Six Property-Buying FAQs
When buying a property, there will be details that mark each transaction as an individual undertaking. However, some aspects of the process are fairly universal, so here is some information addressing some of the most common enquiries. If you’re thinking of buying a property, asking questions is a good idea, as then you will be prepared for what can be a demanding journey.
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Getting Started
Many buyers often ask how long the process will take. This is very difficult to predict with any certainly until well down the track and a completion date is set. In general, around six to eight weeks after agreement by all parties is a reasonable length of time.
How much to set aside for legal bills? This is another frequent question. Conveyancing costs can vary, and some conveyancers can keep adding items to the bill, even after a detailed quote. Doing your research before instructing anyone is an excellent idea. It’s always worth looking at a few conveyancers who have extensive experience in the area, such as Sam Conveyancing, to see what they offer.
Many buyers often ask about a home buyers survey. Whether you get a home buyers survey or not may be an individual choice, but it is often a good idea just to avoid any major headaches down the track. If you are getting a mortgage, the lender may well insist on a survey before approving the loan. For more details on what kinds of surveys are available, see this report from Which?
Sealing the Deal
Another frequent question concerns when lenders actually hand over the money. Usually this will not be formalised until the contract is signed and binding. The lender may need up to five business days to get the funds organised, which means there may be a short delay before completion takes place.
Completion is the date that most property buyers are longing for, and many wonder how this date will be set. Completion can only take place once all the paperwork has been checked and verified and all documents are in order to the satisfaction of all parties. Your solicitor will advise of suitable completion dates, which can be set when everyone agrees.
Many buyers also ask about the title deeds to the property. These are not handed over straight away, as more paperwork needs to be completed. Then the lender will take custody of them, or if you are purchasing without a mortgage, then eventually they will be sent to the buyer.
Buying a property is an important step for most people. As with all big decisions, doing some research will make the process easier, as will enlisting the right support and obtaining the assistance of qualified professionals.