Conveyancing is one of the most crucial steps in the home-buying process, yet over a third of movers have little to no knowledge about the entire process.
Simon Bath, CEO of iPlace Global – the creators of Moveable– recently spoke to Carol Lewis from The Times about the lack of knowledge around the conveyancing process, and what home-movers can do to speed up the process.
1. Make sure money is on account
You might think that after hiring a conveyancer, you can sit back and let them handle the rest of the process – you’re mistaken. This type of approach causes severe delays amongst home-movers, typically right from the start of the process. Many aren’t even aware of the delays until a few weeks in.
After choosing your conveyancer, you must ensure you put money on account (this is to cover the initial searches and allow the conveyancer to commence their work). You must be proactive, as you won’t be chased up for the upfront payment. Usually, this is something that the home-mover becomes aware of when chasing the conveyancer instead. On average, you need to put aside around £400 to start with.
2. Proof of ID
Like many other legal processes, you’ll need to provide proof of ID and address before you begin the conveyancing process. It sounds simple enough, but you’d be surprised by how many people miss this step. You can provide either a passport or driving license as proof of ID. A bank statement, utility or council tax bill from up to three months ago is sufficient for proof of address. Don’t forget that the documents must be original – not photocopied – and you can do this in person or online.
3. Check and provide source of funds
Conveyancers require proof of funds such as a bank statement or a mortgage in principle. When purchasing a property on your own, this would be sufficient. However, with average house prices and the demand for homes sky-rocketing, the property market is seeing a rise in popularity of funding from the Bank of Mum and Dad(BoMaD) – with one in four housing transactions funded this way. Given this, you will need a written statement from whoever is funding, confirming that they are assisting in financing your home. Sometimes it can take days for banks to send statements, so make sure you begin this step as early as possible to avoid any delays to what is already a long-winded process.
4. Begin the process and remain proactive
The conveyancing process can take up to 16 weeks; between this time, you must remain proactive by ensuing you’re on top of your costs and required documents. Make sure that you read all the associated correspondence from your conveyancer – be as communicative as possible, as things can often slip under the radar, leading to longer delays.
Moveable offers a full guide on the conveyancing process, to ensure that you’re up to date all throughout the process. You can even set up alerts that remind you of upcoming payments and required documents!
5. Apply for buildings insurance
Although often forgotten, one of the key factors in purchasing a property is arranging buildings insurance – this is usually a condition of the mortgage that needs to be in place before the exchange of contracts. Be sure the policy covers the time between exchanging contracts and completing, which can take one to two weeks (or more, depending on how complex the purchase is).
How can Moveable help?
Moveable is a free and easy-to-use service that helps you with the complicated process of buying a home. From expert guides to assist you throughout the entire process, to price-comparison and timesaving tools, you can access everything you need to ensure that you’re not paying over your budget, and that you have the flexibility and knowledge to make the home-buying process as easy as possible!
Create an account here and start your home-move journey with us.