The purchase of a new home is a major step. It’s among the more significant investments most people make in their lives – and it’s one that involves a great deal of administration and legal back-and-forth.
It’s vital that you reach the end of the process with a legally binding agreement that matches your needs. As such, the assistance of a skilled conveyancer can be pivotal. Getting in touch with a trusted law firm with a proven track record in property is often a good first step. But exactly how might the process unfold from there?
Understanding the Conveyancing Process
Conveyancing is the process of transferring ownership from one person, or organisation, to another. This is a very well-trodden path, which almost always involves several distinct steps. Conveyancers will perform property searches, in order to find out about the details of the property and the land beneath it. This information can help you to decide whether you want to proceed.
Assuming that you do, conveyancers will then draft contracts and exchange them with the other party to the transaction, and make sure that legal ownership is formally transferred to the buyer on the day of completion.
Key Documents You’ll Need
To buy a house, you’ll need to be able to demonstrate who you are and where you currently live. You can do this via an official document like a passport or a driving license. You’ll also need to prove that you have the money available, which, if you’re taking out a mortgage, means presenting the mortgage deed. The lender will almost always require that the home be insured, which means that you’ll need a home insurance policy, too.
Working with a Law Firm or Solicitor
Lawyers don’t work for free. As such, you might wonder whether you can cut the cost of moving by taking care of the transaction yourself. While this is possible, in cases where you aren’t relying on a lender, it is rarely advisable. The legal process requires specialised expertise, and the consequences of a misstep can often be catastrophic. As the old adage goes, the man who is his own lawyer has a fool for a client.
Managing Timelines and Deadlines
It’s fair to say that buying a home is rarely a swift process. You can expect to spend several months ironing out the details – and there’s always the possibility that the transaction will fall through. Make sure, therefore, that you revise your expectations, and that you take the time to care for your mental health as the transaction proceeds.
