First-Time Buyers Guide: What Is Conveyancing?

As a first-time buyer, there is a lot to learn and understand. You’ll be learning lots of new terms and dealing with people you might never have come across before. Like our residential conveyancers for example. When you are buying your first home, and an offer has been made on the home you love – the conveyancing process begins. But what does that mean? What is conveyancing? That’s what we look like in the first of our first-time buyers’ guides.

What Is Conveyancing?

Conveyancing is the term used to describe the legal process involved in buying a home. This is the process where the ownership of a home is transferred from the seller to the buyer. The residential conveyancing process can start when your offer is accepted. It will then continue to take place until the sale of your new home is completed.

What Tasks Are Managed By The Conveyancer?

The conveyancer will handle the contract of exchange. This will include any negotiations around details that are required. A conveyancer will also deal with the land registry as well as handling any local council searched and formal enquiries that are needed. Your conveyancer will review the mortgage offer from the lender on your behalf too.

The collection and transferring of money for the purchase of your new home will be managed by a conveyancer. A conveyancer will also arrange for any additional payments, such as Stamp Duty Land Tax for example. They will also notify the freeholder of the sale of the property if your new home is leasehold. Your conveyancing solicitor is also there to offer and provide any legal guidance you require too.

Who Does The Conveyancing?

It is possible to manage the conveyancing tasks yourself, but this is not recommended. This is especially the case if you are a first-time buyer. Instead, we would recommend you work with a licensed conveyancer in Peterborough or a conveyancing solicitor. They will have a wider scope of knowledge and experience. They specialise in residential properties and therefore will be aware of the pitfalls you need to avoid, as well as what you need to be aware of.

If you are a first-time buyer and need a little support, drop us a line. Our friendly conveyancers in Peterborough will be only too happy to help you every step of the way with the purchase of your new home and the conveyancing process.