Buying or selling property is a lifetime decision. It takes a lot to get a buyer for your home, just like it takes longer to sell. Whether transferring your property title, selling your curb, or leasing, you should follow the due legal process.
The legal process of conveyancing is lengthy and tedious. If you are new to conveyancing, it may take you longer. That is why you need a qualified property conveyancing solicitor in Stoke on Trent to take you through the process. Here are many reasons to consider hiring a conveyancing solicitor the next time you buy or sell a property.
1 – Handling all legal aspects
The first advantage of getting help from a conveyancing solicitor is that they can handle all the legal aspects of the transaction. In some instances, the permission for planning can be obstructed based on the property’s title.
Some restrictions may limit the use of a property. In such cases, the conveyancing solicitor can support their client and explain the nuance of the case.
2 – Performing searches
Another important aspect of hiring a property solicitor is that they can help with conducting all searches before you can buy property. A conveyancing solicitor will engage with you in doing all the extensive searches for properties.
Once the property seller provides a detailed report, a conveyancing solicitor will try to conduct the search and highlight potential issues. This is important for the buyer to decide to buy, depending on the outcome of the search. The most common searches include Local Authority Search, drainage, environment, mining, and many others.
3 – Organizing finances
When it comes to buying property, you should have your finances ready. This involves getting a mortgage and ensuring you have the required deposit for the property. A conveyancing solicitor holds your hand in looking for the right mortgage lender with favorable interest rates.
As a buyer, getting locked up in a mortgage that is not ideal for you can cause serious problems. A property or conveyancing solicitor will help you go through the terms of the mortgage and ensure it is the best you can have.
4 – Transfer of funds
When buying or selling property, you need a conveyancing solicitor to have the deposit on the property paid. Before completing, a buyer’s solicitor will send money to the seller’s solicitor account. Upon confirmation of receiving the money, the conveyancing solicitor will go through the exchange of contracts, agree on a closing date, and ensure the client is handed over the keys to the property.
Once the deposit for the property is paid in full, the solicitor arranges how you will clear the remaining balance and associated paperwork completed on time.
5 – Handle the exchange of contracts
Another reason to hire a conveyancing solicitor is to take you through the legal process of buying property. A property solicitor will take you through the contract and ensure you understand all its aspects.
A conveyancing solicitor puts the terms of the contract in plain language, ensuring you understand and are satisfied with the terms of the contract. When buying property without help from a conveyancing solicitor, you risk making mistakes for not understanding the contracts you sign.
Once the contracts are exchanged and completion agreed upon, pulling out of the contract will attract a fine. With a conveyancing solicitor by your side, you can avoid any pitfalls that come your way when conveyancing.
Final Thoughts
When buying or selling property, you should hire a conveyancing solicitor to take you through the legal process. A property solicitor will help with searches, exchange of contracts, mortgage, and transfer of funds. To avoid mistakes while conveyancing when you need a conveyancing solicitor to guide you.
