Buying your own home
for the first time can be a highly daunting prospect. The legal side of
purchasing property is full of new words and terms that you may not understand
and almost everybody knows someone who has a horror story about buying
property, involving sellers pulling out at the last minute or other nightmare
scenarios.
It is easy to be
intimidated by the world of property law and property lawyers, particularly if
you have had no dealings with solicitors in the past, but Conveyancing Lawyers
are there to do the hard work for you and good conveyancing services will help
to reduce your stress, rather than add to it.
What is conveyancing?
Conveyancing is a
word you may not have come across before deciding to buy a home. It simply
describes the legal process when property changes hands from one person to
another. Residential conveyancing is the type that you’re most likely to be
involved in, dealing with the buying, selling and renting of homes and personal
properties. Commercial conveyancing deals with sales and leases of business
properties.
What do Conveyancing
Solicitors do?
Conveyancing solicitors
or conveyancing lawyers (same thing) deal with all the paperwork and steps that
are required by law for transfer of equity that is transferring the title deeds
of a property from one person’s name to another.
When you are buying a
property, you need to employ the services of a Conveyancing Solicitor. They
will take over from the time you make an offer with the estate agent and
instruct you on any documents that need to be signed and organise
environmental, water and drainage and Local Authority searches. They also
arrange for payment of relevant taxes and work with your mortgage lender to
arrange funding of the purchase.
Conveyancing services
will also be needed if you choose to remortgage your property in the future or
for drawing up residential property leases if you decide to rent the property
out.
How long does
conveyancing take?
The length of time
from putting in an offer to completing a property can be as little as 6 weeks
or could take longer than 12 weeks, depending on time to complete searches and
other buyers and sellers in the property chain. As a first time buyer, you are
placed at the bottom of the chain, which usually makes things more
straightforward. The average conveyancing time is around 10 weeks.
Article Source: http://www.compensationsecrets.co.uk/