Residential Conveyancing- A Beginners Guide To Buying A Property
Reason why residential conveyancing is done
The checks ensure that you know everything about that property commencing from local environment to any unpleasant things that site may have undergone before the building was constructed or simply it ensures what exactly you are being sold. No buyer can afford to ignore this aspect in todays highly dynamic business environment.
With creeping gossamer of uncertainty and possibility, Residential Conveyancing has become a vital aspect.
Steps
Lets start with the steps now
First things first, you need to know what kind of a house you want. Once, you have agreed on mortgage, now you need to render the proposal to the seller, and if the seller accepts the proposal.
The next business phase starts
Firstly, you need to pay a visit to solicitor to ensure that property is good enough to be purchased. If you dont know the nuts and bolts of legal solicitors, you can Google it like residential conveyancing in Salisbury or residential conveyancing in Arizona. Now that you have searched a host of solicitors, now its the right time for a plan of action.
The challenge for individuals is not only to identify the right company, but also the right price. You cant strive to take the next level if you only go on price albeit it is advised to go with a person whom you trust, and with whom you want to deal with. After this gazumping and gazandering the process begins
Now, the solicitor will start making a contract whereby he will be detailing disbursements that you will need to pay.
The other details will include the selling price, fixtures and fittings involved in same, legal restrictions, land and registry fees, VAT, stamp duty, search fees, energy performance certificates, home information packs, description of services to the property and completion date for purchase.
Your solicitor will also ensure that you get a good title to the land i.e., the seller has a full right to sell the land. The crux of matter is, it should not be a disputed land.
The checks that he will perform are mentioned below
Environmental Checks- This search helps you to know if the ground is subject to mining area or is prone to flood, or has issues of Radon Gas or has fuel treatment plant nearby.
Local Authority Checks- Local Planning Check will ensure whether any pending planning applications that can affect your land. Also, you can visit to local planning office to view if any plan is pending.
Chancel Repair Check- Chancel Repair Check will ensure that whether you need to pay any amount for repair and maintaince of their chancel. The process would become all the more convenient once churches have to register for a chancel charge. Also, there is chancel insurance that you can take to cover exigencies, but a trust worthy solicitor can sort this for you.
Mining Search- This search indicates if that is mining area, a detailed report needs to be presented to check whether mines would have any effect on the property or not.
Other searches include Bankruptcy search, brine search, HM Land registry search, HM Land Charges Search, Index Map Search, Tin Mining Search and Drainage and Water search.
Once the checks are complete, now its time to complete the conveyancing process. But before that you need to check the disbursements that your solicitor will pay on your behalf
Disbursements- a solicitor will pay VAT, stamp duty, registry fees and search fees on your behalf.
Stamp Duty- It is a tax imposed by Govt. There is no stamp duty if the property is purchased for 125,000 or less.
First time buyers need not to pay stamp duty if they purchase a property for 25,000 or less.
Energy Performance Certificates- Energy Performance Certificate indicates whether the home is energy efficient or not. For example, it details the cost of heating, lighting, and other emissions. It also gives you a practical advice on how to cut the cost and remain sustainable to the environment. Since 1 October 2008 every building need an EPC certificate when they are bought, sold or let. The EPC certificate is provided by the seller of the property.
Exchange of Contracts
Once everything is settled between buyer and seller the transaction becomes legally binding. The buyer solicitor will talk to sellers solicitor and discuss the intricacies of the contract. If everything is fine, dates are allotted for the contract. The completion date is inserted, and both the buyer and seller are responsible to honor the contract.
Home Information Packs
The houses registered for sale on or after 21 May 2010 wont require Home Information Packs albeit they will require an EPC or Energy Performing Certificate.
Joint Tenancy
If you are purchasing a property, you need to decide whether you want a single ownership or joint ownership. If you plan to take a joint ownership, you need to decide on how property is structured. It is usually suitable for married couples, as it automatically provides the property to other partner, in case, one partner passes away. Hence, it removes legal hassles in transferring the property.
Not to forget, there is a host of Govt and online sites that can give you accurate quotation and useful advice.
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