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Conveyancing Lawyers for First Time Buyers – What to Expect
Buying your own home for the first time can be a highly daunting prospect.
Buying your own home for the first time can be a highly daunting prospect. The legal side of purchasing property is full of new words and terms that you may not understand and almost everybody knows someone who has a horror story about buying property, involving sellers pulling out at the last minute or other nightmare scenarios.
It is easy to be intimidated by the world of property law and property lawyers, particularly if you have had no dealings with solicitors in the past, but Conveyancing Lawyers are there to do the hard work for you and good conveyancing services will help to reduce your stress, rather than add to it.
What is conveyancing?
Conveyancing is a word you may not have come across before deciding to buy a home. It simply describes the legal process when property changes hands from one person to another. Residential conveyancing is the type that you’re most likely to be involved in, dealing with the buying, selling and renting of homes and personal properties. Commercial conveyancing deals with sales and leases of business properties.
What do Conveyancing Solicitors do?
Conveyancing solicitor or conveyancing lawyer (same thing) deals with all the paperwork and steps that are required by law for transfer of equity that is transferring the title deeds of a property from one person’s name to another.
When you are buying a property, you need to employ the services of a Conveyancing Solicitor. They will take over from the time you make an offer with the estate agent and instruct you on any documents that need to be signed and organise environmental, water and drainage and Local Authority searches. They also arrange for payment of relevant taxes and work with your mortgage lender to arrange funding of the purchase.
Conveyancing services will also be needed if you choose to remortgage your property in the future or for drawing up residential property leases if you decide to rent the property out.
How long does conveyancing take?
The length of time from putting in an offer to completing a property can be as little as 6 weeks or could take longer than 12 weeks, depending on time to complete searches and other buyers and sellers in the property chain. As a first time buyer, you are placed at the bottom of the chain, which usually makes things more straightforward. The average conveyancing time is around 10 weeks.
John Smit is the owner of Easylawyers which is a legal firm established by group of expert conveyancing solicitor. Easylawyers specialises in transfer of equity.