Getting a fair outcome

Besides handling the legal paperwork when transferring property, conveyancers also help you make significant savings when buying property. Continue reading this article to learn how a conveyancer can help you save cash as you buy your next property. 

Appraisal

Most property buyers appraise property based on its size, location and amenities. In most cases, this predisposes them to buy overpriced property. Conveyancers conduct thorough, in-depth analyses to ensure that the property is reasonably priced. Typically, they evaluate the following: 

• What is the property's history? For example, homes occupied by former criminals could be challenging to sell in the future. Conversely, if the property has historical significance to the area's residents, it will appreciate fast.
• Is the property legal? For example, a residential property built in a commercial zone could require renovations to make it legal.
• What is the property's structural condition? Conveyancers rely on surveying certificates and pre-purchase inspections to establish if the property complies with the building code.
• Does the property have any easements? Easements prevent you from enjoying all areas of the property. Therefore, an outstanding easement reduces the value of the property. 

Negotiating Mortgages

A challenge property buyers experience is that they do not know which mortgage suits their situation. Your conveyancer provides vital details that go a long way in ensuring you secure the right mortgage at a reasonable interest rate. For example, they could advise you to take an investment loan if you intend to sub-lease the property. If you took a conventional mortgage, the bank could impose severe penalties and charge a high-interest rate on the investment loan. If you intend to flip the property, the lawyer can advise you to take a shared equity loan. The mortgage comes with a low-interest rate and interest-only payments. It allows you to free up some cash for home renovations. Your conveyancer will also bargain the interest rates and repayment terms on your mortgage. It enables you to make long-term savings on the loan. 

Property Negotiations 

If you are satisfied with the property on sale, the conveyancer will negotiate the asking price on your behalf. Many sellers get emotional when buyers undervalue the property. Conversely, the conveyancer uses the information garnered during the appraisal to convince the seller to reduce the asking price. Besides, they give a comparative analysis of other properties to ensure the seller understands the conveyancer's rationale. 

Conveyancers use several strategies to help you save property buying costs. Typically, they appraise the property, negotiate the mortgage and negotiate the asking price. 

For more information, contact conveyancing lawyers near you.