What is Conveyancing?
Conveyancing is the transfer of any property from one owner to another. The exchange of contracts and the completion are important stages.
However, there is a lot of legal and administrative work to be done before going ahead in the process. It can be confusing as there are different conveyancing solicitors in the chain who deal with legal and administrative aspects.
A commercial conveyancing solicitor for buying a house represents both the buyer and the lender while getting a mortgage. Before they seek money from the lender, they are required to meet all the lender’s criteria.
As a result, we strongly advise customers to double-check their mortgage offer and assess the conditions placed as quickly as possible.
The Role of Conveyancing Solicitors
A conveyancer can take care of a wide array of administrative and legal tasks to make sure that your house acquisition happens as smoothly as possible.
Here are some aspects a conveyancer deals with:
- Handling all your contracts related to your property
- Provide legal advice when needed
- Communicate information and deliver critical documents
- Help select dates for contract exchange and closing the deal
- Submit a tax return
- Work with the seller’s conveyancer to move the process forward
- Make inquiries on behalf of the buyer to resolve any lingering issues
- Examine mortgage proposal and handling specific circumstances
What is the first step in the conveyancing process?
You need to communicate your requirements once you’ve identified a conveyancer that can help you out.
The conveyancing procedure can take many months to complete and there are several phases that a solicitor must perform.
The first step is to access the purchasing file. A letter is given to you as the buyer, outlining the conditions of business, including their prices and required deposits.
You’ll also be prompted to fill out a form with basic information like your contact information, date of birth, etc.
Your conveyancer will require the name and contact information of your estate agent, as well as information on whether you’ll need a mortgage and, if so, whose lender you’ll be using and where the deposit will come from.
Your solicitor will then call the seller’s conveyancer to inform them that he/she has been instructed to act on your behalf in the property transaction.
After this, the process begins in full force and documentation piles up. A draught contract is sent by the seller’s conveyancer, together with a copy of the property’s Title (also known as ‘Deeds’).
The Title will be electronically recorded with the Land Registry if the home has been sold at least once since 1990.
However, if it hasn’t, the property may be ‘unregistered,’ which means that ownership can only be shown with the original hard copy of the Title.
How can you speed up the conveyancing process?
Conveyancing begins when you engage your solicitor and ends when the property acquisition/sale has been completed. On average, the process takes 8 to 12 weeks, but many buyers and sellers discover that it takes far longer.
However, there are things you can do to expedite the process and gain the keys to your new house sooner:
- Notify your conveyancer and lender at the earliest:
Get a loan agreement from your preferred lender before you start looking for a home. After that, as soon as your offer is accepted, hire a conveyancer and make sure they’re on your lender’s authorised panel.
- Sort out all your documentation early:
If you’re selling a house, ensure that you have all the necessary paperwork on hand as soon as you place it on the market.
- Communicate well:
Once you’ve chosen your conveyancer, tell them how you’d want to communicate with them. Let them know whether you prefer email or phone calls.
Whenever possible, instead of sending documents physically via mail, you can scan and email them to your lawyer.
Looking for Conveyancing Lawyers?
If you are looking for a law firm who has experienced conveyancing solicitors, then you can contact to Fit Lawyers. They follow a straightforward approach so that the process of purchasing a property becomes easy for clients.
They have highly skilled conveyancers well-versed in the nuances of Brisbane and Australian laws. With one-on-one assistance, they offer value for money to all their clients.