Our Preston Solicitors’ Conveyancing Do’s and Don’t's
Posted on 30th April 2020
When buying and selling property, there can be a number of factors to consider, and this can be a stressful time; you’re spending a lot of money, on the biggest purchase of your life. At MG Legal, we totally understand this and are on hand to guide our clients through the process as smoothly as possible. In order to assist, our Preston solicitors have devised the below set of ‘do’s and don’ts’, to answer some frequently asked questions about the conveyancing process.
Find the best solicitor for you
Selecting your property solicitor is the first important step, in order to initiate the conveyancing process. At MG Legal, our team of experts are on your side, and are on hand to help with all of your conveyancing needs.
Do your research
Doing your research about the property, and the surrounding area is imperative, to ensure there are no nasty surprises along the way. Your conveyancing solicitor will assist you through the process in terms of property searches, and reviewing the title, however, you should also be doing your research in terms of day-to-day living at the property, following Completion. For example, if you are moving with young children, it would be wise to check up on local schools and their performance. In addition, if you are moving for career purposes, it would be useful to check up on transport links and times, all of which will be important to your lifestyle, post Completion.
When purchasing a property, the famous phrase of ‘Caveat Emptor’ applies. Sounds fancy, and is a term used by property solicitors, on a daily basis. To you and me, this phrase simply means to let the buyer beware. The essential meaning of this concept is to place onus on property purchasers to carry out their due diligence on a property, before proceeding to Exchange of Contracts.
Our property solicitors in Preston have drafted more guidance on this here. You must ensure that you are happy to continue with the purchase, before proceeding to Exchange, also known as the point of no return, but that is a story for another day. Such due diligence should include doing your research about the property and, our solicitors in Preston would always advise, to carry out more than one physical inspection of the property, again, to ensure that you are satisfied.
Be aware of funds and fees required
Whilst being something that many of us may wish to forget about, funds and fees are important. You need to ensure that there are adequate funds in place to facilitate the transaction itself, but also the associated fees.
At MG Legal, our mantra is to not let legal fees be an added stress. We provide a five-star service on a fixed-fee basis, with no hidden extras. See our fees page for more information on what the same involve, here.
There is, of course, the need for funds to purchase to be in place, whether the same are coming via a mortgage lender, a gift or savings, for example. You will need to provide evidence of source of funds, in order to satisfy anti-money laundering requirements. It is, therefore, essential to ensure that funds can be secured, but also to prepare the relevant paperwork to evidence where the funds will be coming from. Preparation is key.
In addition, there may be additional funds required on your behalf, such as estate agent fees, survey fees, removal company fees, mortgage advisor fees, as a handful. All of which should be considered, in order to organise your finances accordingly.
Confuse a Mortgage Valuation with a Home Buyers Survey
There is a common misconception that a mortgage valuation is the same as a property survey. The two are, in fact, very different. The valuation is carried out for the benefit of your mortgage lender, to ensure that the property is to be viable security for the funds the lender is loaning. This helps the lender ensure that they are lending the correct amount of funds, in accordance with the valuation and the current market conditions.
The valuation is a short document which provides a brief summary about the property, whereas obtaining a home buyers or full structural survey, would provide extensive information about the property and its integrity. This, again, differs from your conveyancing searches, carried out by your property solicitor, which look to the area surrounding the property, as opposed to the property itself. See our blog on the importance of your conveyancing searches, here. As you can see, a survey can provide essential information about the property and, we would always advise having the same carried out, in order that any adverse issues can be revealed and rectified before Completion.
Don’t be afraid to ask questions
Within the conveyancing process, there can be a lot to take in and understand. Our team recognise this and will always explain each and every stage of your matter to you. You are, no doubt, likely to have questions and that is what we are here for, so ask away – we don’t bite.
Underestimate time scales
Our team understand that the ultimate goal, for most, is to complete the transaction as soon as possible, right? On this basis, our team do all we can to ensure that legal Completion takes place on the exact date you wish.
It is, however, important to note that there are, at some points, matters outside of our control, which can mean that this is not always possible. Whilst our team work to meet your needs in this regard, at some stages of the transaction, we are in the hands of third parties, such as other solicitors and mortgage lenders, who have their own timescales to work towards.
What we can promise, is that, we will do all we can to meet your Completion needs, and keep you updated at each stage of the transaction, so that you are fully aware of what stage we are at, what the next stage will be and how long the same is likely to take. See our blog, specific to conveyancing time scales for more information.
As you can see, there are a number of considerations to be mindful of within your conveyancing transaction, and the above covering just a handful of them. If, therefore, you have any queries, consult the advice of our Preston solicitors, who can assist with all of your conveyancing needs.
Get in touch today, by emailing email@example.com, where one of our local solicitors will be on hand to assist you.
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