What is involved in buying a property?

COnveyancing for your property

Conveyancing is the legal process of transferring ownership of your property. The conveyancing process includes things like:

  • Checking the legal title of the property to make sure everything is in order

  • Conducting searches to check for any potential issues like planning restrictions or disputes with neighbors

  • Drawing up contracts that outline the terms of the sale and purchase

  • Exchanging contracts between the buyer and seller, which legally binds them to the transaction

  • Transferring funds to pay for the property

  • Registering the transfer of ownership with the land registry

All of these steps are important to ensure that the transaction goes smoothly and that both the buyer and seller are protected. It can be a bit complicated, but having a solicitor by your side to guide you through the process can make it much easier.

Going guarantor on a property

When someone goes guarantor on a property, it means they're agreeing to take on the responsibility of paying back the mortgage if the borrower is unable to. Essentially, they're providing a guarantee that the loan will be repaid, even if the borrower can't make the payments.

Going guarantor can be a big commitment, and it's usually done by a family member or close friend of the borrower. It's often used when the borrower is having difficulty getting approved for a mortgage on their own, perhaps because they have a low income or a poor credit history.

As a guarantor, you'll need to have a good credit rating and be able to prove that you can afford to make the mortgage payments if necessary. You'll also need to sign a legal agreement, which will set out the terms of the guarantee.

It's important to understand that going guarantor can be a risky proposition. If the borrower defaults on the loan, you could end up having to make the payments, which could put a strain on your finances. So before you agree to go guarantor, it's a good idea to think carefully about whether you're willing and able to take on that responsibility. We can support you in the creation of documents, as well as considering all the details that factor into the process.

How do I get started?

Get in touch with our team to learn more about how we can support you with conveyancing and going guarantor in the purchase of your next property.