Are you looking forward to buying property this year? Well, climbing the property ladder is the best you can do. Buying or selling property involves a lengthy and tedious legal process. It’s called conveyancing. You need a conveyancer or a conveyancing solicitor to take you through this legal process of buying property.
The primary role of a property convenyancing solicitor in London is to take you through the legal process of buying and selling property successfully. Here are the different roles that a conveyancing solicitor plays when transacting.
1 – Property searches
A property search is a process of finding out if there are any issues in the property you are transacting. You want to find out everything about the property you are about to purchase, whether it is a leasehold or freehold.
Searches will dig out all the information about the property so you can make the right buying decision.
Some common property searches include flood risk, location of drains, mining, Chancel Repair Liability, environmental, and many others. The findings of the search can give buyers grounds to negotiate for a fair price or think twice about purchasing the property or not.
2 – Exchange of contracts
Another key role of a conveyancing solicitor is to help with exchange of contracts. Once the seller and buyer’s solicitor are both satisfied with the findings of the search, they can now proceed with the exchange of contracts.
The buyer’s solicitor transfers the deposit to the seller’s solicitor account. The contract is legally binding between the seller and buyer at this stage. After taking care of all the surveys required, the property solicitor will finalize the contract fully.
3 – Transfer of funds
A property solicitor will send payment to discharge a mortgage and all other debts secured on the property. He will also file for stamp duty information on the property and send all the appropriate stamp duty payments.
The conveyancing solicitor will also register the property correctly at the Land Registry in the buyer’s name. He also registers the mortgage in the lender’s name. Additionally, if you’re buying on a mortgage, the conveyancing solicitor acts on your behalf.
4 – Study draft contract
When buying property, your conveyancing solicitor studies the draft contract to find out if there are any issues to investigate. The most important function at this stage is to establish whether the property you buy is a lease or a freehold.
Leasehold means that someone else owns the land on which your home is built. This also means that if the lease is not renewed, the ownership of the property can be transferred to the leaseholder. Your property solicitor will also check if the lease length is less than 80 years or 60 years and advise accordingly on what measures you should take.
5 – Completion
It may take less than two weeks between the exchange of contracts and completion. During this period, the property solicitor will send you a statement to show how much money you should be paying. This amount will include the mortgage that you may have.
This amount of money should be cleared to the solicitor’s account one day before the completion. Therefore, you want to make sure you pay on time.
A conveyancing solicitor is a lawyer with in-depth knowledge of the legal process of buying and selling property. They can take you through the conveyancing process successfully, ensuring you don’t make any mistakes that will cost you in the future.
When instructing a conveyancing solicitor, you want to determine if they have the expertise and knowledge to complete your home purchase on time.