The 7 Things You Can Do As A Buyer To Oversee A Less Daunting Conveyancing Process

On the average it takes about 8 to 12 weeks for a property purchase to get done. It begins with roughly 8 weeks from finding the property, making an offer, and instructing your conveyancer to exchange contracts. Then, it may need 2 to 4 more weeks to have everything completed.

With an increasing demand for conveyancing solicitors, the market turns out to be more competitive, and a tremendous number of them can now offer fast, convenient, and risk-free services to guarantee their clients a hassle-free process.

As a buyer, while you’re looking to get a hold of that desired property, you may want to consider working on these seven best practices to have a less stressful conveyancing process to go through.

1. Find the right conveyancer.

Make sure that the one you hire is well versed in conveyancing and other important legalities surrounding a property transaction. You sure won’t entrust this legal aspect to someone who still works on finding their way in the dark. Search for conveyancing solicitors who knows well enough about the process, and one who can set your expectations right.

It will be helpful to find one who can offer cost efficient services. Ask for quotes for you to compare and make enquiries about possible charges should a transaction fall out in the process. Many conveyancing firms and independent solicitors now offer “no exchange no fee” services. Just be sure you find a competitive one.

Consider the number of cases they are handling at present. Someone too busy may pose risks in terms of communicating with you and accomplishing the expected. You don’t want to get everything delayed just because your solicitor is out there working on their other cases at the same time.

What’s best when finding the right solicitor is to consider referrals from friends, relatives, estate agents, and mortgage lenders. They are likely to recommend brilliant ones who can effectively at on your behalf throughout the transaction.

2. Organise everything.

Sort things out from your end to make sure the process starts without any setback. Choose your mortgage before sending instructions to your conveyancer and make an offer to the seller. If everything is organised, you’ll see that the process starts right away and move along seamlessly.

3. Stay on track.

Never lose focus, and never lose any document. Keep thing organised, and if your conveyancer requires additional information, be sure to hand it out immediately to prevent delays. More importantly, have your deposit money ready as you may need to transfer the funds anytime.

4. Communicate.

Nothing beats an open line of communication, particularly when your conveyancing solicitor only carries out tasks based on your instructions. Be sure to talk to them regularly to get updated. If there will be changes in your circumstances, inform everyone involved in the transaction right away to set their expectations right. Also, it is important that you  discuss your rights and responsibilities, to your conveyancers, as well as be informed of what they can and cannot do according to the law. When in doubt, ask.

5. Don’t complicate things further.

As it is, the conveyancing part is complicated enough if things are not organised. So, avoid giving your solicitors legal tasks outside conveyancing. If you encounter problems with the seller, perhaps a freehold issues or a lease extension, it will be best to accommodate the needed extra time. You may move in a little later than expected but it can buy you time if you have other things to do as well.

6. Keep things real.

Avoid making unrealistic expectations. Remember that it takes weeks for conveyancing to complete, given that there are tasks that require a certain amount of time. Remind yourself of the amount of legal work to be done and the time scale you discussed with your conveyancer to keep you on your toes.

7. Do not panic.

If you have hired the best and the most competent conveyancing solicitor, there’s really no need to panic or worry that things will not get sorted. More so, if you believe you have everything together, it is very unlikely that you’ll come across some trouble.

 

Buying A Home Or Renting – Which Is A Wiser Decision?

There are a lot of people these days are faced with the question of whether they would be better off with renting a house instead of buying their own. They may not lose sleep over the idea but it could get a little bothersome at some point especially when they learn about their peers being able to step up on the property ladder.

But before you even make a decision about buying a property, you need to define your purpose for it first and check it against various factors that may be affected. Are you getting married and looking to raise a family? Does your work require you to be assigned to various parts of the country for a period of time? Have you saved enough money to cover the deposit for buying the property you like? These are just few of the questions you need to ask yourself to find out if which between renting and buying will work best for you.

The Advantages of Buying Your Own Home

Of course, one factor that you should consider is whether you can afford it now. Deposits when buying a property vary from one place to another. You may find deposits higher in the suburbs because these are where people usually settle down; while it is cheaper in the business districts like London as rent is relatively higher because most people living in London are required to stay there as work requires them to.

If you can in fact afford to buy your own house, you’re most likely to enjoy the benefits that it gives.

The house is yours. As soon as you have paid your mortgage, you can decide what you want to do with it. For instance, as the property gets a higher value in time, you can leverage on its equity too borrow some money and start a business. You can even sell it for a higher price to buy another property; or even rent it out while you settle in a cheaper but fairly comfortable new place.

When you retire, your retirement benefits are not likely enough to let you afford renting. So buying your own house is a more reasonable decision.

Of course owning a home lets you do whatever you want to do with it. Renovate, redecorate, and make a few modifications – it’s all up to you as you are not under a lease agreement.

The Possible Disadvantages

It is a huge commitment. If at the very least you’re not ready to fulfil the financial obligation that comes with buying, don’t do it just yet.

You are in charge of maintaining and managing the house. There won’t be a landlord obliged to take care of the repairs and maintenance work. At some point, you might have to give up some luxury to cover household expenses.

Your flexibility may be limited. If your work will need you to be assigned to a different city for a long time, you may need to sell the place or rent it out while you settle to a new one. It could be a big drawback especially if you can’t sell or let immediately and work demands that you move in to the new area ASAP.

What Renting Can Offer You

If you’re a good tenant and you never miss a rent due date, there’s no need for you to worry about repairs and maintenance work. Landlords would gladly oblige to sort them for you.

You can easily move from one place to another – particularly if you’re always on the go. You can also save some money on furniture if the property you’re renting is furnished.

While renting, you’re able to allot some of your earning for your future plans of buying. However, you might as well use the money going to rent on a great mortgage deal instead.

The bottom line is renting or buying your own house is equally an economic decision as it is directly connected to your way of living. The decision should depend on your own purpose and lifestyle.

Moreover, age is also a contributing factor. If you’re young and always on the go, you might see no point yet of owning a house as you are yet to discover where life takes you. The older ones are most likely to decide buying a property in preparation for settling down or retirement.

There is really no absolute answer to this. For some, as long as they’re still able to save while renting, they can prolong their decision to buy. Given the pros and cons of both scenarios and the things to consider, neither can be a bad decision.