Buying a new home on the onset can seem like a straightforward process, however before long, you will identify that there is usually a lot of legal and administrative work needed before the transaction is completed. This can make the process a stressful experience for some so because of this, it is often advised that you seek the assistance of a solicitor to help you with the buying process.
Conveyancing is the process where the property of one owner is legally transferred to another. So if you are looking to buy a property in Portsmouth, you may want to consider instructing a conveyance solicitor to help you the process of buying your home as smoothly as possible.
How a conveyancing solicitor can help you with your purchase
Conveyancing solicitors Portsmouth are able to provide you with a high quality and professional service when helping you with the buying process. If you decide to instruct a conveyancing solicitor you can expect a fast and dedicated service from start to finish with regular updates, keeping you fully informed of all stages in the process whilst also working to meet your timescales and any specific requirements you may have.
The conveyancing process
Once you have instructed a conveyance solicitor, they will start making necessary enquiries and searches to check that all that is in order, and that there are no adverse matters that could affect the purchase of the property.
Following this, you will then apply for a mortgage. It is important that at this stage, you provide the lender with all the requested information so that when it is confirmed by your conveyancing solicitor, there is no confusion which can sometimes lead to the lender to reconsider their offer.
The lender will then carry out a valuation of the property known as a survey. There are three main types of surveys which are carried out when buying a property. The most popular one and most ideal is a homebuyer’s report. This report will look at the general state of the whole building including the windows and roof whilst also identifying if there are any problems in the property.
This survey also helps the lender to ensure that they can not only secure your mortgage against and that the property is worth the agreed sum. Their offer will also include specific conditions which must be met before releasing the funds.
The conveyance solicitor plays an important role as they are usually instructed by the lender to act on their behalf in order to carry out checks whilst also providing necessary information/documentation.
The next important stage of the process is the exchanging of contracts. Your conveyancer solicitor will firstly send you copies of key documents including a report confirming the main points about the property and contact and the mortgage deed and transfer for signing.
Given that all enquiries have been answered and all searches and finances are in place, the parties can agree to meet at a completion date where contacts will be exchanged. Your conveyancing solicitor will make the necessary arrangements to complete including funds and final searches.
Following the completion the payment of the stamp duty and registration of your ownership will be dealt with by the conveyancing solicitor.