So, you have finally found your dream home that is well within your budget and has got everything you want from a house – dreamy backyard, cosy rooms, etc. But buying a house doesn’t end right after you have contacted a real estate agent or the seller. Then comes the challenge of finding a good conveyancer.
If you are a first-time homebuyer, you may be unclear on whether you need property conveyancing services. What are conveyancers and what do they do? Should you engage in their services?
In this post, we will explain what is involved in conveyancing services when buying a property and how they can help make the transaction easy for you.
What Is Conveyancing and How Does It Work?
The process of transferring ownership of a legal title of land or property to the new owner (whether it be a person or business entity) is called conveyancing. As you can imagine, the paperwork comes after you’ve found the perfect house that fits well within your budget. For first-time buyers, the settlement process may seem like a complex task.
Typically, the settlement process would involve various administrative and financial duties (taxes, move-in fees, etc.), and this is where a conveyancer steps in. Helping you navigate the seemingly drawn-out process; the right conveyancer will make your first property-buying experience smooth and hassle-free.
Hiring a conveyancer is not legally required. However, it does not hurt to have someone act on your behalf and avoid potential legal pitfalls. For a reasonable fee, you can have more time to focus on moving.
What are the steps involved in conveyancing?
So, as you can see, passing a property to a new owner involves a lot of paperwork. Typically, a conveyancing transaction consists of three stages. These are the pre–contract, pre-completion, and post-completion stages. If you are looking to get property conveyancing services, read on. Below, we will take a more in-depth look at the three stages of conveyancing.
1. Pre-Contract
Here, a sale has been agreed upon. The seller’s conveyancer will then put together a contract pack that includes various documents of property information, title deeds, and the contract for the sale. The buyer’s conveyancer will sift through this contract pack, carrying out searches of records relating to local authority issues, environment considerations, water and drainage, and more.
The buyer’s conveyancer will also raise enquiries with the seller’s conveyancer. It is the buyer’s conveyancer’s responsibility to make sure there are no potential problems for the buyer in owning and subsequently selling the property in the future. The conveyancer will also act for the lender to ensure that the property is good security for the lender’s loan (that is if the buyer is using a mortgage to buy the property).
2. Pre-Completion
In this stage, the buyer’s conveyancer will arrange for the mortgage funds to be sent in time for completion. The conveyancer will also arrange all final documents and financial matters to be resolved. By doing so, the completion can take place smoothly.
Both the seller and buyer should make their arrangements for moving and packing up in the period between exchange of contracts and completion. Next comes the moving day or when ownership of the property changes hands. The agents will hand over the keys to the new owner.
3. Post-Completion
This is when the buyer settles into his or her new home. However, the conveyancer’s work does not end upon the turnover of keys. For the seller’s conveyancer’s part, he will ensure that the seller’s mortgage is paid off. He also needs to confirm if the lender’s mortgage is removed from the title documents.
The buyer’s conveyancer will deal with the final transactions: 1) dealing with payment of Stamp Duty Land Tax to HM Revenue and Customs, and 2) registering the buyer’s title at HM Land Registry.
How long does conveyancing take?
There are so many varied factors that come into play during conveyancing. Every stage of the conveyancing transaction is different and sometimes comes with unforeseen challenges. Our aim is to act as efficiently as possible, liaising with all parties involved with results within a matter of days.
Therefore, it is important to ensure that everything is in legal order, especially when considerable sums of money are already spent. The conveyancer’s responsibility includes explaining and re-assuring their clients as to the progress of the whole transaction. As conveyancers have the expertise and access to services and information that a layperson does not have, they make the transaction easy and hassle-free.
How much do legal conveyancing services cost?
It is important to consider conveyancing fees in NSW before getting conveyancing services. The cost of a conveyancer can range from $700 – $2,500. While most firms charge a flat fee, some conveyancers specialising in specific aspects of real estate may charge more for their services.
When you request a quote from different conveyancers, you will notice that their rates are not far off from each other. Be sure to ask if their quote already includes third-party fees. It is best for you to get multiple quotes from different firms or research online.
Turn to Us for Property Conveyancing Services
If you’re looking to buy a property in NSW, let our team here at Absolute Legal Services guide you throughout your property-buying journey. With our conveyancing services, you can make your purchase smooth-sailing. From preparing the contract to arranging mortgage payments, we will be with you throughout the process.
Don’t hesitate to contact us to enquire about our conveyancing services.