Conveyancing is the term for the legal process of buying a house when ownership transfers from the seller to the buyer. It can seem very complicated and drawn out, particularly if you are a first time buyer or if you have not bought a house for some time.
Many buyers find conveyancing one of the most stressful aspects of moving house because at times it can feel as though you are not in control. At Meadowview, we endeavour to minimise the stress of conveyancing through clear and regular communication with you, your mortgage lender and your solicitor. Here are our top tips to help make conveyancing simple:
One in five house sales fall through due to poor legal practices. To avoid this, ensure you contract an experienced solicitor. We are happy to provide you details of trusted solicitors who we regularly work with.
Both your mortgage advisor and your solicitor will require you to answer questions and forward paperwork such as payslips and identification documents. The sooner you can respond with this information the quicker your sale should progress.
One of the most frustrating aspects of conveyancing is poor communication. Solicitors are highly trained professionals who use legal terminology on a daily basis. This jargon can confuse customers so it is vital that you ask questions about anything you do not understand. Remember you are a paying customer so you have the right to have any of your questions answered.
Once you have contacted your preferred solicitor, they will send an itemised quote outlining the various aspects of the job. Look carefully at this quote and make sure you understand it. There can sometimes be hidden costs such as bank transfer fees that you have not accounted for since they were not present in the initial quote. Ask your solicitor for a price guarantee to eliminate any unexpected costs.
Many property solicitors use letters to communicate with their clients, slowing the delivery of information and causing frustration. To avoid this, ask your solicitor to provide you with regular updates at a time that is convenient for you. It is good to clarify your expectations regarding communication so find out how your solicitor operates. If you are keen for things to move quickly then you might benefit from finding a solicitor that uses email.
You will receive countless letters when you buy a house, having a dedicated folder will ensure that all of your paperwork is organised which will make all aspects of the sale easier to manage. The same goes for your email, create files and sub files to manage key information from Meadowview, your mortgage provider and your solicitor.
Finally, if you are busy and do not think you will have time to take telephone calls throughout the day, consider hiring a financial advisor. They can take the time to negotiate you the best mortgage deals and contact the various parties on your behalf, however be aware of the associated cost implications. At Meadowview, we regularly work with Oviso who will be able to act on your behalf. For more guidance, please get in touch.
For a quick and effective response contact our friendly and experienced team.
With the Government backed Help to Buy scheme you can move in to a new home with as little as a 5% deposit.
The 'Help to Buy Equity Loan' is available to first time buyers as well as existing homeowners.