Conveyancing is an integral part of the home-buying process, and it can be downright intimidating if you're looking to purchase your first home. From conducting various searches to securing your mortgage to arranging dates for signing and exchanging of contracts, a lot of work goes into ensuring a smooth conveyancing process.
Knowing how the conveyancing process typically works when you're buying a home is crucial for securing your investment. Here's an overview of the conveyancing process.
The first step of the conveyancing process is to identify the various searches that will have to be performed on a property. Searches help you reveal if there are any issues you need to know about before committing to acquire your new home.
Some searches are mandatory while others are optional. Some of the common types of searches you'll need to carry out when buying a home include:
- Land registry searches
- Local authority searches
- Water authority searches
- Environmental authority searches
- Location-specific searches
Make sure you establish what searches are required for the specific property you plan to buy. You wouldn't want to find skeletons hiding in the closet once you've closed the deal.
Getting Finances in Order
Buying a home is an expensive investment. Unless you have the whole amount required to acquire the property in cash, you'll have to find a lender to finance your home purchase.
Your lender will perform an independent evaluation of the property you want to buy so they can decide if it's worth its purchase price. If the property is worth the agreed amount, then your lender may agree to finance your home purchase. If they don't feel comfortable enough to provide funds, then you may need to seek alternative sources of finance.
Preparing and Signing of Contracts
Buying a home requires the exchange of legal documents between two parties: the buyer and the seller. As part of the conveyancing process, you'll be expected to create and sign a real estate sale/purchase contract, which will be exchanged at a later date.
Exchanging Contracts and Closing
Once the sale/purchase contracts have been duly signed by the transacting parties, a date will be set for the exchanging of contracts and completion of the transaction. The keys to your new home will be handed over to you.
Given the sheer amount of administrative and legal work required for a successful conveyancing process, it's best to hire a professional conveyancer to help make your home buying process a smooth one.Share