For most people buying property is the biggest purchase they will make in their lifetime. Due to this reason seeking professional legal advice by instructing a conveyancer to protect your best interests throughout the process is an essential requirement when selling or purchasing a property. At Qlupa we can recommend reputable conveyancing services provided by local solicitors who can represent you and provide professional guidance. Conyencing is the legal transfer of property from one owner to another by the exchange of contracts followed by completion. With all property conveyancing, there is a lot to organise and coordinate with financial arrangements, local searches, legal matters, regulations and sometimes local law requirements that can be complex, needing specialist expertise.
Instructing a legal representative before embarking on the process will ensure you fully understand all stages of the buying process. Typically buying a property can be defined in 5 key steps.
Step One – Instruction a solicitor Legal representative.
When deciding to sell or buy a property it’s advisable to appoint a competent solicitor / legal representative at your earliest convenience. We recommend short-listing a few reputable solicitors and seeking quotations for their conveyancing services based on your actual requirements before selecting a legal representative. Also, it’s usually wise to choose a solicitor/legal representative based on their local knowledge to help the process run smoothly and avoid any delays. They may also have additional specialist expertise with local laws and practices or experience dealing with specific types of complex purchases.
Step Two – Enquiries and Searches
Once you have agreed to purchase the property and appointed a solicitor / legal representative on your behalf. The formal contract and copies of the legal title are sent to them so they can start to conduct searches and diligence to ensure the property is as per described. The searches help to clarify that the property has no adverse problems and is legal with all planning permission for the original build incorporating any alterations, are compliant with regulation laws. Usually, particular searches are required to satisfy your mortgage providers terms and conditions, before they make an informed decision whether to lend the purchasing funds.
Step Three – Securing The Mortgage
Once your solicitor / legal representative is happy with the property searches and diligent checking you will need to apply for the mortgage and provide the information to the provider so they can fully consider your application. Usually, the lender will now conduct a valuation if satisfied with the provided paperwork to assess whether the property is worth the agreed sum and that they can secure your mortgage loan against it. Sometimes borrowing the money from the mortgage provider is subject to certain conditions, for example, essential building work may be required before the lender will release funds. In these circumstances liaising with your conveyancer and completing specific tasks will be necessary to secure your mortgage deal. Also, it’s advisable to instruct a professional property surveyor to carry out a home buyers survey before purchase, to help identify any current or future problems that could become costly repairs. We recommend upgrading to the most comprehensive survey and requesting an in-depth structural survey that also includes the roof for peace of mind.
Step Four – Signing Contracts
Before exchanging contracts your conveyancer will provide you with a pack of documents that usually include the title information, sellers property information, fixtures, fittings and contents form and mortgage deed if applicable. It’s important that you read and fully understand all the documents provided and ensure all questions have been presented to your solicitor/legal representative then satisfactorily answered. If you have any doubts or concerns during this stage you must raise them immediately before proceeding to the next stage ‘Exchanging of Contracts’. Remember to check all paperwork agreements or legal contracts relating to service charges, local laws, taxes, ownership entitlement and leasehold agreements if applicable. In some countries it’s more beneficial to own property via a company rather than on an individual basis. We recommended you fully research ownership pro’s and con’s and discuss this with your solicitor / legal representative before proceeding.
Step Five – Exchanging Contracts
Once the solicitors / legal representatives acting on behalf of the buyer and seller are satisfied searches have been completed and sufficient finance arrangements are now in place. It’s now possible for both parties to agree on a mutually convenient completion date and exchange contracts to finally purchase the property. You will need to sign documents and have sufficient funds in place for the transaction date usually, in the form of a mortgage to avoid financial penalties. Remember, once contracts are exchanged the sale is completed, you will be unable to revert the deal or receive a refund. Due, to this reason it’s your responsibility to make sure you are 100% happy to proceed with the transaction. Remember, additional funds may be required to pay stamp duty tax or local taxes upon completion. This will usually be advised by your appointed legal representatives before the agreed purchase date.
For a no-obligation consultation please get in touch when purchasing a property from Qlupa, we can recommend a selection of local conveyancers to act on your behalf.