Post-purchase conveyancing comprises several critical services essential to ensuring a smooth transaction and a legal transfer of property ownership. Staying prepared and knowledgeable of what happens after property purchase will help you to avoid delays, common pitfalls, and additional costs. In this article, we’ll guide you through the essential post-purchase conveyancing procedures, ensuring that your property purchase is finalised safely, legally, and efficiently.
What is the conveyancing process?
Conveyancing refers to the legal process of transferring property ownership. Conveyancers can conduct searches, prepare and review contracts, and manage financial transactions to ensure a smooth and legally sound property ownership transfer for buyers and sellers.
You can engage the services of a conveyancer at any time during the homebuying journey, but as a general rule of thumb, the sooner, the better. Having a conveyancer with you from the pre-purchase stage to the post-purchase stage covers all your bases and ensures you buy the best property for you and that all procedures are carried out efficiently and correctly.
What is the difference between pre-purchase and post-purchase conveyancing?
Conveyancers will often work for the buyer or seller throughout the whole process. Sometimes, they’ll only work through the pre-purchase or post-purchase stage. Especially if you’re only hiring a local conveyancer for a set of specific services, it’s important to distinguish between the tasks associated with conveyancing before and after the property purchase.
Conveyancing before purchasing
Pre-purchase conveyancing takes place before the purchase has occurred. It focuses on optimising the buying process and ensuring due diligence. Conveyancers will protect the buyer’s interests and concentrate on securing the best property. Conveyancers may carry out the following tasks:
Preparing and reviewing documents
Conveyancing after purchasing
Post-purchase conveyancing takes place after the purchase has occurred. It ensures that the title is transferred correctly, property records are updated, and all financial and legal obligations relevant to the purchase are fulfilled. It is focused on finalising all matters related to the property purchase, such as:
Managing important financial transactions
Registering the property with the Land Registry
Paying stamp duty
Paying land tax
What happens post-purchase?
While conveyancing services are rarely divided into pre-purchase and post-purchase categories, it is worthwhile distinguishing which services occur after purchase. The work a conveyancer does after the contract of sale has been signed is often overlooked by buyers and sellers. To avoid becoming complacent too early in the purchase process, it’s essential to research and understand the following post-purchase conveyancing procedures:
Land Registry registration
To secure the buyer’s legal rights as the new owner of the property, a conveyancer will help register the property with the Land Registry. This allows for official recognition of ownership and prevents property fraud.
Stamp duty and land tax
Your conveyancer can calculate the correct amount of the stamp duty and land tax to be paid for your property. They will identify the property value and how that affects the stamp duty. Post-purchase, they can submit tax payments on your behalf, ensuring timely and accurate payment.
Final inspections and checks
Before ownership transfer occurs, a conveyancer will organise a final inspection to identify any issues. After a property purchase, there may be outstanding obligations. A conveyancer will also clear up any unaddressed contractual conditions and unpaid bills with both the buyer and seller
Transfer of funds
Although post-purchase conveyancing occurs after the contract of sale has been signed, there are additional transfers to be made. A purchase usually involves a deposit, mortgage funds, final payment, settlement fees, and additional expenses like service fees. Conveyancers will ensure the safe and legal transfer of all funds, both before and after the official purchase.
Property dispute resolution
Even after the sale, there may be contested disputes that a conveyancer can help to resolve, such as boundary disagreements or discrepancies in property details. A conveyancer will liaise with all involved parties and other professionals to ensure that any disputes are resolved legally and to the satisfaction of the buyer and seller.
Common post-purchase conveyancing challenges
Some of the most common challenges buyers or sellers will face after the property purchase include the following:
Delays in the registration process
Discrepancies in property details
Unexpected changes to service charges
To avoid post-purchase conveyancing issues, maintain regular communication with your conveyancer and any other professionals you have engaged. Make regular notes of all concerns you may have and organise all relevant documents ahead of time. Choose your conveyancer carefully — research their license, accreditations, and testimonials to ensure they’re reputable and professional.
Choose Entry Conveyancing for post-purchase services
Post-purchase conveyancing is a vital component of any property transaction. Ensuring all legal obligations are fulfilled, and ownership is transferred correctly is worthwhile. Entry Conveyancing offers a hassle-free post-purchase conveyancing experience. By choosing our conveyancing lawyers in Melbourne, Sydney, or Brisbane, you guarantee personalised support, expert guidance, and expert management of critical procedures. Our team of skilled professionals is always up to date on the most relevant legal requirements of property transactions. We’ll stay with you every step of the way, from the first consultation to the final settlement.