Whether you are buying or selling, it is best to instruct a conveyancer to handle the legal changeover.
While it is possible to do it yourself, conveyancing is a high-risk process, and you will be liable for any mistakes you make.
If you are selling a property, your instincts might tell you not to instruct until you have accepted an offer. If you are buying, it might be tempting to wait until your offer has been accepted and you have received your mortgage offer.
However, there are numerous reasons to instruct your conveyancer early. In this article, we take a look at some of the most common ones.
Completing ID and AML checks in advance
By choosing to instruct your conveyancer early, you will be able to complete some initial processes ahead of the rest.
Your identity (ID) verification and anti-money laundering (AML) checks are great examples of this. You do not need to have a property to purchase or to have accepted an offer to get these started.
All you need is your photo ID and a proof of address document. Online conveyancing firms can even have your checks completed in just a few minutes, saving weeks as opposed to traditional practices.
Get ahead of your chain by submitting essential documents
If you are purchasing a property, you will have to provide certain documents to your conveyancer. If you instruct your conveyancer early, you can get a head start on this process and this will allow you to be ready to proceed as soon as your offer is accepted.
Getting your proof of funds together along with your most recent bank statements is useful. If you are using a mortgage for your purchase, getting a copy of the offer to your conveyancer can also kick start the process.
If you are a seller, instructing your conveyancer early will enable your memorandum of sale to be written by your agent. You may not have accepted an offer, but you can instruct a conveyancer to get this process started early.
Save valuable time on the transaction
Regardless of whether you are buying or selling, instructing early can save weeks on your transactions.
If you are a prospective buyer, instructing early will allow you to complete your identity and money laundering checks before the chain starts moving.
For a seller, you can complete a variety of forms including, fittings and contents and property information, needed for the contract pack.
Choosing to instruct your conveyancer early will strengthen your position. Not only will it give you a head start on your chain, but your transaction will be better set to complete quicker.
How can Home Legal Direct help?
Home Legal Direct is an online conveyancing and property survey network. We facilitate fast and efficient conveyancing and property survey solutions for every customer. We will refer your case to one of the expert conveyancing firms on our panel to handle the legal side of your transaction.
You do not need to have had your offer accepted to instruct your purchase, you can get started straight away. If you are looking to begin your journey, start by getting your free online conveyancing quote in seconds. Find out how much your next property venture will cost using the online estimator tool.
Peter Joseph is CEO of Home Legal Direct
