Whilst buying a car can be simply a case of swapping money for keys and a logbook, it sometimes comes as a surprise, particularly to first-time buyers, just how complex it is to buy a property. Buying a home presents a legal minefield. This is because very often a mortgage is involved, meaning a third party has a vested interest in the property and needs to know that their loan is secure. In addition, searches and surveys need to be completed to confirm that the property is legally owned by the sellers who have the right to sell it and that the property does not have any outstanding issues that could present a challenge for the buyers.
Conveyancing solicitors are property law experts who will manage the legal aspects of the purchase on your behalf, ensuring that you are content with their findings at every stage. They will deal with the monetary transfers and contract exchanges to provide you with the legal title to your new home. As explained by the Home Owners Association their role is crucial to the success of the transaction.
The Conveyancing Process
The conveyancing process can take up to 16 weeks from start to finish and follows the following timeline:
Instruct
The first stage is to instruct a conveyancing solicitor to manage the process for you. You could choose a local solicitor with a conveyancing department, or elect to use an online concierge service to access a conveyancing solicitor, such as Sam Conveyancing. Whichever you choose, you should ensure that they provide you with an itemised quotation that you are happy with.
Review of contract and supporting documents
Your chosen legal expert will review the contract provided by the seller’s solicitor and raise any questions with them.
Searches
They will conduct a variety of searches such as Local Authority, Land Registry, Flood Risk, and so forth as appropriate to the specific property and any concerns that you have informed them of.
Conveyancing
A mortgage valuation is required when part of the purchase price will be covered by a mortgage, and you can choose to have a survey done on the property as well. If the property is older or you are aware of any issues likely to need rectifying, you should elect to have a full structural survey completed instead of a simple home buyer’s survey. Your solicitor will also require that you have buildings insurance in place prior to completion.
Contracts
Your solicitor will ensure that you sign and exchange contracts in a timely manner as pre-arranged with the buyer’s solicitor. Before contracts are signed, they will verify that all queries have been settled to your satisfaction, you are content with the fixtures and fittings list and that the proposed completion date is mutually acceptable. Once you have exchanged contracts, you are legally bound to purchase the property.
Completion
On this date, you can collect the keys to your new home from your estate agent and move in to your property. After completion, your solicitor will pay your stamp duty for you, provide your mortgage provider with a copy of the title deeds and issue you with their bill. They will also provide you with all of the paperwork relating to the purchase of the property which you will need to keep safe as it will be required should you decide to sell in the future.
Summary
There are many legal aspects involved in purchasing a home, so employing a dedicated and trustworthy conveyancer to support you is vital to a successful transaction.