Buying or selling your home is a huge decision to make and can be daunting to experience on your own. Additionally, the complex legal procedures in places are complicated and involve an overwhelming amount of paperwork. To navigate this task on your own isn’t recommended, as one misstep could derail the whole process.

Come and have a chat to our conveyancing solicitors in Portsmouth at Andrew & Andrew for pro-active and personalised service. Having us at your side makes the process easier and less frustrating.

That said, it’s always essential to have a basic understanding of conveyancing law and the stages that it incorporates. Read on to find out the steps that it takes to purchase or sell a property.

Find yourself a conveyancing solicitor in Portsmouth

Unless you’re a lawyer, DIY conveyancing is a notoriously bad idea, because it’s arduous, complex and the paperwork is imbued with legal terminology that’s challenging to understand.

Employ a conveyancing solicitor in Portsmouth at the start of the process, especially if you’re the seller, because you can start the process of conveyancing the moment you find a dedicated buyer.

In the time leading up to finding a buyer, your solicitor will open up a client file for you and compile all the information they need from you.

Enquiries and searches

On receiving contracts and a copy of the legal title, it’s up to your conveyancing solicitor to examine these with a fine tooth comb, as now is the time to raise any issues or concerns and check that everything is in order.

Property searches are also included in the same, with some of them being mandatory and part of your money lender’s conditional stipulations on a mortgage. The purpose of these searches is to ensure there aren’t adverse conditions that could impact you enjoying your property in the future.

Local area searches are popular in the United Kingdom whereby information about the property and the surrounding area must be disclosed. For example, if there’s a factory near to your potential home that billows smoke over your neighbourhood, you need to know as this pollution is harmful to your family’s health. Added to that, if development is planned in your community, it must be made known, especially if you’re buying your home primarily for the views.

Securing a mortgage

If you’re a buyer, you need to reach out to a mortgage lender if you need a home loan.

You must provide all necessary information to the lender, who is usually a bank or building society. You’ll first have to comply with their specific conditions before the funds are released to you.

The lender will want to perform a valuation on the home to ascertain whether the house is worth the agreed sum.

Signing and the exchange of contracts

At this stage, all enquiries mentioned above must be answered and anti-money laundering checks completed.

Following this, if you’re the buyer, a deposit will be requested at this stage, which leads on to the exchange of contracts and an agreed-upon completion date.

On the day of completion, the funds are transferred and the keys to your new house, as the buyer, can be picked up from the estate agents.