If you’re buying or selling property in New Zealand, you need to be familiar with the process of conveyancing by the help of a conveyancing lawyer. This article explains what it involves and how you can help to ensure the process goes smoothly and according to plan, both at the beginning and the end of your real estate transactions.
Here are 7 things you should know about conveyancing in New Zealand.
1) WHAT IS CONVEYANCING?
This can vary from state to state, but conveyancing is essentially all of what goes into selling or buying a house. In general, it includes: inspections for mold and other hazards; preparation of sales contracts; submission of paperwork to and from government entities such as HM Land Registry and HM Revenue & Customs; mortgage-related processes like application; setting up insurance; checking compliance with conditions on an existing mortgage, etc.
2) DO I NEED TO USE A SOLICITOR OR REAL ESTATE AGENT?
When it comes to buying a property, you need both a solicitor and an estate agent in the process. Now, why a solicitor? They can take proper care of your needs, ensuring your work is handled well legally. When buying from a private seller, you may only need to use a real estate agent but they do not provide legal assistance or protection. When it comes to conveyancing, hiring an experienced lawyer can be of helpful use to you.
3) HOW LONG DOES CONVEYANCING TAKE?
That depends on how busy your lawyers are. In some cases, it can take up to six months to finalize a land transaction. It’s also possible for things to get delayed because of third-party factors that aren’t immediately within your control. This can be stressful, but you should keep in mind that every sale has these issues—and it all gets fixed with a bit of patience and communication.
4) HOW MUCH DOES CONVEYANCING COST?
The cost of a conveyance can depend on a number of factors such as market value, and whether you’re buying or selling. To get an idea of how much you will pay for conveyancing services, take an estimated sale price and divide it by 0.5%, which is roughly what most people expect to pay as a fee. The costs involved with conveyancing are normally added to your mortgage.
5) WHERE CAN I GET HELP WITH CONVEYANCING?
In order to ensure that you are protected from all angles, you should take care to seek legal advice from a qualified conveyancer. Each case is different and an experienced conveyancer will be able to give you accurate advice on your particular circumstances. The most important thing is to find someone who can provide you with suitable representation during every step of your purchase or sale process.
At the end of the day, conveyancing in New Zealand can be a daunting process, especially if you’re dealing with unfamiliar legislation. But if you want to take some time knowing the place, you can check this page. And remember, by keeping the things listed here in mind, you’ll have a better shot at making your experience as smooth and stress-free as possible.