Conveyancing refers to a legal process where property ownership is transferred from one party or another. Although it can be complicated and time-consuming, it is essential to ensure everything runs smoothly.
A conveyancer will ensure your purchase is above board, and they’ll carry out various checks on the property you’re buying. They’ll check the Land Registry to see what land and buildings are included in the sale, and they’ll also look at potential issues such as asbestos or flood risks.
Buying a property
Melbourne conveyancing refers to the legal process of buying a property. It involves the transfer of the title to the new owner as well as securing a mortgage.
The conveyancer will carry out a range of essential searches, which may include a local authority search in the area to check for any pending building work or issues with the land it’s built on. They’ll also check if the property is subject to unpaid rates or land tax.
After all necessary paperwork has been received, your solicitor will start the conveyancing process. Although this can take some time, your solicitor will do their best to complete the process quickly.
It’s important to choose a conveyancer who shows a human side and understands how stressful buying a home can be. This will mean you can feel confident that they’re taking care of your needs. You can ask friends and family for recommendations, as well as looking online.
Selling a property
Before selling a property, there are several legal tasks that need to be taken care of. These include ensuring that the buyer is legally entitled to buy your house, checking that you have no outstanding mortgages or charges, and that the property title is free from any defects.
The conveyancing process can be complex – so it’s important to choose a solicitor that understands the stress of selling a property and will take steps to keep you happy throughout. It is a good idea for a conveyancer to have a personal touch and be easy to work with.
Before you sell your home, it’s a good idea to give your conveyancer a list of the documents that will be needed, such as guarantees and warranties for any work carried out on the property or building regulations sign-off for any building work. This will save you time and money, as well as frustration.
Transferring the deposit
A deposit is a significant deal that can be very expensive to lose. It can be difficult to get this money from the lender to your conveyancer in a safe and timely manner.
Transferring large amounts of cash via the bank is the best option. This should be done well before you exchange contracts. You can choose Faster Payments as it has a maximum limit PS250,000 and should reach you conveyancing firm in a matter of hours.
It is important to verify the details. You don’t want your solicitor to stop processing your payment at the last minute. That’s a lot of wasted time and money! This can be done most effectively by a concise and clear statement of account. A letter of credit should be attached to the statement of account. This is the only way to guarantee payment.
Completion refers to the legal completion of a property transaction and the transfer of the keys to the new owners. It usually takes place on a date specified at exchange of contracts and is also referred to as settlement.
A professional conveyancer will ensure that all legal obligations are met and that the sale contract adheres to state and territory laws and regulations. They will also carry out local authority searches to find out if there are any restrictions or future planning applications that might affect the property, before you purchase it.
On completion day, your conveyancer will instruct their accounts department to send the purchase monies from you to the seller’s solicitor. This will normally happen early in the morning but can take longer if there are any problems.