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Now if you need to apply for mortgage on your property then you can do it. The bank will give you an ‘offer in principle’ based on the information that you gave them about the property. But before it becomes a formal offer you will have to have a survey. The mortgage by the lender cannot be granted without a formal survey of the property. You must have the survey for your own information too because it will tell you about your property in legal sense and not general sense. That will help you make better decisions in the future. These surveys are divided into three types. The first one is basic and is called valuation survey. This survey only provides information about the value of the property and don’t go into further details. So after you have a valuation survey you will need an in depth survey that will tell you about the soundness of your structure and potential problems in it. The homebuyer’s report is the most popular type of surveys done in property. This survey includes the repair state of the building, damages caused to it and potential problems in the structure and the architecture. So if you want to buy an old property it is always suggested to get a structural survey done. The cost of a structural surveys is higher than that of homebuyer one. This is because structural survey is more comprehensive and it will give the clearest idea about the condition of the property that you are buying.

After the survey has been done and both the buyer and the seller have come to a conclusion on terms, they sign contracts that are legally binding and exchange them with each other. After this the transaction has become legal and the chances of return are zero. The buyer has to pay the amount that was agreed upon on the contract and the seller provides with the legal documents and the keys to the buyer. The new home insurance is the responsibility of the buyer not the seller. The completion can be done within hours but usually people like to take some time for final checks before they sign the contract. After everything has been checked properly then buyer release the money. It can be nervous for people doing it for the first time having high stakes involved and a single mistake can cause irreparable damage. But once you have released the funds after the signing of the contract you have become the owner of the property. The purchase process is complete, seller will provide you with the keys and after which you can move in to your house.

The next job of your conveyancer is to register your ownership of the property at the local land registry and arrange the payment of taxes. If you think that you can do the job of the conveyancer yourself than we can assure you that it is possible provided that you have enough time. It is time consuming and hectic too which might lead you to some trouble due to lack of knowledge. The seller’s conveyancer can take advantage of you and you might be abused of your rights. In England and Wales these conveyancers are regulated by Council for Licensed Conveyancers. Conveyancers take less pay sometimes as compared to solicitors. Just to tell you that licensed conveyancers are only liable to deal with the issues regarding property and anything outside of it will not be taken into consideration. You will have to hire a solicitor for these matters. The difference between a conveyancer and a solicitor is that a conveyancer is specialized in property only while a solicitor can carry out conveyancing and can provide counseling on other areas of law.

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