First-Time Property Buyer? Ask These Top Questions from A Solicitor
First-Time Property Buyer? Ask These Top Questions from A Solicitor
Conveyancers are an important part of the homebuying process. Though a good solicitor can help things run smoothly, this largely depends on who you choose to work with and what services you avail from them. Moreover, choosing a quality solicitor becomes utmost important when you are buying a property for the first-time. A quality solicitor makes the legal process of transferring ownership into your name easier and hassle-free.
Therefore, the only way to find whether you have selected the right conveyancer for yourself is by asking them the right questions.
How much does conveyancing cost?
You can either shop online for quotes or get in touch with the best conveyancing solicitors in Sydney. Eventually, the fee you have to pay depends on the value of the property you’re buying, and other related factors including whether the property is freehold (most houses) or leasehold (flats). Generally, conveyancing on leasehold costs more, not only because the process is complicated but also because buying the shared ownership enhances the overall cost.
How long will it take for me to move in?
Responding to such question is difficult, because many people from the buyer to the seller, the solicitor to mortgage lender, are involved in this process. So, there are some general rules and policies that need to be followed legally, and that is why the procedure takes time.
Insider Tip: Be aware of solicitors who promise to provide you a property before a certain date, this never happens! There is nothing called a certain date for solicitors, because it is often out of their hands.
Is it compulsory to choose a local solicitor?
Obviously not! Gone are the days when people would take off from their office to visit their local solicitor. Thanks to the Internet, you can now choose from top-notch Sydney conveyancing solicitors from anywhere, anytime.
What’s the difference between Conveyancing and Surveying?
Conveyancing is the process of legally transferring ownership of a property from one person to another, including the transferral or fees.
Surveying relates to the actual building itself. A surveyor will look at the structural condition of the house, flat or any outbuilding you are planning to buy. Accordingly, they provide you information regarding its structural soundness and infrastructure.
Is it important to visit the conveyancer’s office?
No. As long as the Internet is available, you can scan, email or send your documents across anywhere from North to South and West to East. Furthermore, as long as you have a phone with you, you can speak to your conveyancer anytime of the day.
Why does conveyancing cost more on a leasehold?
This happens because, with a freehold (house) you are buying the property and the land of a house which is already built. But that’s not the case with a leasehold (flat) as you are buying a share of land which is built on someone else’s land. Due to this, the conveyancer has to go through all aspects that are involved in the lease process, therefore it takes more time.
Does “no completion, no fee” actually apply here?
Nowadays, you can find many solicitors that guarantee the same. But if your case fails, they will get no fees for the time they’ve spent on your property buying process. However, the money they have spent on your behalf, will not be reimbursed to you.
Therefore, as soon as you decide to buy or sell a property, make sure to get in touch with a leading Sydney property conveyancing solicitor that can give you an overview of the conveyancing process.