What To Do Before Conveyancing
Conveyancing is the process of transferring property ownership from one person or entity to another. Thousands of conveyancing processes are undertaken each year in the UK alone. Whether you’re looking to buy or sell, you’ll need to get a conveyancer to handle the paperwork and legal fact-finding for you.
So when should I get a conveyancer? Well, you should start looking for one well ahead of time. However, there is a checklist of things you need to have done before you get started on conveyancing.
Agree on pricing
Whether you’re the buyer or seller, you want to agree on the pricing of the property before you get into the details of the sale. This could help avoid gazumping and gazundering later on in the process which can waste one’s time and leave a bitter taste in the entire experience. The seller vets the bids he or she receives, obviously having set a bottom figure. In most instances there will be a bit of haggling. However, note that until the exchange of contracts, the seller can accept another better offer. The buyer on the other hand has been looking at other properties, rejecting those above his/her financial reach. When the two meet halfway and a buyer’s bid is accepted, the two parties should be clear on the figure to avoid misunderstandings later on.
For property that has been obtained immediately after the death of the previous owner, a probate process is likely to occur. Probate can be a long process so a seller should be sure to have that completed before listing a property. Besides, the court could include other beneficiaries in the ownership of the property thereby altering the direction of the process.
When the probate process goes through, there is need to have a change of names on the titles. Legally, you cannot sell a piece of land until your name is on the document. This process is required even where one is selling property that was previously owned jointly with a spouse. Luckily, a conveyancer is needed to do this too so one can have him/her do the name change as well as the sale. You should make sure you shop around for a quote as prices for residential conveyancing can vary drastically, especially if you get a referral from your estate agent.
As a buyer, you want to have a mortgage valuation undertaken before you decide to pay a certain amount for a house. This is to avoid paying much higher than your bank is willing to. This would leave you with a deficit. I
If everything checks out as a buyer, you want to ensure you have the financing ready before you engage your conveyancer. Normally a buyer pays 10% of the total value during the exchange while the rest is paid on completion. Delays in payment can stretch the process or lock you out of the purchase as per the agreed terms of sale.