In the previous article, we discussed the initial stages of the conveyancing process for buying properties in the UK. For those who do not know, conveyancing is a legal process and it is a required process that is a must when buying or selling properties in the UK. In this set of few articles, we will be discussing the conveyancing process in details. This includes specific articles on divided sections of the whole conveyancing process. Important thing to mention is that this process that is being discussed in the articles are specific to UK. However, generalised information is included too and can be followed for other countries as well.
The following article will focus on the legal aspect and other works for buying properties in the UK.
Before buying, legal work
In the previous article, it was mentioned how to choose a solicitor and what to do initially. Therefore, now, we will discuss what the legal process that must be followed properly in order to buy a property in the UK. Firstly, the solicitor that you have selected will give a good check and examine the draft contracts thoroughly. This is important because if there is any odd thing about the papers then your conveyancing solicitor will ask the solicitor of the other party to clarify why there is a complication. Therefore, as a buyer, you will be needed to check the documents that the seller has completed. Giving it a thorough check and then try to understand if anything looks wrong or not. If everything looks alright, then, you can give your conveyancing solicitor the signal to go ahead.
If you are seeking to take the property on lease or if you are planning to buy a leasehold property, your conveyancer will send the other party’s solicitor a standard Managing Agents Questionnaire. This is a required document that is to be sent to the appropriate landlord or residential agent specific to the property.
If there is mortgage
Mortgage is to convey a property to a debtor who gives you loan to buy that property. Therefore, if you are buying the property on mortgage, your conveyancing solicitor will have to look through the copy of the offer letter of the property and see the conditions and tell you if it is favourable for you or not.
As being a lawyer by profession, your conveyancing solicitor will normally do the legal work on behalf of you and the person who is lending the money to you for buying the property.
Contracts and details
Regarding a property bough via mortgage, your solicitor will only ask you to sign the contract once he or she sees that answer to all queries have been answered correctly with proper clarification. If they are to the solicitor’s liking after a thorough check, you are good to sign the contract. Moreover, before this exchange of contracts takes place, you must make sure that you have an insurance policy for the property ready. This is because your lender will not want to take any type of risk regarding the money that he is lending and the property you are buying.
Therefore, after this is rightly done, the moment you sign the contract – it is a must that you have to buy the property and the seller has to sell the property to you. There is no going back. If any party intends to back out of the deal, compensation is to be provided by them. Afterwards, your solicitor will send the deposit money to the seller’s solicitor and then it is a matter of time only before the sell is completed.
After this is done, your solicitor will prepare a transfer deed which will transfer the property’s ownership to your name. This is the time when your solicitor will bill you the total payment for his services. Therefore, be ready to pay all the expenses that your solicitor has bear throughout the conveyancing process. Completion of a property conveyancing takes about three to four weeks. This is variable depending on the property and the location from where you are buying the property. Therefore, to get such complete service from an experienced solicitor, you should check out Nigel Broadhead Mynard Conveyancing Solicitors who conveyance for properties in and around UK.