Conveyancing is the process of selling a real estate property to another person. It begins with an offer and once the offer is accepted by both parties, financial settlements are completed and the deal ends the moment the buyer is given the full authority over the property. A conveyancer is the person who acts as an agent between the two parties.
Stages in conveyancing
1) Find a reputable conveyancer who can do the dealings for you. Once you have already appointed one, the conveyancer must create a contract between him and you regarding his percentage.
2) The process of conveyancing involves a lot of paper works. As a buyer of the property, you need to read the contract very well and find out if the house in under lease or not.
3) Then, you and your conveyance must check for all the legal searches to ensure that you will not encounter any problem in the future about the property. In conveyancing, factors like checking for the authenticity of the registered title and the plan of the title at the Land Registry. These two are the only way to demine whether the property indeed belongs to the seller.
4) Then check for the flood risk of the property which can also be done at the Land Registry.
5) Then there is also the water authority search to determine where the property gets its water supply and if ever some construction will be done on the property, the said construction will not cause any damage on the main water pipes.
6) The next step in conveyancing is the mortgage. As a buyer, you need to present the seller your ability to finance the property. Then, apply for mortgage valuation so the bank is aware that the property under mortgage is enough to cover the loan you are applying for.
7) Then get a building insurance which is done prior to signing the contract.
8) The contract includes the amount of money that you will be paying the seller every month. It also includes the fixtures and fittings of the house, as agreed between you and the seller.
9) Once contract has been signed, you as the buyer, has to pay the seller a fraction of the total cost; otherwise, you will be penalized.
10) Then the next step is conveyancing is the transfer of the title to your name at the Land Registry.
11) Then there are other payments to be made like the stamp duty land tax.
12) In most cases, you will receive your documents after twenty days with your name on the land title.
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