Buyers in Solihull need a real estate lawyer.
Conveyancing refers to the legal procedure for purchasing a residence. In this post, we will go over the phases of the conveyancing procedure and the schedule for the conveyancing process when buying a home.
In conveyancing, the ownership of anyone is transferred to you (the buyer), legally. When your house offer is approved, the conveyancing process begins and ends with you receiving the keys to your new home.
Using the services of a conveyancing solicitor
You must first identify the suitable solicitor or conveyancer and “advise” them to handle the conveyancing procedure before anything else can occur. If you’re thinking about choosing your estate agent’s suggested conveyancing solicitor, you should check quotations to be sure you’re receiving a good deal.
You’ll want to thoroughly check the tenure of your new property in particular: is it leasehold or freehold? If it’s a leasehold property, don’t depend on your lawyer to find out how long the lease is. Leases of less than 80 years are problematic; they can be pricey to renew, and you must have owned the land for at least two years to be qualified. Leases of less than 60 years should be avoided at all costs.
There are issues you may not know about the house merely from inspecting it with estate agents or even receiving a survey. A conveyancing solicitor will conduct a series of legal property investigations as part of the conveyancing procedure to verify there are no further issues to be aware of.
Certain searches are advised by the solicitor for all acquisitions, while others are needed by the mortgage lender to safeguard them from any potential liabilities associated with the property.
These are some of them:
Local authority searches – This can help you tell if there are any pending plans for a motorway in your garden. Examining any risks of floods that can be carried out at the land registry.
Water authority searches – Let’s see how you acquire water as well as if any drains around the property may have an impact on building works.
Environmental Search – The report will include information regarding contaminated land on or near the property, dumpsites, former and current industries, comprehensive flood predictions, radon gas hazard, ground stability
issues, and other associated facts, based on the products your solicitor generally employs.
Your solicitor will have corresponded with you about what will be included before acquiring the draft contract from the sellers’ solicitor at the beginning of the conveyancing process.
Before signing the contract, your lawyer must guarantee that:
- That all inquiries have been answered satisfactorily.
- That the provided fixtures and fittings are exactly what you anticipated.
- The two parties have decided on a completion date, which is normally one to four weeks following contract exchange, though this might vary somewhat.
- That you have worked out a plan to transfer the money into your solicitor’s account in readiness for the exchange.
You could want to bargain about the deposit amount, which is typically 10% of the property’s value. However, you are still responsible for 10% of the property value even though you agree to pay less than 10 percent if you afterwards withdraw from the arrangement.
If you pay a 5% deposit and then decide not to purchase the home, not only will you forfeit your deposit, but you will also be legally liable for an extra 5% of the property’s worth.
Buyers in Solihull and Exchanging contracts
You and the seller will set a date and time to exchange contracts, which can happen at any moment during the day.
The solicitor will exchange agreements on your behalf, which is normally done by both solicitors/conveyancers reading the agreements out loud over the cell phone (which is recorded) to ensure that they are similar, and then mailing them to each other in the mail.
You will be under a legally enforceable contract to acquire the property on the date of transfer after you have exchanged contracts. This means the following:
If you do not finish the transaction, your deposit will be forfeited, and you will pay the seller extra if the deposit was less than 10%. You can sue the seller if they don’t sell. The seller cannot accept a different offer anymore.
Between exchange and completion
One of the final phases in the conveyancing process is for your solicitor to register an interest in the property, which will freeze the rights for 30 days while you settle the seller and file a petition with the Land Registry to move the rights into your name. The vendor will vacate the property (although they may leave this to the day of completion).
You should prepare for your moving day by getting organized.
The solicitor will provide you with a statement displaying the final payable amount that needs at least 1 day before finishing to be cleared into the bank accounts of the solicitor.
On completion day
Completion is usually scheduled for midday on the stated date, but it usually occurs when the purchaser’s solicitor certifies that they have gotten all of the funds due. The seller should then hand over the keys to the estate agents for your pickup. The conveyancing procedure is now complete, and you are free to move in.
Who is in charge of the conveyancing?
According to Conveyancing Sutton Coldfield, the procedure is normally handled by a solicitor or conveyancer, however, it is possible (albeit challenging) to complete it yourself if you are not paying a mortgage.
Buyers in Solihull
Your lawyer will wrap up some loose ends for you:
Stamp Duty Land Tax will be paid on your behalf. Use our free stamp duty calculator to figure out how much stamp duty you’ll have to pay.
Once your solicitor has sent your legal paperwork to the Land Registry, you will get them approximately 20 days after completion.
Send your mortgage lender a copy of the title acts which you keep until the debt is paid.
Buyers in Solihull need legal advice, so reach out today!