A brief guide to conveyancing
When you decide to sell your home, it can be a time of great stress.
Even if you have sold properties before, with an ever-changing market and fluctuating house prices, it can be an unnerving time.
If you are completely new to selling property, you probably feel as though you are navigating a maze; there are surveyors, listings, fees and then if needed, redecoration to consider, all before you have even had your first viewing!
Luckily, there are ways to make the entire process easier to manage. As conveyancing law is such a huge area, the first thing to do is to ensure that you hire reputable conveyancing solicitors, to help you with such things as fees, listings, contracts and much more. Remember, they are professionals in this area and, while you could try to complete this alone, it will save a lot of time and money to hire a legal representative.
But what are the basics of conveyancing law to get yourself familiarised before you begin? Read on to find out!
Selling is complicated
OK, so there is a media image of a person just walking up to a home, with a cheque and successfully buying the property. The truth is, even if you won the lottery tomorrow, you wouldn’t be able to do this!
The process of transferring the ownership of your property to another person takes time and needs to be completed in stages, with checks being made by the buyers representative and your own conveyancing solicitors near Portsmouth.
Your home will be checked
You have lived in your home for years and probably see nothing inherently flawed about the structure of the building.
However, any potential buyer will usually send a solicitor round to check the home before contracts are exchanged. This is to check for things like safety violations, flood risks and so on. While this may seem trivial to you, they can really damage the asking price of your home, so ask your own conveyancing solicitors from Portsmouth to check these same areas before the inspection occurs.
Another advantage of hiring a legal professional is that they will be able to draw up a contract for your property, for the buyers representative to inspect and vice versa.
This saves a great deal of time if you hire the solicitor at the beginning of the process and will once again save you money.
Once you and the buyers are happy, the legal representatives will set a completion date. This is a time to celebrate as now, the buyers are legally obliged to purchase your home for the price that was agreed to. Perfect!
When the completion date arrives, it is up to the buyer’s solicitor to ensure that funds are paid from the buyer into your specified account.
Once this is completed, you are required to hand the keys to the property (and any required documentation) over to the buyers, and their representative will pay for the stamp duty.