Conveyancing is a necessary step in most adult lives. However, it can be much more complicated than expected. From the piles of paperwork, to the arranging of deeds and the payment schedule, conveyancing is generally too detailed to handle without professional guidance. Bureaucracy is complex everywhere, and it can waste a lot of your time without the right expertise to navigate it. Here are all the ways in which hiring a conveyancing solicitor may help you.
Conveyancing Solicitors Take On Payment Planning Responsibilities
The Australian housing market is worth a staggering $6.5 trillion. Around 17% 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, you must 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 concerns, 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 guarantee details of your arrangement do not change after your offer has been accepted.
Your Conveyancing Solicitor Will Protect You 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 70 years to prevent expensive extension payments. Leases of under 70 years can be tricky, because your home may be passed on to the landowner once the contract 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
Conveyancing solicitors help to protect both buyers and sellers during the sale/purchase of many adult's most valuable (and sought-after) possessions: 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 worry-free.
Moving from New Zealand to Australia is more life-changing that you may think. It never entered my mind that starting over in Australia would present challenges when it came to finding a new place to live. I have filled this blog with informative advice about renting and buying a home in Oz you are a newly arrived immigrant. I want to share information about how to convince rental agencies you are a viable tenant. I also want to share details on what you need to do to make yourself look attractive to a mortgage lender. This advice will help you get on the right path to a new home the moment you step off the plane.