When you are preparing for moving into a new house, you will have to deal with a massive amount of paperwork which can seem somewhat overwhelming. This is especially true when you move out of rented accommodation into a newly purchased property. You will have to find a new home for your belongings, move your belongings, and finally move into your new home.
Legal paperwork will be at the forefront of all of this, and you will be dealing with several different people, including lettings agents and solicitors. One of the processes you'll be involved in this the conveyancing process. Today, let's explore what this process is and what you can do to ensure it goes smoothly.
Here's what you need to know:
What is the Conveyancing?
The conveyancing process is the exchange of legal documents between you, the buyer and the seller. It's an agreement between all parties as to who is to take ownership of the property in question and the terms. The conveyancing process is a legal requirement for the sale of a property.
If you have sold your residential property and it has been sold in the form of a leasehold, you need to have the property valued by a local surveyor who will be able to determine the market rate for the property. They will then give you a written valuation and a certificate that details the amount of money you will be receiving as part of the sale, which is called the "reservation".
How Does the Conveyancing Process Go?
In the initial stages of the sale, you and the seller will have to reach a verbal agreement as to what the property is worth, which is called the "subject to contract". After this, the contract has to be drawn up and signed by all parties.
The conveyancing process can be split into three steps, which are:
1. The Pre-Closure Agreement
This is where you and the seller agree on the property's price. In the pre-closure agreement, you can also decide on other terms such as the date on which the property is to be completed, the date you will take ownership of the property and what kind of exchange of money will occur.
During this stage, you and the seller get together to agree on all of the sale details and decide who will be taking over the mortgage from the seller and whether or not the sale is subject to a surveyor's report. You will also have to obtain a home report for any residential purchases. This is a report that documents the property's condition and any relevant information about it.
2. The Exchange of Contracts
After the pre-closing agreement has been reached, you will have to agree on the terms of the contract with the seller. This agreement is known as the contract, and in this stage, you will formally agree on the price of the property and all of the other details which have been previously agreed upon.
In the exchange of contracts, you will have to agree on all relevant information, such as the date the property will be sold, the amount of money which is to be paid for the property and the date when you will take ownership of the property.
3. The Completion of the Sale
The completion of the sale is where you finally take ownership of the property and take over all of the responsibilities which come with it. On the completion date, you will be required to pay the total amount of money for the property, and the seller has to hand over the keys to you.
?A quick note on the completion date, completion dates can be changed if a buyer or seller wants to change the sale completion date. It can be changed as long as the buyer and seller can agree on the completion date.
In addition to completing the sale, you will also be required to pay for the stamp duty, which is to be paid to the government. Stamp duty is a tax that has to be paid to the government whenever you purchase a property. The amount of stamp duty you have to pay is determined by the value of the property you are purchasing.
How to Speed Up the Conveyancing Process
You will have to make sure your mortgage is in order as soon as possible. You can do this by getting in touch with your lender and discussing your plans beforehand.
The conveyancing process can be long and complicated, but there are certain things you can do to make the process go faster and smoother. Here are just a few that you can use today:
1. Be Organised
Before you even start the conveyancing process, you should make sure you have everything you need to make the process go smoothly.
This means getting all the documents you have signed over the years, the deeds and titles to your property, and the papers you have signed at the bank. Make sure you have all of the legal papers you've signed over the years to make the conveyancing process faster and smoother.
To make sure your paperwork is in order, take the time to go through all of your paperwork and make sure you have everything you need. Search your home to ensure you don't have any important documents lying around. You should also make sure you have documents from previous sales you have made and have all that paperwork in order.
2. Have a Good Conveyancing Solicitor
It is essential to have a good solicitor who can give you good advice. They will take on your case and handle all of the paperwork you will have to deal with.
When looking for a conveyancing solicitor, you should make sure that they are a solicitor with a good reputation and highly experienced. A good solicitor will be able to give you good, honest advice and ensure that you don't have any problems which come up in the course of the process. A good solicitor will also give you good advice when it comes to the average length of the conveyancing process and how long you may have to wait for all of the documents to be signed.
3. Don't Rush
If you are looking to speed up the conveyancing process, you must remember not to rush into anything. You must take your time and make sure you don't run into anything. You should always make sure you discuss everything with your solicitor and have everything signed and sorted in good time.
Rushing into the conveyancing process might lead to mistakes or oversights, which can bite you further down the road. It's much better to take your time, follow the process, and ensure you have everything in order before signing anything.
The Bottom Line
The conveyancing process can be long and complicated, but you must understand it. It can be incredibly complicated when making your first property purchase, but you must know what you do.
If you are buying a property, make sure you have the right solicitor and take your time to go through the process. A good solicitor will be able to get the process going and will be able to give you the best advice.
If you need to find conveyancing quotes in the UK, we're here to help you. Conveyancing Calculator is an online residential conveyancing calculator. We use our trust and accurate conveyancing fees calculator to ensure you get the best idea of the costs you are facing. Browse through our website for more information.