Things To Discuss With A Conveyancer While Buying Or Selling A Home
Buying or selling a home is a daunting process if you think beyond the joy of ownership or bagging a hefty sum of money. You may encounter several problems during the transaction if you fail to manage it properly. Luckily, having a seasoned experienced conveyancing team on board can save a lot of stress. You may hesitate to spend on their services for once, but the truth is that real estate transactions are complex for the inexperienced and unwary. Not handling them correctly can cause losses and delay or even disrupt deals. Here are a few things you must absolutely discuss with a conveyancer before finalizing the transaction.
Documentation is the mainstay of real estate transactions because the paperwork should be solid to prevent issues down the line. So it should be on the top of the checklist of things to discuss with your conveyancing expert. They ensure the legal and rightful transfer of the property from the seller to the buyer. It includes preparing the legal documents, arranging execution, and lodging them with the authorities. Also, the conveyancer must check that the documents comply with the state-specific regulation.
The timelines of the conveyancing process may vary depending on the number of buyers and sellers involved in the real estate chain. You can expect the transaction to complete in less than a month if the home has a clear title. But the process may stretch to several months for a complicated transaction with a long chain. Discussing it beforehand gives you a fair idea about getting a home as a buyer or cash proceeds as a seller.
Notice to your landlord
If you are a renter, handing in a notice to your landlord is a crucial matter. Going too early means you may have nowhere to live. Conversely, you may have to pay a mortgage and rent if you hand it in too late. According to experts at Quittance Legal Services, the best time to hand in the notice to your landlord is on the exchange of contracts. The date becomes binding only after the exchange because the defaulting party has to pay penalties.
Cost of the process
As a buyer, the last thing you should expect is to pay only the agreed price of the property. You must budget for legal fees and disbursements such as land registry fees, stamp duty, and search fees. Further, you will also have to pay for survey fee and the lender’s valuation fees for the mortgage process. Likewise, sellers must budget for legal fees and estate agent’s fees. Seek guidance on costs to avoid surprises later.
Remember to ask the conveyancing solicitor about unexpected expenses that may come down the line after sealing the deal. Paying for any proposed works later sounds painful, but your conveyancer can conduct a thorough investigation to account for it in the final price. Likewise, you will not want to be chased for the service charges of a previous owner, so make it clear there are none.
Having a conveyancing solicitor conducting your purchase or sale transaction is far better than going alone. You can focus on finding your dream home while these experts ensure it is good enough