Monthly Archives: November 2015

Conveyancing in Chelmsford: A Brief Overview

Conveyancing in Chelmsford
Chelmsford Cathedral

Chelmsford is an average sized town in Essex only 30 miles North of London. It is a great place to live with many nearby villages with their traditional charm. The short distance from London also makes it easier for residents to commute to London. If you are planning to move in Chelmsford and buying a house, you are better off hiring an experienced Chelmsford conveyancing specialist who will make the property buying process easier and smoother for you.

Buying a house or a property is a big commitment to most of the people. This can be one of the biggest milestones of someone’s life which involves huge financial commitment. People are often unaware of the process that involves process of exchanging the ownership of the property. Most people often fail to find faults in the contract, property or don’t do the necessary research before buying the property in an unfamiliar place. There are a lot of documents to exchange and the property must be checked for any faults and clear of any future concerns that may be hard to figure out for who has never been involved in conveyancing. With a small conveyancing fee, a solicitor with a wealth of knowledge of conveyancing will help you move faster through the process.

Conveyancing fees depend on whether you are; the buyer, seller or if you are remortgaging in Chelmsford. It also depends on a number of other things like the number of sellers, the sale price, sale postcode and the type of the sale property.

If you are unfamiliar with the conveyancing process, the conveyancing specialist on property conveyancing in Chelmsford will guide you through the three crucial steps. After you have agreed upon the seller to buy the house and the sale price, the first step for the licensed conveyancer is to check if the property is free of any defects, they will check legal documents of the property to see if the property is clear of any misuse, mortgage or legal concerns. They will let you know if there are any concerns that should worry you in the future. The property will also be checked by the authorities to check if it is free to be transferred.

Once the inspections are done, contracts and documents are made to accurately lay out the terms of the transfer detailing sale price, deposit and other legal requirements. Then the contracts are sent to solicitors of the both side. When both parties agree, the contract is signed by the both parties and exchanged. The legal documents from the seller are transferred to the buyer. After this the buyer can move in to the new property in Chelmsford.

Buying a house or a property isn’t what people do many times in their life. And the conveyancing process is long time consuming process. Which is why hiring a conveyancing specialist at a small conveyancing fee will save you a lot of trouble going through legal documents, contracts and making sure everything is done right and mistakes avoided.

What are pre-conveyancing, conveyancing, and post-conveyancing?

Conveyancing Chelmsford
Chelmsford Upper High Street

In England, conveyancing refers to the process of exchanging ownership of a property from the seller to the buyer. People need to understand that home buying is a long and time taking transaction. It involves papers to be signed and exchanged between sellers and buyers. That’s mean seller might need more time, better price; your solicitor is engaged in some other case; the seller’s solicitor is not responding; anything can be possible in the events of home buying. Moreover, there are a few things that you need to undertake and complete before you can buy a new home in England. Therefore, I will explain the conveyancing process in three different headings, i.e. pre-conveyancing, conveyancing, and post-conveyancing.

Pre-Conveyancing

The first time buyer is going to own a new home; therefore, they only be needed to buy a new home, but that is not in the case of the buyer who is selling a home at the same time or events. If buyers don’t have money enough to buy a home with cash in the banks, they need a mortgage or home loan to fulfil that money gap. Likewise, people can’t just visit a home “on sale” and buy it at the same date; first, they need a home that suit their income and operating money. Therefore, these things should be the part of pre-conveyancing stage in home buying deals. A few things that people needed to do before conveyancing of their homes are listed below:

  1. Selling previously owned homes
  2. Finding a home
  3. Hiring an estate agent or broker

Selling a home also need time to get enough price on the home. If there is still a mortgage or home loan left on your home, you will be paying it back to the lender. You can search a home in the area where you want the future home by yourself or you might need an estate agent who has the knowledge of the property market in that community or neighbourhood.

Conveyancing

It is done in two stages, i.e. when the seller agrees with your price and let you search the home for evaluation report and surveys; second stage is when you solicitor do all the legal work, and the papers are signed both by you and the seller. In conveyancing, solicitor or buyer will

  1. Be getting a mortgage
  2. Home evaluation report
  3. Local search report
  4. Home surveys
  5. Signing contracts
  6. Exchanged of contracts between seller and buyer
  7. Land registry
  8. Stamp Duty

Getting a mortgage need the seller’s home to be evaluated because lenders want to ensure that the home buyer is buying is worth its value against the mortgage money. Search survey is not compulsory but buyers should search the home for any repairs needed in the home. Local searches save you from any future surprise against your property such as planning for a highway, footpath, environmental search, contamination search, flood risk etc.

Post Conveyancing

While all the things needed and requirements have been met for the exchange of property titles and the land registry, there are still a few things needed to be done. Such things include moving into your new home, receiving the legal documents of the property, dropping the legal documents to your mortgage lender until the loan is paid, property repair etc.

Final Words

A transaction in Conveyancing Chelmsford is one of the most expensive and time consuming transaction. Each step of buying home need time and attention to avoid any mistake. If you are a first time buyer, you should better hire a solicitor in England, it will help you avoid any mistake, and the deal will be done by a professional in the field.