Are you buying your first home in the UK? London is one of the best places you should consider owning property for the highest rental yield.
However, buying a home in London is not that straightforward. There are hurdles and pitfalls you are most likely to go through when purchasing property in the UK. It takes up to three months to complete in London.
When buying a property, you should instruct one of the best conveyancers like AVRillo property conveyancing solicitor in London to guide you. Hiring a conveyancer helps you navigate the lengthy legal process of buying property in the UK. Here are some reasons to consider hiring a conveyancer when buying property in London.
1 – Handling contracts
When buying property in London, many legal documents are involved. A property solicitor or a conveyancer will help you draw documents, which include the transfer of Title of Ownership. The conveyancer will help you draft a Contract of Sale if you’re selling your home.
Your conveyancer will also assist you in getting a formal mortgage offer and meeting all the financing options on your behalf. The conveyancer will also ensure the deposit is sent to the seller’s solicitor account on time.
2 – Offer legal advice
You should consult a conveyancer for legal advice when buying property in London. A conveyancer will advise you on the right decisions you should make when buying property.
The advice may include all the details you want to be captured on the Contract of Sale, for instance, if you want the contract to capture special conditions resulting from a property search. This way, you can protect your rights if there are issues with a breach of contract.
3 – Carry out searches
When buying property in London, you need a conveyancer to help with all searches. Local authority searches are vital if you want to ensure the property you buy has no issues like defects on the foundation.
Your conveyancer will conduct all the relevant searches on the property before you sign the contract.
Remember, the seller doesn’t legally have to disclose everything to you when buying property. That is why you should do searches on the property before you can sign the contract.
4 – Transfer of funds
A booking deposit is usually paid to the estate agent once your offer on the property has been accepted. The details for sale are sent to the seller’s solicitor and your property solicitor. At this point, your solicitor arranges to have the deposit on the property paid to the solicitor.
The conveyancer will agree on a closing date. This is the date you get the keys to the property you buy. The conveyancer will also arrange for the payment of the remaining money.
When buying property in the UK, you should consult a licensed conveyancer to guide you. Without a conveyancer, you risk making costly mistakes when conveyancing. A conveyancer will advise you on all potential pitfalls you are likely to encounter when conveyancing.