From conveyancing and surveys to mortgages and equity release, legal professionals are on hand to help you with your property transactions. The experts from Home Legal Direct explain how
- Why do property buyers and sellers need professional help with conveyancing?
Conveyancing is the legal process of changing the ownership of a property from one owner to another. It’s a technical process that requires precision, so specialist help from a qualified conveyancer or solicitor is highly recommended. In a property transaction, the buyer and seller will instruct their own conveyancers to represent them. Where mortgages are involved, lenders will also require the appointment of a conveyancer to protect their interests.
- Is it practical to arrange conveyancing services online?
Online conveyancing services are more popular than ever before. By going online, home movers can get better value quotes than from traditional high street solicitors. Online conveyancing networks also offer additional benefits, such as guarantees, to give clients more protection, and flexibility, should anything change during the transaction. As they work with several firms, transactions can be moved to an alternative conveyancer at no extra cost, should the need arise. - What are the main steps in the conveyancing process?
Once conveyancers have been instructed by both parties, their details need to be shared with the estate agent. This enables the agent to draw up and circulate the ‘Memorandum of Sale’ which outlines the terms of the agreement and connects all parties. The “Memorandum of Sale” is important but is not a legally binding document. The seller’s conveyancer then initiates the legal process by preparing a draft contract pack for review by the buyer’s conveyancer, who will then: - Review the contract pack and raise enquiries (questions relating to the property and transaction for clarification) to be answered by the seller’s conveyancer
- Check the mortgage offer and create a report for the buyer
- Review search results and create a report for the buyer
- Check responses to enquires and send a report to the buyer
Surveys, both on behalf of the lender and any arranged by the buyer, will be conducted during this time. Once all parties are happy with the proposed terms, exchange of contracts will take place to make the agreement legally binding allowing completion to be arranged. Completion is the final step in the conveyancing process, where money changes hands so the keys can be released.
- How long should it take?
There are no guarantees when it comes to conveyancing as there are several steps in the process. The current industry average for a sale and purchase is 16 to 20 weeks from the point of the conveyancer receiving the contract pack. However, the timescale can vary significantly depending upon a range of different factors that may cause delays. - How much should it cost?
Conveyancing is a technical process, and the cost will vary depending on the works involved. Securing an upfront quotation from an online conveyancing network will help prospective movers gauge the cost in advance. During the process, unexpected issues can crop up which may incur additional fees. It is critical to budget for unexpected additional costs which may not have been anticipated at the time of quoting. These costs generally occur when new information comes to light during the conveyancing process or when there has been incomplete disclosure by the seller or agent. Conveyancers will be able to explain any surprises that lead to extra costs during the process. - What is the importance of a home buyer’s survey?
A Home Survey (Level 2) is a great way for buyers to find out more about the building they are planning to purchase before they move in. Focusing on its condition, this kind of survey can provide invaluable information about the property but only covers what is easily accessible. The findings can tell buyers about any repairs needed which can help them renegotiate the asking price to help cover the costs. It also allows the buyer to plan for any repair works in advance, as the report grades them from urgent to recommended.
- What is Home Legal Direct’s ‘no move, no fee’ promise?
In current market conditions, property transactions do not always reach completion. Home Legal Direct’s ‘no move, no fee’ policy means clients will not be charged legal fees for matters that do not complete. Additionally, the opening fees paid directly to Home Legal Direct can be carried over to a future transaction within a specified period at no extra cost. - What are the pros and cons of equity release?
Equity release is designed for homeowners aged 55 and over to help them benefit from the money accumulated in their properties. It allows homeowners to access the cash without having to sell the home they love. However, the funds released will be less than the market value of the property, and interest rates for repayments will apply. Releasing equity will also affect the inheritance that family members can receive. It isn’t suitable for everybody, but it’s an option to explore if homeowners are looking for some extra cash. - What’s the story behind Home Legal Direct?
Home Legal Direct is designed to take away the stress of choosing the right conveyancing firm, whilst bringing value, quality, and support together. As an online network working with several expert firms, Home Legal Direct relieves the pressure of choosing and instructing a conveyancer. The firms have the expertise to handle a broad range of transactions whilst covering all major lenders so Home Legal Direct can help as many people as possible to make their property dreams come true!
- Where can I find out more about Home Legal Direct?
Home Legal Direct’s website is a great place to find out more about the network and how it helps clients begin their conveyancing and property survey journeys.
The Knowledge Hub is a great place to find out more about conveyancing as well as industry news and information. Additionally, the online quote tools provide accurate estimates to help prospective clients find out how much their conveyancing or survey fees could be. So, get started by visiting https://homelegaldirect.com/property-and-home/ today!
