Conveyancing might seem confusing and an overwhelming word for first-time property buyers. After you have selected your property, there is a lot of organization and coordination work left. Please do not get confused, we are here to explain the conveyancing process so that all your property-related work gets carried out smoothly and quickly.
Conveyancing can be defined as the legal transfer of property from one owner to the other. The exchange of contracts in the process confirms the completion of the whole transfer process. Conveyancing solicitors Essex will assist you with all the legal and administrative work before the contract exchange, and process completion takes place.
Even while opting for a mortgage, you will need a conveyancing solicitor who will act on behalf of both the lending and buying parties.
What are the steps involved in a conveyancing process?
Every property has its own set of pros and challenges. But the usual conveyancing process will include:-
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Contact a solicitor
When you decide to purchase or sell a property, contact a good solicitor immediately. This will make the whole journey smooth and seamless. Also, they will assist you with all the necessary information and paperwork needed throughout the entire process.
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Inquiries
Now, the solicitor will start working by reading through the contract copies. They will enquire about all the points and check if everything is in order. They will then carry out adverse searches to ensure that there is nothing wrong with the properties.
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Securing the mortgage
Next, when you apply for the mortgage, your lender will check everything about the property and decide its value for lending. Your Conveyancing solicitors Essex would help your lender with all the documents and information they need.
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Contract signing
As the contracts get ready, you will need to sign several forms to confirm the property transfer. You will have to clear a series of inquiries and pass the anti-money laundering checks to proceed to the next steps. You will also need to pay the deposit in the event of contract exchange.
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Completion
Your solicitor will now make all the arrangements that will lead to completing the work. It can include things like fund arrangement and final searches. The fund transfer usually happens on the completion day.
These are the steps involved in the conveyancing process. However, ensure that you are hiring a good solicitor. They will help to make the whole transfer seamless.