Conveyancing process for home buyers

Before getting the keys to your new home, there's a process that you have to undergo to transfer the property ownership called conveyance. You need to figure out how the gears work in the process to keep yourself from getting any surprises. Here is an outline of the process.

Find a solicitor

Most people dread the legalities and signing involved in transferring ownership. So if you are part of that crowd, then getting a solicitor or conveyancer would do you a lot of good. They'll communicate to the seller's solicitor and get their draft contract and any other necessary documentation such as standard forms.

Check the tenure

Once you receive the draft contract form your seller, your solicitor will go through it and raise any enquiries if present. However, one part of the documentation you have to go through yourself if the tenure system. If it's a leasehold system, then that's a red flag especially if the lease is less than 80 years. Extending such leases can be really expensive and you need to be the owner of the property for quite some time before you can legally do this.

Inspect the property first

Conveyancing businesses such as KJB Law can assist you in doing a couple of legal searches. If you are planning on creating a motorway, check your local authority guidelines if they've got any laws governing this. Prove the seller's ownership by inquiring for the title plan and the title register documents and remember to check whether the area is prone to flooding. All these can be done at the land registry department.

Take care of your mortgage

Once you're comfortable, get your mortgage deposit and your solicitor can also help out with this. Most mortgage companies will require a mortgage evaluation to ascertain that the property properly secures the loan. You should also get a buildings insurance before the exchange of the contracts. Once you exchange contracts, you are going to be liable for any damages.

Exchange of contracts

Usually a deposit is usually sent to the seller before this process begins. After agreeing on an appropriate date and time, solicitors from both parties exchange contracts. They will read the contracts and send them to each other when comfortable. After this process, then you are assured of getting the house and the seller cannot resell the property. You can then move into the house after completing your payment. However, if you don't finalise the buying, then you will lose your deposit.