Navigating the Property Purchase: A Guide to the Conveyancing Process
by Sarah Gardner
The conveyancing process for purchasing property involves several steps to legally transfer ownership from the seller to the buyer. An overview of the process is set out below:
Engagement of a Conveyancer: Once a buyer finds a property and has an offer accepted, they will need to instruct a conveyancer to handle the legal aspects. Necessary documents, including ID and proof of funds, must be provided to the conveyancer.
Preliminary Searches and Enquiries: The conveyancer will conduct various searches and enquiries to ensure there are no issues affecting the property. Simultaneously, the buyer may arrange a property inspection and survey to identify any structural issues or defects. Obtaining a survey is optional but recommended to ensure the buyer is aware of the property’s condition.
Report Stage: Once the searches and enquiries are completed, the buyer’s conveyancer prepares a report on title. This report outlines the legal status of the property, including any issues discovered during the searches and enquiries.
Exchange: Once the buyer has concluded their investigations, both parties will exchange signed copies of the contract. At this point, the buyer typically pays a deposit, usually around 10% of the purchase price. The contract becomes legally binding after exchange.
Completion: On completion the balance of the purchase price is paid to the seller, and ownership of the property is transferred to the buyer. Once the transfer of funds has completed, the buyer is able to collect the keys.
Post-completion: The conveyancer will lodge the necessary documents with HM Land Registry to officially register the buyer as the new owner of the property.
Buying a property can be a daunting experience but that’s where an experienced conveyancer can make all the difference. DPM Legal’s dedicated team ensures that your conveyancing experience is seamless, allowing you to focus on the excitement of your new home.
For more information on conveyancing please contact DPM Legal on 01483 521 597
or visit www.dpmlegal.co.uk
Disclaimer: This post is a paid advertorial in collaboration with MoveTo.co.uk The views and opinions expressed in the linked article are those of the author and do not necessarily reflect the official policy or position of MoveTo.co.uk. #Ad #PaidPartnership #SponsoredContent
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