The purchase of new residential property is an expensive investment. Therefore, it is important to make sure that the property transfer process is legal and permanent. This will prevent future problems if another party claims to have rights over your asset. Conveyancing is this process in which the legal title linked to a property is transferred from one entity to another. You will need to go through the procedure when buying or selling property and land.
You can hire a licensed conveyancer or a solicitor to facilitate this transfer and settlement of the transaction. In addition, it is critical to understand the different aspects involved in the conveyancing work. This will aid you in following up with the process and ensuring that the transfer is completed quickly. Here are some of the main elements that you should ensure are present during the transaction.
Property Review
There are assorted things about your potential property that you will not find out through the basic channels such as inspections or real estate communities. These elements can affect your legal ownership and future expenses if they are not discovered before official purchase. Therefore, you should ensure that your conveyancer has conducted all legal searches pertaining to the land. The expert should find out if there are any future local authority plans that will affect your property. The ownership and the title will need to be checked against the Land Title Registry. In addition, you should ensure that the flood risks, mining potential and other environmental issues are reviewed in relation to your new land.
Mortgage Valuation
The conveyancing process cannot proceed unless your financial capability with regard to your house is confirmed. You will need to get the mortgage documentation and present it to the solicitor or conveyancer. They will study the conditions to ascertain that the offer presented by your financer is sound. Additionally, you will need to carry out a good mortgage valuation on the property. This is a process designed to ensure that the property is worth the asking price. Ideally, you should also commission a building survey and inspection of different parts of the property. Your conveyancer will assess the documents and advise you before proceeding.
Contracts
The draft contract will be created by the seller's solicitor and your conveyancer will study the details to confirm that they match your expectation. You should discuss important issues such as the completion date of the transaction and the deposit before signing. Finally, you must exchange the signed contracts with the seller to conclude the purchase.
Share23 September 2015
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