The Conveyancing Process Explained
Your conveyancing solicitor plays an important role in the sale and purchase of your new home and is responsible for making sure everything goes to plan. Whether it is commercial property or residential property you re purchasing this guide aims to cover what you should expect to happen.
Purchasing a brand new house is very different to the usual way in which you would purchase a house. Typically you will be expected to exchange contracts within a matter of weeks, often before the property is fully completed. This is often the case due to developers needing to sell plots in order to complete the work. Getting help from your solicitor as soon as possible is a good idea if you intend on buying a new property, often there is very little time between reserving and completing.
No matter if you are a first time buyer, buying residential or commercial property or an existing house you will need a conveyancing solicitor to act on your behalf.
Your solicitor will first of all check the legal title and then submit a report giving details of any legal matters needing attention from the you. Searches will be arranged and conducted on the property you wish to purchase. Your solicitor will also discuss your situation with your estate agent and seller' convayancer before finally producing contracts. The results of the searches are given to you so that any issues are highlighted.
The second stage to the conveyancing process involves the following; the transferring of your deposit to the seller, the preparation of any final completion documents for you to consider, your solicitor will prepare the deed of transfer and arrange for you to sign your mortgage deed.
You will be asked to pay stamp duty, register your ownership of the property and send the deeds to the mortgage lender as the final stage.
Normally people are buying and selling a property at the same time, often your conveyancing solicitor will deal with both instances at the same time.
These tips are brought to you by Liverpool solicitors, EAD. if you are in need of legal representation then take a look at their merseyside solicitorsl section.