To make your family home purchase smoother, instruct your conveyancer immediately after your offer is accepted and complete all “Know Your Client” (KYC) and anti-money-laundering paperwork on day one. Delays here are the biggest culprits in holding up a house sale.
If it’s your first time navigating the conveyancing process without any knowledge and understanding, seeking advice and support from conveyancing solicitors in Sleaford, Lincoln, or wherever you are moving, is a wise move.
Have no idea what steps you should take to make your conveyancing process effortless when investing in your family home? If so, stay with us to break down each step in detail…
1. Start Anti-Money Laundering (AML) Checks Immediately
Be aware that conveyancers are legally required to verify your identity and the source of your funds. You must have your passport, driver’s license, proof of address, and up to 6 months of your bank statements ready to hand over as soon as you instruct your solicitor.
What if your deposit includes gifted funds (e.g., from family)? In that scenario, you need to obtain formal, written confirmation of the gift early.
2. Instruct Your Solicitor and Searches Proactively
Do not wait for the mortgage valuation to begin the legal process. The moment your offer is accepted, instruct your conveyancer and authorise them to order Local Authority, Environmental, and Water/Drainage searches immediately.
Searches can take several weeks to return, and having them pending is a major factor in slowing down the transaction.
3. Respond to Enquiries Within 24 Hours
What happens when a solicitor from the seller’s side raises questions (enquiries) about the property? Your conveyancer will need your input to answer them.
Be sure to check your emails daily. Gather requested information rapidly. Then, sign and return contracts as soon as you review them. If you stay proactive, you (as a client) can cut out significant waiting time.
4. Have Your Mortgage Offer and Survey Lined Up
If you require a mortgage, apply for your ‘Mortgage in Principle’ before you even start viewing properties. Once the offer is accepted, formally submit your full application to the lender within the first 5 to 7 days.
Simultaneously, arrange for a building surveyor to inspect the property immediately so you can identify any major structural defects early.
5. Openly Communicate With Your Estate Agent
The estate agent is often in the best position to chase up information higher up in the property chain. Yes, you read that right. So, be wise to maintain clear communication with them and your conveyancer.
However, you should avoid calling them daily, as solicitors require uninterrupted focus to process the legal paperwork.
Wrapping It Up
By implementing all these steps, your family’s home-buying and conveyancing process will go smoothly. Rest assured, nothing can go off track if you seek support and expertise from a reliable conveyancing solicitor.
Disclaimer: This blog post provides general information and does not constitute formal legal or immigration advice. Remember, conveyancing rules change frequently. As a family home buyer, you should consult a qualified legal professional when navigating the conveyancing process.