The conveyancing process isn’t technical as long as you have a lawyer. The process involves three simple steps; make an offer and await acceptance, the parties will then exchange their drafted contracts, and finally, the process is complete. The hassle is always about coming into a favorable agreement for both parties. Before a deal can be deemed successful, both the busy and seller of the property in Harborough need to agree on the price of a property.

Before the process has gone further into the transfer point, the buyer or seller can cancel the agreement. The first stage is not legally binding, and any party can withdraw willingly. 

Before getting into a contract, it is essential to know what to check for in a property. This is amongst the reasons checking the property with a lawyer is necessary. The lawyer will help you check on the following:

• The local authority search. 
• The conveyancing lawyers ensure that the information provided by the seller is accurate and nothing is hidden. This may include inquiries about the property.
• Legal issues that may be related to the property.

When both parties agree on the property and payment terms, they can sign the exchange of property contracts. It’s essential to do this with the presence of a conveyancing lawyer. When you sign the contracts, both parties become legally binding.

Upon completing the deal, the last step is the transfer of property at the Land Registry. The seller will have vacated the property by then.

Checks are a must before buying any property. Even if the property belongs to a friend, these checks are necessary. Although your conveyancing lawyer will carry out the checks, you should also know what to look out for. The following are sensitive places to check on:

• Water and drainage – A property can seem well managed from the outside but may have water and drainage issues. The lawyer should help check access and flow of water and drainage in and out of the property.
• Environment check – The property seller may be putting up the property due to an issue with the flood. They may choose to sell the property in a dry season. Such an issue, as well as land contamination, needs to be checked on.
• Local authority – Some properties may be used sitting on a highway or a government property, and you could be cheated into buying. The local authority ascertains planning, pollution, highway, and any issue related to the property.  

There are more searches that the lawyer will still carry out; hence giving them enough time is essential.

Property transfer is a legal process that may end up complicated. There are several incidences that potential causes delay and challenges in conveyancing:

• A problem with the property title, such as the owner’s identification.
• Missing information on a leasehold property.
• Wrong information to the buyer’s mortgage, such as inaccurate valuation. 
• A buyer with challenges making a single payment.
• Transacting a property with shared ownership. Such a property has guidelines about either selling or buying.
• Intention to purchase a property still under construction.
• Delay in property searches findings.
• Building survey shows hidden information about the property.

In all the above cases, the seller must first solve the issues or provide clear information before moving forward with the process. The delay could take days or even weeks.

Chain delay is a common term that is used in conveyancing. Chain delay refers to transactions that rely on the success of the other—for example, five people involved in a property chain. Jane, Peter, Matthew, Karen, and Daniel intend to sell their properties and buy new ones.

Jane is selling the property to Peter, and Peter is selling his property to Matthew. Peter will use the money he gets to buy Jane’s property. Jane will use money from Peter to buy caren’s property. And caren will use Jane’s money to buy Daniel’s property. 

All the above transactions are attached. In this case, one party is no longer willing to sell; they will slow down the chain. If Matthew no longer wishes to buy Peter’s property. Peter will not have money to purchase Jane’s property.  That hitch on one transaction will result in affecting the others.

A leasehold property is a property transferred to another person based on an agreed lease period. The new owner is a temporary owner, and the freeholder takes ownership of the property upon the expiry of the lease.

Conveyancing takes time, especially if you look at acquiring a clean property. Some transactions could happen as fast as 4 weeks with no delay. Others may end up delaying issues you can do nothing about.  When the chain is smaller, you have a higher chance of getting the transaction done in a much shorter time.

However, at all times, best in mind that conveyancing involves research and law regulations that could result in delays. Therefore, there is no specific time limit to how fast or slow the conveyancing takes.

This depends on the parties involved in the exchange. At times the buying may be willing but not able to meet the 10%. Take note that not all buyers buy property in cash as others depend on up to 95% mortgage financing. 

It could take from days to weeks or even months. This is all in the hands of the conveyancer you decide to work with. Some conveyancer services may make this happen as quickly as in a matter of days. The chain may also determine how long the property is handed over.  It takes time to move a property and the bank transactions to be completed. In such cases of chains, delays may prolong the process.

There are incidents where it has taken up to 5 months, and that’s a lot. However, AVRillo takes at most 2 months to settle property transfers.

A mortgage offer is an agreement with details of the mortgage, such as the amount and repayment plan.

You can start the process today by giving us a call at AVRillo, and we will instantly provide a detailed quote of our services and feel. Our agents are also available on the chat system. 

Our conveyancing team comprises experts that will introduce you to the whole process as well as guide you. The first step will be to set up a new file for you; after that, a conveyancing lawyer will take over all legal requirements and transactions.

Our policy guides us, to be honest, reliable, and straightforward. As a result, we have flexible and fixed fees depending on your choice. As we want your convenience, our solicitors will guide you on every step and the cost that you will incur. 

Some costs such as Capital Gains and Stamp Duty taxes may be additional charges to expect. However, no need to worry as our professionals will fill you in on the details from start to end.