Conveyancing Solicitors
Property Solicitors
Understanding Why Your House Purchase Requires The Services Of A Conveyancing Solicitors
Conveyancing (or the process of buying or selling a home) can be much more complex than expected. From the piles of paperwork, to the arranging of deeds and the payment scheduling, conveyancing is generally too detailed a task to be handled without professional guidance. If your dream home is one of the 500,000 dwellings being bought in Australia every year, it is likely that the procedurial aspects of the purchase will take a while. Bureaucracy is complex everywhere, and without the right expertise to navigate through it, it can waste a lot of your time. Here are all the ways in which hiring a property solicitor may help you.
Conveyancing Solicitors Take On Payment Planning Responsibilities
The Australian housing market is worth a staggering $6.5 trillion. About a fourth of this sum is carried by mortgage debt, which can sometimes take decades to pay off. Therefore, if you are planning on purchasing a home, it is crucial that you ensure your substantial investment does not lead to disputes, disappointments, or any other stress. Conveyancing solicitors, with their training in both payment planning and real estate law, will allow you to organise your payments appropriately.
Property solicitors will also raise financial redflags, such as whether an expected down payment is too large, or whether the interest rate on your mortgage is problematic. They will ensure you do not end up paying more in the long run than you had been planning to, and draft the paperwork to ensure details of your arrangement do not change after your offer has been accepted.
Your Conveyancing Solicitor Will Protect Your From Predatorial Leasing
Once you are ready to finalise the purchase of a home, your property solicitor will need to study your contract to investigate every detail of your purchase. For instance, they will ascertain whether your home purchase is a freehold (where the land and the dwelling will belong to you) or a leasehold (where the land upon which the home is built does not belong to your seller).
Leaseholds are perfectly acceptable for home purchases, however your conveyancing solicitor is likely to advise against leases of under 80 years. Leases of under 60 years can be tricky, because your home may be passed on to the landowner once the lease expires. If you are set on purchasing a home with a remaining lease of only a few decades, your property solicitor may be able to negotiate an extension in advance, by reaching out to the landowners.
A Final Word
Property solicitors help to protect both buyers and sellers during the sale/purchase of many adult’s most valuable (and sought-after) possession: their homes. Instructing or hiring a conveyancing solicitor will allow you to shift the burden of lengthy bureaucracy and complicated contracts to a party best trained to handle them. This will likely allow you to finalise your home purchase worryfree.