Buying a home does not need to be as long and challenging as it sometimes is. Sure it involves much work, but if done well with the right people the process could be fast and stress-free. Buying a house is one of the most important decisions you will make in your life and throughout the process, you need to ensure that you do everything correctly to avoid future problems. When you are buying a house timeline for the conveyancing is something you should understand to know the state of the transaction.
Conveyance is vital during the buying process. Some of the process are unique according to the state of the property, obtaining a mortgage etc. But the timeline of events can be similar in every conveyancing transaction. A solicitor or a conveyancer is responsible for all the legal activities pertaining to the conveyance transaction. You have to first contact a solicitor or conveyancer and notify them of your need for their services. This is the first time you will be required to part with some amount to cover the initial expenditure. After signing the Letter of Engagement and payment of the first fees the transaction can start.
The complete buying a house timeline usually takes between 6 and 12 weeks for completion in the UK. The conveyancer will start by contacting the seller to get a confirmation of the transaction. They will then request the draft contract which comes with crucial information about the piece of property like the title. If you want to buy the property as a group, then you will have to state the nature of your partnership.
After everything is stated out clearly, the conveyancer will start his primary duty which is to draft the contract documents. He/she will also prepare the standard forms that you will have to go through; this will enable you to check if everything is as you want it to be. Here you will want to be very careful not to miss anything as every detail is important if you have a question feel free to contact your solicitor for advice.
Mortgage Clearance (if you are obtaining a mortgage)
If you are funding your purchase by mortgage, your solicitor will receive information about your mortgage and go through it to ensure that at everything is in order. He/she can also do all the legal work one behalf of your lender.
There will usually be some questions asked and inquiries made by all the parties in the process. The solicitor will settle each and every one of them and once done you will be called to sign the contract and also any documents about the mortgage. You will then be required to transfer funds to your solicitor’s bank account for the exchange to clear in time.
Signing of contract
After signing a contract and getting a building insurance policy, you can exchange contracts with the seller. Take note that is the last stages of the transaction, once contracts exchanges hands; there is simply no turning back.
After the exchange of the contract, you will be legally bound to buy the property while the seller will also be obliged to sell. Any party who will attempt to back out of the will be liable to pay the other compensation for the losses incurred. When the contracts exchanges, the solicitor will deposit some cash in the sellers, account to act as security.
The deal will complete officially once you deposit all the amount in the seller’s account. Once done the seller will drop the keys at the real estate agent’s office where you can pick it.