Residential conveyancing seems like a complicated process with endless paperwork and multiple deadlines. It can be confusing to get your head around which is why this guide breaks it down into 5 easy to follow steps. From finding the right solicitor and important house surveys to exchanging contracts and insurance matters, here’s everything you need to know about the residential conveyancing process!
With the number of solicitors firms increasing, this step is just as difficult as the rest and making sure you choose the correct solicitors firm will help everything else run smoothly. Checking any testimonials they have on their website is a good place to start and you’ll want to supplement these with independent reviews. It’s important to check if the firm in question has had any issues with the Solicitors Regulation Authority, just to be sure.
Then it’s important to make enquiries regarding the state of the property and its assets. Various surveys and checks should be carried out and they’ll span from environmental matters like drainage to potential issues over health and safety, like with asbestos. Depending on how many queries are at hand, this process can take some time.
Then your lender will check that the property is valued correctly. This is a crucial stage as it’s the last chance that the buyer can take up any problems regarding the value of the property and its assets. This is why a detailed house survey is important, because it may save you a lot of money in the long run before you pay an unjustified sum for a particular asset or miss out a crucial check in the survey.
At this point, the paperwork is largely complete. If you’ve used a mortgage service then they’ll likely ask for the property to be insured. This is a crucial consideration that’s often forgotten – the buyer must always cover their own insurance from the exchange of contracts. You’ll also go over ownership rights after the deposit has been paid and then the money will be exchanged.
The date of moving in is added to the contract and nothing is completely set in stone until the contracts are exchanged, leaving either party the opportunity to withdraw from the sale. On the completion date, the deal is recognised in law and money is exchanged, as well as a set of keys for your new home!
Here at Richard & Lewis, we make sure your conveyancing needs are met, whether it’s for a residential or a commercial property. If you have any other questions, or if you’d like to know about our other services including family law and wills & probate, then don’t hesitate to get in touch with us by calling 01495 350 018 today!