Finding the property in Basildon of your dreams is exciting! Your next step is to secure the property! Submitting an offer and getting it accepted is straightforward with estate agent in Basildon, Roger Bates Properties. But that’s not all! Buying a new home can be complex – particularly understanding the conveyancing process – which involves the legal transfer of the property.
At Roger Bates Properties (powered by Keller Williams ‘The World’s Largest Estate Agent’), an experienced estate agent in Basildon, we endeavour to ensure your sale and purchase run smoothly, with no surprises. We have created a handy, no-jargon guide to the conveyancing process to help you in 6 easy steps.
But, first things first – here’s a little overview if you’re a first-time buyer in Basildon.
What is conveyancing?
Conveyancing is the legal term for the transfer of home ownership between a buyer and seller. The process begins once your offer is accepted on your chosen property. It completes only when you have the keys in your hand on moving day! This conveyancing process is essential to ensure that all the legalities of your sale or purchase are covered and to make certain the transfer of ownership happens with as little stress as possible.
Who does the conveyancing when I sell my property in Basildon?
Although you can do it yourself, we always recommend that a professional solicitor or a conveyancer undertakes the conveyancing process. You should instruct a legal professional as soon as your offer is accepted (or beforehand if you want to get ahead of the game). It’s wise to make enquiries and carry out due diligence so that you have several options ready. Once you have chosen and appointed a conveyancer or solicitor, they will draft a contract and advise you of their charges.
The 6-step Conveyancing Process
Step 1: Initial contact is made between legal representatives
The first task undertaken by your solicitor or conveyancer will be to contact your seller’s legal representative to request a copy of the draft contract, the property’s title and other standard forms. Your solicitor or conveyancer will thoroughly examine these documents and raise any initial queries. They will also action ‘searches’ to ensure there are no issues you need to be aware of that are not in plain sight. The most common searches are:
- Local authority searches
- Environmental searches
- Drainage and water searches
Step 2: Mortgage and survey requirements are confirmed
At this point, if you need one, you should make sure your mortgage is in place. Your conveyancer will require a copy of your mortgage offer from your lender for the next stage of the conveyancing process.
You will also be required to get a mortgage valuation. This is carried out on behalf of your mortgage lender and is to satisfy the lender that the property is secure against the amount of money they are loaning you.
A necessary survey may also be required at this stage. While not a legal requirement, whether you decide to instruct a survey on the property will depend on both the property and your specific circumstances.
Step 3: Contracts are signed
Once all the searches have been completed, queries have been answered, you have provided your mortgage offer and you are satisfied with the survey that has been carried out on the property, your solicitor agrees details regarding the transfer of your deposit funds along with a completion date. You will then be ready to sign the contract in preparation for exchange and completion.
Step 4: Contracts are exchanged
Next comes the exciting part! Exchange of contracts between buyer and seller. Your deposit is paid on exchange and you will be in a legally binding contract. The good news is that the seller can no longer accept another offer on the property and must sell the property to you. However, if you back out of the purchase at this stage, you will lose your entire deposit. There is usually a deliberate delay between exchange and completion to allow the deeds to the property to be transferred into your name.
Step 5: It’s completion day on your Basildon property!
Completion is typically set for 12 noon or 2pm on the agreed date. However, it can happen as soon as the sellers’ solicitor confirms that all monies have been received. You can then collect your keys to your new home from us. This is our favourite part of the process and a moment that always makes us smile!
Step 6: The final legal work is completed
While moving into your new property, your solicitor or conveyancer will tie up all the loose ends from a legal perspective. They will pay stamp duty on your behalf, send your title deeds to your mortgage lender and make sure you receive copies of your legal documents. They will also send you your final bill for the legal work undertaken.
Now unpack, settle into your dream property in Basildon and enjoy your perfect surroundings.
If you require further independent advice, help and assistance regarding the conveyancing process, Basildon estate agent, Roger Bates Properties (powered by Keller Williams ‘The World’s Largest Estate Agent’) can help. Contact us on 07494 803917 or email firstname.lastname@example.org
Ready to sell? Would you like a FREE Property Valuation in Basildon?
Roger Bates Properties (partnered with Keller Williams ‘The World’s Largest Estate Agent’) are your local property experts for the Basildon area. Call us on 07494 803917 or email email@example.com to find out how we can help you.
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