If you’re buying or selling a property then you will need a conveyancer – or conveyancing lawyer – to help you. Conveyancing is all about the legal processes involved in transferring the ownership of a property.
It is possible – although somewhat difficult – to carry out this process yourself as long as you do not take out a mortgage (as the lender will require a professional law firm to be involved).
But most people prefer to search for the right lawyer or conveyancer to “instruct them” and oversee the conveyancing process.
What you will they do first?
Once you’ve designated a conveyancer, they will open a file and draw up a draft purchase contract or terms of engagement with you. It sets out their fees and deposits required.
You must also provide information about any estate agent you have instructed, if you will need a mortgage and if so, the details of the lender. They will also ask to see a photo ID, such as your passport.
If you are selling, your conveyancer will ask the estate agent for a notice of sale, which includes details of the solicitors for all people involved in the chain. You must complete some legal questionnaires on your property and what you intend to include in the sale.
Next, your Conveyancing Solicitors London will contact the legal representatives of each party to tell them they have been instructed to act for you with your purchase and / or sale.
Property searches and surveys
Maybe there are things about the property you buy that you do not know just from the look of it so as part of the conveyancing process, your conveyancer will organize a set of local searches. Your conveyancer will review these local search results and highlight factors that you need to be aware of such as new roads or development planned near you. You will want to get a survey done on the condition of your property. After the results are returned, your conveyancing solicitor can see advise on any next steps. For help finding Conveyancing Solicitors London, visit a site like Sam Conveyancing.
What about my mortgage?
Should you require a mortgage on the property that you are seeking to purchase, your conveyancer will require to see the mortgage offer so they can examine the terms and conditions.
Deeds & Tenure
The conveyancer for the seller will send a draft contract and a copy of the title deeds relating to the- property to your conveyancer.
If you are buying a leasehold property, your conveyancing solicitor will be able to advise on the length of the lease, what restrictions are in place, the cost of maintenance and any ground rent you will need to pay and more.
However, do not just rely on your conveyancer to check the length of the lease. A lease of under 80 years can be tricky and pricey to extend, as well as needing to have owned the property for a minimum of 2 years before being able to seek an extension. So, always be sure to examine the lease yourself as well. A lease under 60 years should be avoided.