If you’re not sure what searches you need when buying a new property and whether or not you need them, then this guide from conveyancing solicitors chester is for you. Searches on a property are an important aspect of buying a home because they let you make sure the place has no hidden problems or defects that could cost you money in the future.
They also let you make sure the seller owns the property they’re selling and that they’re not bound by any previous contracts that might affect your legal ownership of the property after purchase.
What is Conveyancing?
Conveyancing is the process of transferring property from one party to another. It’s also called buying and selling, or exchanging. It can also mean the transfer of property between two private individuals, not just between an individual and a company. For example, if you buy your own house from yourself, that’s an instance of conveyancing too.
Buyer Beware
Buying property is an expensive and time-consuming process. One of the most important aspects of buying property is to make sure you have the right searches done before committing. These searches ensure that there are no problems with the property. Searches on a property are an important aspect of buying a new home, so without them you might be spending money on something that isn’t worth it.
Some considerations
When you buy a property, the first thing to do is to get it checked by an expert. The report should cover the following:
- Structural soundness and condition of the property
- Conditions of any fixtures and fittings in the property
- Condition of any outbuildings on the land or in close proximity to it such as garages, sheds and wells.
How Long Does Conveyancing Take?
Conveyancing is the process of transferring the ownership of property from one person to another. The process typically takes around 2-3 weeks, and it can take up to six months if there are complications.
The Advantages Of Using Specialist Solicitors
A specialist solicitor will have knowledge of the conveyancing process and will be able to advise you on all your options. They’ll also be an expert in spotting potential problems which can save you time, money and stress.
Costs Associated With Conveyancing
The conveyancer costs will depend on the complexity of the transaction. Other costs associated with buying a property include: legal fees, stamp duty, surveyor’s fees, mortgage arrangement fees and valuation fees.
Weigh Up Your Options!
If you are buying your own property and do not have any outstanding mortgage debt, then you don’t actually need a conveyancing solicitor. On the other hand, it may be worth hiring solicitors chester if you are buying with someone else who has outstanding debt; this way, their lender will require a search in order to approve their mortgage.