lawyers, and then give them the authority, known as ‘instruct’ the solicitor, to oversee the process. You may get a couple of options and consider the fees and terms of engagement to make the best choice for yourself.
Steps Of Conveyancing
Your solicitor will contact the seller’s solicitor, who will then share the legal documents used during the process. These include a draft contract from the seller, forms, and property title deeds. Once your solicitor has received these documents, they will then study the draft contract and documents provided and establish if more information on the property is needed and whether it is freehold or leasehold.
Some of the documents shared include:
- The Fittings and contents form (TA10) which lists what fittings will be included in the sale of the house
- The Property information form (TA6) lists information about the property, such as past building and renovation works, property boundaries, planning permissions, and much more.
A leasehold property sits on land that belongs to someone else. This means that the home may pass onto that owner if the lease expires and is not renewed. A lease under eighty years is not advisable, while one under sixty years is to be avoided.
Property Searches
Property searches reveal any risks that may be associated with the property. These can be pending fees or any physical features that you should be aware of. These can include environmental contamination, radon gas, level of flood risk, location of drains and sewer lines, and many others.
All these are important to know to make an informed decision on the property you are purchasing. Some searches are a legal requirement that your solicitor will ensure are done, while others help you make the best decision.
You may find information that causes you to rethink buying the home or, for example, if you hoped to expand, but the drains do not allow you to. The search results may also give you a better negotiating position.
Completing Conveyancing
Throughout the process, your solicitor will keep you informed of the progress. After you are satisfied with the buyer, the buyer and seller solicitors will exchange contracts, and you can place the deposit. If you pull out at this stage, you may pay a penalty amount.
After paying the deposit, your solicitor will give you a final statement of the money you need to pay the seller. You deposit this amount in the solicitor’s account, then transfer the funds to the seller’s solicitor. The seller solicitor will confirm the sale with the estate agent, who will then release to your solicitor the house keys.
Your solicitor will then pay stamp duty for you and send the legal documentation to the Land Registry stating you are the house’s new owner. Your solicitor will then send a copy of the title deeds to the mortgage lender. You will then receive the original copies of the documents from the Land Registry.
