If you are considering buying a home for the first time, this can be quite a nerve racking experience. You need to be careful to acquire the land legally. Before hiring a conveyancer, here is a basic guide on what conveyancing is all about.

What is Conveyancing?

This is the lawful transfer of property from one individual to another.

Before You Exchange Contracts

When the seller accepts your offer, you will exchange the details of your lawyer with them. Your lawyer will contact the seller's lawyer and receive a draft contract.

Your lawyer will negotiate the terms of the contract. The contract contains details regarding you and the seller--names, physical contact, phone contacts and so on--and information regarding the transaction, like information from the title deeds of the seller and deposits that you are supposed to make.

Your lawyer will make precontract enquiries. Your lawyer will send you the final draft contract and a form detailing information about the property.

Your lawyer will conduct significant searches to ensure the property is in good condition. These searches include determining whether there are disputes related to the property, the boundaries of the house, whether the house meets the local planning requirements and whether the property has been covered by an insurance policy.

Finally, the contract will be negotiated and the completion date will be agreed.

Signing Contracts

When you exchange contracts, you are supposed to pay a non refundable deposit. This amount is 10% of the purchase price. After the contracts have been exchanged, you cannot pull out of the contract, and if you do, you are going to lose your deposit. You may even be sued by the seller for breaching the contract.

When you have signed the contract, your lawyer will prepare a transfer document which transfers the property title to you. Both of you will be required to sign the transfer document.

Your lawyer is involved with finalising and signing the documents related to your mortgage. Your lawyer arranges for the cash to be available during the completion of the sale.

Moving In

• You will pay the remaining balance for the house and receive the keys to the house.
• You will be expected to pay land registry fees, stamp duty and solicitor fees
• After completion, your lawyer has to carry out the following final touches:

Register the ownership to the land registry. The deeds will be sent to your mortgage lender to be given to you when you finish paying off your mortgage. Inform the life Insurance company, freeholder and mortgage lender that you have completed the sale.

For more information, contact a business such as Woodgate Lawyers.