Conveyancing is the legal process of transferring the ownership of a property from one person or entity to another. It can be a complex and confusing process, and there are many misconceptions surrounding it. Here at O’Neill Patient, we’re passionate about providing a seamless and hassle-free conveyancing service, so we want to make it as simple as possible. Here are some of the most common conveyancing misconceptions in the UK and how to avoid them:
Misconception: Conveyancing is a quick process.
Many people believe that conveyancing can be completed in a matter of days. However, the process can take several weeks or even months to complete, depending on the complexity of the transaction and the parties involved.
How to avoid: Be patient and allow plenty of time for the conveyancing process to be completed. Our dedicated team will communicate with you regularly to ensure that everything is progressing smoothly.
Misconception: A mortgage lender’s survey is a substitute for a property survey.
Many people believe that a mortgage lender’s survey is sufficient to identify any issues with a property. However, these surveys are often only a basic valuation and may not highlight any structural issues or defects.
How to avoid: Consider getting a property survey done by a qualified surveyor. This will give you a better understanding of the condition of the property and any potential issues that may need to be addressed.
Misconception: You only need to pay attention to the purchase price.
Many people believe that the purchase price is the only cost involved in buying a property. However, there are many other costs to consider, including stamp duty, legal fees, and survey costs.
How to avoid: Make sure you have a clear understanding of all the costs involved in the transaction. Budget for these costs and factor them into your overall financial plan.
Misconception: You can’t pull out of a transaction once you’ve exchanged contracts.
Many people believe that once contracts have been exchanged, the transaction is set in stone and cannot be undone. However, there are circumstances in which you may be able to pull out of the transaction, such as if there are issues with the title or if the seller has breached their contract.
How to avoid: Make sure you understand the terms of the contract and any clauses that may allow you to withdraw from the transaction. Work closely with your solicitor or conveyancer to ensure that the transaction is legally binding and that you understand your obligations.
Misconception: You don’t need a solicitor to do conveyancing.
Many people believe that they can save money by doing the conveyancing themselves or using an online service. While it is legal to do your own conveyancing, it can be a risky and time-consuming process. A qualified solicitor will have the expertise to navigate any legal issues that arise during the conveyancing process and ensure that the transaction is legally binding.
How to avoid: Hire a qualified solicitor or conveyancer to handle the conveyancing process for you. Look for a professional with experience and a good reputation in conveyancing. Speak to our team today to see how we can help you.