No doubt, when it comes to buying a new home, it can turn out to be a legal minefield. For many people, however, the most daunting process is the conveyancing. Before you embark on this process, surely you will have a number of questions that you wish to ask your solicitor. You should know that conveyancing is the name given to the process of transferring the ownership of your property legally when the time to sell and buy comes. This starts when you as the buyer have to make an offer and finally hand over the keys.
Although this process can take a long time and turn out to be a frustrating one, if you work with the right East Dulwich estate agents, the process can end in time. In London, finding the right house of your dreams is just one of the first hurdles you need to cross. In order to turn the key to your door, you will have to be able to make the move on time and secure your property. When you consult your solicitor, here are some of the top common questions you are likely to ask your solicitor when buying a home in London.
How Does the Process of Conveyancing Work?
As mentioned earlier, conveyancing is a legal process of transferring your property (from the seller’s name) to the buyer’s name after making a successful offer. Once you instruct your solicitor, they will write to the seller’s solicitor requesting a copy of the contract draft alongside the other supporting documents. They will check these documents thoroughly with your estate agents such as Fish Need Water and raise any issue which will need further attention. They also conduct property searches with the local authority and utility companies, which will raise an issue that could not be picked during the surveying or viewing process. In most cases, these searches are a part of the standard routine, while others may be required by your lender in specific areas.
Once all of these checks in place, on your behalf your solicitor will exchange contracts, and liaise with the solicitor. When the contracts exchange, your solicitor will inform you of the final figure that you need to pay and they should transfer this into their account before completion. Once this ends, your solicitor will ensure that all loose ends tie up. This includes registering your name as the new owner of the property, payment of related fees and sending the deed titles to your mortgage lender.
What Should I Do?
After you instruct your chosen solicitor to begin the process of conveyancing, you will need to go through the draft of the contract and raise any queries you have with your solicitor. You have to make sure that you check the tenure of the property to see it is on a freehold or leasehold basis. If you decide to buy a leasehold property, it is essential that you check how long you have to leave it on the lease. Any time less than 80 years remaining and you will have to consider extending the lease. You also have to ensure that you have your mortgage in place, conduct other surveys, and arrange building insurance before you finally exchange contracts.
When Should I Instruct My Solicitor?
The process of conveyancing itself begins when you make an offer on the property, at this point; you will need a solicitor before you can move on to the next stage and exchange contracts. As such, it is always advisable that you have a conveyance as soon as you decide that you need to search for new homes to buy. This not only helps to show the seller that you are serious, but you wish to speed up the process after making an offer.
How Long Does the Process Take?
This is always a tricky question to answer because each process varies according to sellers, buyers and the people involved in the chain. It is always best to be flexible. You have to expect unexpected delays along each stage, especially in complicated and long chains. Once the buyers exchange contracts, they are obliged legally to purchase the property and from this point, it should take about 4-12 weeks before the completion and handing over of the keys.
How Much Does Conveyancing Cost?
Note that the cost of conveyancing often varies according to the property value that you buy, the solicitor you instruct and the nature of the lease. It is always a good idea to shop around and find a suitable conveyance who offers a trustworthy and thorough service for a good price. Always make sure that you check the services they offer because some firms tend to exclude additional expense to appear more competitive.
For the process of conveyancing, you should consult experienced estate agents, who can further guide you about the process. Make sure you take their advice seriously. Follow their tips and carry out your own research of how the estate market in London is growing.