If you are planning to buy a new home in the UK, then you need to undergo a lot of legal formalities. Buying and selling property requires patience as there are many rules and regulations to be followed in the property market. Conveyancing is a process used to transfer legal ownership title from the seller to the buyer. Following are few important factors to be considered for a stress free property transaction.
- Finding property – Check with the local property dealers, papers or internet ads to find your dream house. Find a property within your budget and calculate other miscellaneous fees like property dealer’s fee and conveyancer’s fee in advance. Take out proper information like the contact details of the seller, quoted price of the property and approximate possession dates, etc.
- Hire a smart property conveyancer – The success of the entire conveyancing process depends on a good solicitor. Hire a smart property conveyancer who has a good work profile and knowledge of the domain. You can check for online conveyancing firms and compare quotes of their service with others in the business. A good conveyancer will take care of all the legal formalities and paperwork in transferring the ownership title.
- Get involved in the process – Although your conveyancer will take care of most of the things in the process, but you should be aware of what is happening with your deal. See that your conveyancer updates you regularly about the progress in the deal. Always be in touch with him for any query or doubt during the deal. Read all the documents properly before signing them.
- Keep all your documents ready – The buyer and seller both will have to submit few important documents to complete the legal paper work. Make sure all your necessary documents are in place and ready for filing the draft or exchange of contracts stage.
- Money should be handy – If you are planning to buy a new house, it means you have already calculated your income and expenditure and have saved enough to complete the purchase. After the exchange of the contracts stage, you might be required to deposit the first installment of your new house to the seller party. Make sure your mortgage is approved and you have enough money to pay the first deposit.
- Don’t hurry for the possession – Always ensure you have received all the legal documents of the property and all the processes are over. Complete stamp duty and registration processes before finally taking over the property.
As a buyer you should be aware of all these factors that will help you in achieving a smooth and successful transaction.