Debunking the myths: Conveyancing explained
When it comes to buying and selling property, every journey has its own story. Some transactions are straightforward and, as you’d expect, some are a little more complex. However, at the heart of each one is the legal process of transferring property ownership – and this is called conveyancing.
Misconception: Conveyancing is a quick process.
Not always. Even the most straightforward transactions can take several weeks, normally months, to complete. If they’re more complex it could take longer. Property chains can slow down the process because everyone involved can only move as fast as the slowest person in that chain.
Advice: Be patient and allow plenty of time for the conveyancing process to be completed. It must be thorough because the conveyancing isn’t just for the sale or purchase happening now. It helps to avoid any unexpected issues in the future.
Our secure mobile app will give you real-time updates on your case, 24/7 and you can access it wherever you are. Our dedicated team will communicate with you regularly to ensure that everything is progressing smoothly.
Misconception: A mortgage lender’s survey substitutes a property survey.
Many people believe that a mortgage lender’s survey is sufficient to identify any issues with a property. However, these surveys are often only a basic valuation and may not highlight any structural issues or defects.
Advice: Consider getting a property survey done by a qualified surveyor. Think of this as an investment in your future. This could potentially save you money in the long run if any underlying issues are exposed and need to be addressed.
Misconception: You only need to pay attention to the purchase price.
The purchase price is the cost of the property only. There are other costs to consider, including stamp duty, legal fees, and survey costs.
Advice: Make sure you have a clear understanding of all the costs involved in the transaction. Budget for these costs and factor them into your overall financial plan. Ask for a detailed quote which will cover all the charges. This will help you to budget and avoid unexpected surprises.
Misconception: You can’t pull out of a transaction once you’ve exchanged contracts.
Not necessarily. There are some circumstances, where you may be able to pull out of the transaction, such as if there are issues with the title or if the seller has breached their contract.
Advice: Make sure you understand the terms of the contract and any clauses that may allow you to withdraw from the transaction. Work closely with your solicitor or conveyancer to make sure the transaction is legally binding and that you understand your obligations.
Misconception: You don’t need a solicitor to do conveyancing.
While it is legal to do your own conveyancing, it can be a risky and time-consuming process. A qualified conveyancer has the expertise to navigate any legal issues that arise during the process and ensure that the transaction is legally binding.
Advice: Hire a qualified solicitor or conveyancer to manage the conveyancing process for you. Look for a professional with experience and a good reputation in conveyancing.
If you’re in the process of buying or selling, talk to us. With four decades of legal conveyancing experience under our belts, there’s not much we haven’t seen – or been able to deal with. If you’re nervous or unsure about any part of the process, we’ll talk you through it, honestly and directly, debunking a few of those myths along the way!
