Purchasing your first property is an exciting new chapter for new homeowners, but understanding the legal side of it can be quite complicated and confusing, especially when you have no knowledge in that area. While you can decide to handle the conveyancing process yourself, it is advised to employ a solicitor once your offer has been accepted by the seller for a hassle-free experience. If you are planning on taking out a mortgage, your mortgage broker or lender will require you to employ a solicitor. Either way, having an experienced solicitor to act on your behalf can take the stress and pressure off your hands, so you can focus on other aspects.
Let us discuss the main duties of a solicitor during the conveyancing process and learn how a solicitor adds value to your property purchase.
Provide Legal Advice
Throughout the conveyancing process, you may have queries or concerns and your solicitor is there to answer them for you. Your solicitor will provide you with legal advice and guidance regarding updates on the transaction, the mortgage deed, rights, obligations and so on. They are also required to have clear communication, not just with the buyer and the seller’s solicitor, but also with the mortgage broker or lender involved.
Review Contracts
Firstly, you must apply for a mortgage before instructing a solicitor. Once you have chosen your solicitor, the terms of business and fixed costs will be discussed with you. Your solicitor will start the conveyancing process by reviewing the contract pack and supporting documents drawn up by the seller’s solicitor. They will make sure the terms and conditions of the sale are accurate and any issues are handled. Additionally, your solicitor will check the property’s title deeds at the Land Registry which shows the ownership records of the property to ensure that there are no disruptions during the transaction. By this stage, your solicitor may obtain a copy of the mortgage offer from the mortgage broker or lender.
Conduct Property Searches
Your solicitor will conduct further property searches such as local authority searches and environmental searches to uncover potential risks about the property and its surroundings including flooding and planning restrictions. Your solicitor will inform you about any potential risks that may affect the property purchase.
Exchange of Contracts
Once both parties are happy to proceed, a completion date and agreed date of the deposit transfer will be settled. Your solicitor will exchange the draft contract on your behalf to the seller’s solicitor. Once approved, a final copy will be drawn up and signed by both parties.
Manage Payments
Your solicitor will draw up a statement outlining all the financial costs of the transaction including the purchase price, legal fees and other expenses. You may need to pay stamp duty land tax on the property purchase, your solicitor can calculate the amount for you and ensure it is paid to the relevant authorities.
Completion
On completion day, your solicitor will manage the transfer of funds. To finalise the conveying process, your solicitor will register the property in your name at the Land Registry, send a copy of the legal documents to your mortgage broker or lender and send you the final invoice for any outstanding fees.
Are You Looking For A Solicitor?
As you now know, employing a solicitor makes the difference between a successful and a problematic buying process. Solicitors add a sustainable amount of value to the property purchase by offering legal advice, handling the paperwork, identifying issues earlier on and giving you peace of mind. If you decide to handle the conveyancing process yourself, it can be extremely time-consuming and if an issue or mistake is left unnoticed, it can cause a huge financial or legal risk, not to mention affect the transaction of the property.
If you are planning on purchasing a property in the Staffordshire or Cheshire area, make sure to employ a conveyancing solicitor who specialises in property law. At Beeston Shenton Solicitors, we have a dedicated team of highly experienced conveyancing solicitors who work with developers, lenders and estate agents on your behalf while keeping you informed throughout the entire process. To speak with our property team, please make an online enquiry or call us on 0178 266 2424. We look forward to hearing from you and starting you on your home-buying journey.
