What To Expect From The Conveyancing Process As A First-Time Buyer

Buying your first home is a really exciting time. However, it can also be extremely overwhelming and stressful. Here at Burgh Thorpe Solicitors our residential conveyancers are here to make the process as simple and enjoyable as possible. In this blog post we talk through what to expect from the conveyancing process as a first-time buyer as this helps you to understand and prepare for the process.

There may be some changes between conveyancing services depending on the property being purchased and how it is being purchased. However, these are the typical steps you can expect from the conveyancing process as a first-time buyer.

Conveyancing Fees

There are various factors that will affect the conveyancing fees you can expect to pay. These are often dependent on the complexity of the transaction and the value of the property. Generally speaking, you can expect a flat fee or a percentage of the value of the property. There will then be additional fees for legal work that needs to be completed outside the property transaction. In addition, there will be disbursement costs. This is where additional payments are needed for specific searches or third parties, like Land Registry Fees.

When you hire the services of our first-time buyer conveyancers in Peterborough, we can give you a breakdown of the costs you can expect. This means that you know what you are expected to pay.

Conveyancer Instruction

Our conveyancing solicitors will guide you through all the necessary paperwork on instruction. We would recommend that you instruct your local conveyancer as soon as possible. This will help to speed up the property purchase transaction. Our friendly conveyancers will explain the initial steps of the process and go through documentation with you. It is essential that you read all documentation that is sent to you. This will help you to understand what to expect from the conveyancing process as a first-time buyer.

Source of Funds

Your conveyancer will need proof of the source of funds before the property purchase can be completed. This is a legal requirement within the conveyancing process. It is in place as a safeguard and must be completed.

As proof of your source of funds for the property you will need to give your conveyancer recent bank statements showing the accumulation of savings. Your conveyancing lawyer may also request a copy of the grant or probate if the money is through inheritance. If you are purchasing the property with the funds from a previously sold property, a letter confirming this will be required. Statements from investments or shareholdings may also be required. If the money was a gift, a signed gift letter is required, along with supporting bank statements from the donor.

Need help to understand what to expect from the conveyancing process as a first-time buyer? Call our friendly, local conveyancers in Peterborough now. We will happily talk you through the process, so you know what to expect.