Buying your first home is an exciting milestone, but it can also be a bit overwhelming. There are many steps involved, and one crucial aspect is the conveyancing process. Don’t worry if you’re not familiar with the term – we’ve got you covered! In this blog post, we’ll walk you through the basics of conveyancing for first time buyers, so you can approach it with confidence. Let’s dive in!
| What is conveyancing?
Conveyancing is the legal process of transferring ownership of a property from the seller to the buyer. It involves various tasks such as searches, paperwork, and ensuring all legal obligations are met. While it may sound complex, a qualified conveyancer will guide you through the entire process, making it as smooth as possible.
| Choosing the right conveyancer
Now that you understand the importance of conveyancing, it’s crucial to select a solicitor/legal executive who will handle the legal aspects on your behalf. Here are a few key points to consider when choosing a conveyancer as a first time buyer:
Experience: Look for an expert in residential conveyancing. They will have the expertise to handle any issues that may arise during the process. At Levi Solicitors, your purchase will be handled by a team, headed up by an experienced conveyancer.
Reputation: Research the conveyancer’s reputation and read client reviews. This will give you an idea of their track record and the quality of service they provide.
Our teams give an excellent service. In fact, many of our clients return to us for their next house move, or for other services such as making their wills.
We have a 4.9 / 5 star rating on ReviewSolicitors, and are ranked as one of the top conveyancing solicitors firms in Leeds and West Yorkshire. We are also in the top 20 nationwide! Read some of our reviews online to see what you think.
Cost: It’s essential to understand the fees involved.
We are proud to be transparent on price. You can get an instant quote from our online conveyancing calculator, which will set out our legal fees, the search fees and other third party costs such as Land Registry fees, and stamp duty where applicable.
| The Conveyancing Process for first time buyers
Now let’s walk through the typical steps involved in the conveyancing process:
Instruction: Once you’ve chosen a conveyancer, you’ll need to instruct them to act on your behalf. They will guide you through the necessary paperwork and explain any legal terminology.
Searches: Your conveyancer will carry out various searches to uncover any potential issues related to the property. These may include local authority searches, environmental searches, water and drainage searches and a coal search (if required). The results will help identify any risks or restrictions that could affect your decision to buy the property.
Reviewing contracts/title deeds: Your conveyancer will carefully review the contract and title deeds provided by the seller’s conveyancer. They will ensure that the terms are fair and favourable to you by raising any necessary enquiries and highlighting to you any concerns that have been revealed upon reviewing the sellers replies to enquiries and title deeds.
Exchange of contracts: Once all of the enquiries have been satisfied, and all the necessary checks and searches have been completed, your conveyancer will send you the contract to sign, along with details on how to make payment for the deposit. Upon receipt of your signed contract and deposit payment, the conveyancer will then exchange contracts. At this stage, the transaction becomes legally binding.
Completion: This is the exciting day when the property officially becomes yours. Your conveyancer will transfer the remaining funds to the seller’s conveyancer. Your conveyancer will then call you to confirm completion has taken place and that you can collect the keys to your new home.
Post-completion: Your conveyancer will handle the necessary paperwork to register you as the new owner with the Land Registry and take care of any outstanding matters, such as paying Stamp Duty Land Tax.
Conveyancing may seem like a daunting process, but with Levi Solicitors by your side, it can be a smooth and manageable experience. Remember to understand the costs involved and ask any questions you may have along the way. Congratulations on taking this important step towards homeownership!
For an instant conveyancing quote, use our quote calculator below, or contact us on 0800 988 7756.