Buying or selling a home can be an exciting yet overwhelming experience, especially for first-time property buyers and sellers. With the ongoing issues within the UK property market, the dream of securing the perfect home can quickly turn into a nightmare.
Residential conveyancing is a vital part of the buying or selling process, as it involves the legal transfer of property ownership. In this simplified step-by-step guide, we’ll walk you through the residential conveyancing process and make you feel a little bit more confident when it comes to entering the housing market.
Step 1: Contact a residential conveyancing provider
To begin your residential journey, you should select a conveyancing provider that offers reliable service so you begin the process well-informed. When you contact a legal service provider you’ll need to provide essential details such as your personal information, the property’s address, and any specific instructions or requirements you may have for your search.
Note: Make sure that all information you provide is correct and up-to-date with your current situation as any discrepancies within the data can cause delays and issues with your conveyancing.
Step 2: Documentation draft and assessments
Your conveyancer will draft and collect the necessary documentation, including title deeds, land registry documents, and property information forms.
Depending on your provider, they will likely conduct essential searches, such as local authority, environmental, and water maintenance research, to identify any potential issues that may currently affect the property or cause problems further down the line.
Step 3: Reviewing contracts and receiving legal advice
Once you have selected the property of interest or are happy with the offer from a prospective buyer, your residential conveyancer will carefully review the draft contract and address any additional legal documents associated with the property sale or purchase.
They will explain the terms and conditions and highlight any potential barriers to securing your property transfer, ensuring you understand your rights and obligations as a buyer or seller.
Note: It is always important to seek legal advice if you have any concerns or questions related to your property search.
Step 4: Mortgage arrangements
In most instances, when you purchase a property you will need to establish a mortgage plan in order to maintain the security of your selected property. Your legal advisor will work with your chosen lender to ensure all necessary funds are in place for the completion of contracts.
Step 5: Exchange of contracts
Once you and the seller or buyer have agreed on the terms of exchange, signed the contracts, and completed all necessary checks, your conveyancer will exchange the document with the second party’s conveyancer.
At this stage, the sale becomes legally binding, and both parties are resigned to complete the transaction
Step 6: Pre-completion checks and finalising finances
Before completion, which is usually considered the final step for most property buyers, your residential conveyancer will conduct the final checks. These include a final inspection of the property and confirmation that the balance of funds required for the purchase is in place.
To ensure a speedy delivery, most conveyancing providers will meet with your mortgage lender to ensure the funds are transferred in time for completion.
Step 7: Completion of contracts
On the agreed completion date, your legal advisor will transfer the remaining funds to the relevant other parties’ conveyancer. Once the payment is received, the keys to the property will be released to you, and you officially become the new homeowner.
Following this, the advisor will register your ownership of the property with the Land Registry, ensuring all legal documentation is accurately reported to the designated officials so they are aware your possession is legally binding.
Step 8: Celebration and settling in
Congratulations! You’ve completed this guide to the residential conveyancing process and are now the proud owner of a new property. Take this moment to celebrate and focus on settling in and enjoying your new home.
Conveyancing providers make all the difference
Residential conveyancing doesn’t have to be a daunting process for first-time property buyers and sellers. By following this simplified step-by-step guide and obtaining the services of a professional conveyancer you can navigate the journey of buying or selling a home with ease.
Peter Ross offers a range of residential conveyancing services and boasts an experienced, dedicated team that has years of expertise in all things property related.
To receive our support, get in touch for a free first consultation! guide to residential conveyancing