Conveyancing is a complex undertaking that can be time-consuming and expensive. It is easy to become overwhelmed, and mistakes can be costly. Before you try buying or selling your property, it is important to familiarise yourself with the basics of conveyancing so you are better prepared to navigate the process.
1. Instruct a Solicitor
You may be tempted to try to organise your sale or purchase yourself in an attempt to save money, but an experienced conveyancing solicitor can save you time, money and stress. As well as ensuring contracts are drawn up properly, a conveyancer such as https://www.samconveyancing.co.uk/news/conveyancing also provides easy to understand conveyancing news and information, so that you have the knowledge and understanding you need.
2. Order a Survey
Among the things that can make a house move more drawn out and complicated are unexpected issues with the property itself. Finding these promptly allows them to be resolved quickly and cost-effectively.
Whether you order a surface-level condition survey, a homebuyer survey for urgent and significant repairs, or the full structural survey for the most detailed overall evaluation, will depend on the property’s age and condition. Skipping the survey completely could lead to more expense later.
3. Be Thorough
Another important part of the conveyancing process that it is easy to dismiss is the carrying out of searches. These are generally conducted by your solicitor, and should include a local authority search to identify potential legal restrictions such as listed status, an environmental search to assess risks such as flooding, contamination and subsidence, and a water and drainage search to locate the water mains and any sewers that may flow through the property. Familiarise yourself with the results of the searches and raise any potential issues.
4. Consider Indemnity Insurance
The exchange of contracts is when a house sale or purchase becomes legally binding. Before this point, there is no legal obligation and if either party pulls out of the exchange, there is no way to recover the costs already incurred, such as for the surveys and searches. Indemnity insurance is one way to protect your investment and reduce the risk.
5. Be Ready for Completion
Before you complete, you want to ensure that every issue has been resolved, that the money is ready to be transferred and that your plans for moving are solidified. Clear communication with your solicitor is key, especially if you have a specific schedule you want to keep.
These are just some of the things you need to be aware of when going through the process of buying or selling a property. By fully informing yourself and paying attention to detail, you can minimise the risk of delays or complications.