Conveyancing is the legal procedure of transferring possession of properties. It is well known that transferring properties can be frantic, and to save yourself from botheration know what to do and not to do while doing residential conveyancing and make your life easy.
You can do:
- Carry out searches against the property:
These searches can also be made online which accelerates the procedure-Local authority search:
This search will reveal if there are any issued notices by the local authority or any approval applications made by the recent owner, whether there are any complaints about the roads made by the local authority or any road schemes involved that would affect the property.
- Drainage search:
This would reveal all the important information about the sewerage system within the boundary of the house and whether there are any mining shafts near the property.
- Environmental search:
This provides information regarding the locale that surrounds the property such as whether there have been any incidents of environmental pollution or damage in the area caused by the local firms or industries.
- Investigation of title and other enquiries:
In the initial stages of residential conveyancing, the buyer’s solicitor will meticulously go through the draft contract prepared by the seller’s solicitor. In order to make sure the property belongs to the seller, he/she will ask for title deeds (Land registry title) and other related documents which show the details of rights granted for the property and whether there are any mortgages on the property.
- Exchange of contracts:
In the occasion of exchange of contracts, the buyer usually has to pay a deposit (5% to 10% of the purchase price) on this occasion.
- Stamp duty:
Check whether there is a tax levied on documents involved and pay it off within the thirty days of completion or the full payment of the property.
- Land registry:
The buyer has to put through an application to the Land registry to register himself as the new owner of the property. This application should be made within two months of the purchase.
You shouldn’t do:
- Ignoring bleak clauses:
You cannot ignore any clause written on the deed so that you don’t fall under any false circumstances.
- Don’t delay:
Don’t leave anything for the eleventh hour, whether it is the payment of the mortgage loan or simply putting through a submission to the land registry.
- Believing the myths regarding solicitors:
There is a myth that you must hire a local conveyancing solicitor recommended by the state agent. But because of this, often you have to pay too much money for a second rate service since the state agent is generally concerned about the commission he will be receiving from the local authorities rather than providing you with an excellent service. The state laws these days have fixed fee rates for conveyancing solicitors which are there to save your hard earned from being wasted.