Most people understand the concept of conveyancing as the transferring of the legal ownership of property, but many are unclear as to what the process involves and the chain of events that lead to the conclusion of a purchase.
You will probably have a legal advisor to take care of this for you; however, by understanding the steps being taken on your behalf, you are more likely to have a stress-free experience.
You can choose a conveyancer or a solicitor to carry out a homebuyers report Cambridgeshire or elsewhere. If you choose a solicitor, ensure they are a member of the Law Society’s Conveyancing Quality Scheme.
Information
Once you have located a property you are interested in and had an offer accepted, the vendor’s conveyancer will prepare a contract of sale and the vendor will provide information about the property for your advisor to examine.
They will make some initial checks on the legal ownership of the property and make enquiries about issues the contract raises, such as rights of way, boundaries and local area matters.
At this stage, you will need to carry out a full survey of the property with the help of your conveyancer or solicitor. If you are looking for a homebuyers report Cambridgeshire, you will find lots of options. At the same time, your conveyancer will carry out searches with the local authority to identify matters such as flood plains, environmental issues and local planning matters.
Both parties will then approve the draft contract and you can sign it prior to exchange. Any mortgage arrangements should also be completed at this time and a mortgage deed signed. Your legal advisor will help with this.
Completion
Once contracts have been exchanged, the mortgage funds can be accessed, the final financial arrangements confirmed, and you can move forward to the completion of the process. At this point, the vendor will discover exactly how much they will have to pay off any existing mortgage on the property so that everything is in place for the completion date.
On completion day, all financial matters will be settled, the vendor will vacate the property and you will receive the keys to your new home.
Your conveyancer will then report the transaction to HM Land Registry, register the transaction and mortgage, and pay any stamp duty due to HMRC.