Buying a home for the first time can be an exciting experience for anyone. However, it can also be tricky to navigate all the legal paperwork that comes with it especially if it is being done for the first time. First-time homebuyers may feel nervous about the convoluted and complicated process of buying a home. Conveyancing solicitors in Portsmouth are there to offer sound advice and help with these matters to make it go as smoothly as possible, giving new and inexperienced buyers a solid legal backing they can feel confident about.
What is conveyancing law?
In UK law it is a legal requirement that all contracts for the sale of land be done in writing which means that a conveyancing lawyer who is familiar with these laws draw up such documents to transfer the legal title of real property from one person to another and/or compile the proper paperwork for mortgage requests. This is not the type of law that gets overseen by a judge or jury – it is simply a legal process that needs to be completed in order to become the owner of some land or a building.
This process involves 2 steps. Firstly, there is the exchange of contracts where each party’s attorney will go over and amend or agree to term in order to come to a conclusion; secondly, there is the completion where the transfer of property is officially handed from one party to another.
How to know which solicitors are right for this purpose
Lawyers capable of performing these tasks in order to properly transfer property, need to be a part of the Law Society’s Conveyancing Quality Scheme (CQS) which indicates the mark of property buying and selling experts. They are also able to advise on leasehold agreements and issues that renters may experience with their landlords. Solicitors who have this accreditation are recognized as having high standards and reaching a mark of quality in the field. The conveyancing solicitor will be able to arrange Stamp Duty, contacting Land Registry, transferring money during the sale, and acting as a general intermediary between the buyer, the lender, and the seller.
First-time buyers are always of more interest to the seller as they only have to wait for loan approval (if needed) and not for the sale of the first property of a previous homeowner. This gives the advantage of having an offer approved more easily and thus getting the keys to their new home more quickly. However, on average conveyancing takes 10-12 weeks to complete if both parties are amenable to the contract agreement.
Understanding how estate agents and how the property market works can be complicated but first-time homebuyers can rest assured that a conveyancing solicitor has this all in hand and are able to quickly fix any confusing issues that may come up in the buying of residential property. By hiring these attorneys one is able to avoid costly mistakes and confusing form submissions.