Conveyancing is the legal process of transferring property from one person to another. A solicitor or a conveyancer will usually conduct the conveyancing process to ensure there is a smooth transfer of legal documents and the right of ownership. Our team of property experts will take you through the conveyancing process to give you a better understanding of how it works.
Instruct your conveyancer
Before the process can begin, you will need to find a solicitor or conveyancer and instruct them to oversee the conveyancing process. Once you have appointed your conveyancer they will draw up a draft contract or terms of engagement with you to outline their charges.
Taking care of the legal work
One of the first steps of the conveyancing process involves your solicitor examining the draft contract and support documents and raising enquiries on your behalf with the seller’s solicitors. You will have to go through the forms the seller has completed and let the solicitor know if you have any queries or concerns. Your conveyancer should double-check the tenure of your new home, to establish whether it’s leasehold or freehold.
Conveyancing for your mortgage
You will need to get your mortgage in place, this includes ensuring you have the financing available for a mortgage deposit. Your solicitor will have a copy sent to them of the mortgage offer and go through all the conditions. You will then need to get a mortgage valuation, which typically happens as part of the conveyancing process.
Before the exchange of contracts can take place, your lender will require you to get building insurance for your new home. This is due to the fact you are now responsible for the property as soon as contracts have been exchanged, so it is in your interest to protect yourself.
Signing the contracts
Your solicitor will receive the draft contract from the seller’s solicitor, once this is received your solicitor will correspond with you about what is covered. Before signing the contract, your solicitor/conveyancer should ensure the following:
- All enquiries have been addressed and are satisfactory.
- Fixtures and fittings included in the purchase are what you expected.
- A completion date has been agreed upon.
- You have made arrangements to transfer the deposit into your solicitors account so that it is cleared in time of your exchange.
Your conveyancer/solicitor will tie up some loose ends including:
- Pay stamp duty on your behalf.
- You will receive your legal documents roughly 20 days after completion.
- Send a copy of the title deeds to your mortgage lender.
- Notify the freeholder if the property is leasehold.
If you're currently searching for your next property in Colchester or the surrounding areas, get in touch with us. Here at Oakheart Property, we're proud to have an experienced team of sales and letting agents across Essex and Suffolk. Our team will be more than happy to guide you through the entire home buying process.