First-time buyers and conveyancing: a complete guide and what to look for in a conveyancing licitor
It’s unavoidable, if you are buying a home you will need to go through a conveyancing process. What is conveyancing? Essentially it is the legal side of the transfer of property ownership from one pern to another. you can see why it’s unavoidable then. What are the important steps in this process? Let’s break them down you can understand how to proceed.
What actually is conveyancing?
Starting from when an offer on land or property is accepted conveyancing is the legal and admin assistance required to transfer the title ownership from one individual to another. The process is complete when all documents are signed and the property or land is officially in the name of the purchasing individual.
Who should you get to do the conveyancing for your first-time purchase?
Conveyancers, licitors, and property lawyers are all equipped to assist you. As you might expect conveyancing licitors in Portsmouth would be particularly suited to the process as specialists in this area. It would be wise to find representation from meone with specific experience in property transferral. Not all licitors will have this experience make sure to look into the previous cases and reviews for your potential legal help.
What will you get from a licitor or conveyancer?
Your conveyancing licitors will conduct thorough searches based on local authorities and companies to make sure there are no building plans in the pipeline that would affect the value of your home. These searches would highlight whether or not the property is a flood risk or if it runs close to sewers. All potential costs and fees related to the property itself such as stamp duty would be identified and brought to your attention. All these details are vitally important when buying a home and the more information you have the better equipped you will be to proceed. Finally once all the above has been completed and you are happy with the sale you will transfer the money to them to make the purchase on your behalf. They will transfer all documentation over to you that you can fully enjoy your first new home!
What will it cost you?
This really depends on the licitors you opt for and the value of the property. Average conveyancing costs run in the region of £850 but this can vary greatly depending on the above factors. The final fee will include all administrative costs and the fees needed to conduct all searches with organizations and authorities on your behalf. Whatever the case good communication will mean that you will have a clear idea of exactly how much this will cost you upfront. This will avoid any nasty surprises along the way.
DIY conveyancing, is it an option?
While technically possible doing your own conveyancing should be avoided. It is a time-consuming and complex process that requires a specialised range of skills. If you miss mething while conducting your own searches then this could spell disaster for you especially if this is your first-time purchase. Mortgage lenders may even insist on a licitor or conveyancer to protect their own interest. Therefore finding reliable and trustworthy representation really is an important step towards getting you into your first new home!