Property Conveyancing | Compensation Solicitors

A step by step guide to UK Property conveyancing

Tuesday, April 6th, 2010

A step by step guide to UK Property conveyancing

Conveyancing is the legal term for the process of transferring ownership of a property between two parties. A conveyance is legal document known as a deed that conveys a property from the seller (or vendor) to the buyer.

Property conveyancing is usually carried out by a solicitor, a licensed conveyancer, or, in Scotland, a solicitor’s agent. It is possible to carry out your own conveyancing, but for most people this is not advised. Some estate agents offer in-house conveyancing services, although it is usually wiser to engage an independent solicitor in order to avoid any conflict of interest. It is also a good idea to engage a solicitor who has been personally recommended as frauds committed by solicitors are not unheard of, and have even increased in recent years.

For buyers, your conveyancer will require the property details, the name of the selling agent (if applicable), a list of items to be included in the sale, details of your financial sources, the name and contact details of your lender and when you wish to take possession.

If you are selling, the conveyancer will need details of the deeds, the name and contact details of your lender, copies of any planning consents, and the date by which you wish the transaction to be completed.

The conveyancing process (detailed below) takes on average 10-12 weeks to complete, but the timescale is determined by financial, legal, social and personal factors. During the period prior to contracts being exchanged either party can pull out of the transaction for any reason without obligation to the other, giving rise to gazumping or its opposite, gazundering.

The conveyancing process should involve the following:

1) Verifying ownership of the property and ensuring that a good title is obtained. Title refers to a bundle of rights in a property and is distinct from possession, which can accompany ownership but is not necessarily enough to prove it.

2) Carrying out local authority searches.

3) Ensuring that the land has been registered and checking the existence of any restrictive covenants. Restrictive covenants refer to the restriction of anything from the height or size of building, to the materials used in construction.

4) Ensuring that any planned alterations have necessary planning permission, building licenses, and that they have a warranty.

5) Checking that any debts against the property are cleared before contract exchange.

6) In leasehold properties, the lease and its clauses are checked.

7) Drawing up a contract of sale.

8) Registering the title in the name of the new owner after the property is sold.

There are a number of other checks that you can ask your conveyancer to carry out, for example:

1) Finding out who own any adjacent land, and checking the level of development that may be allowed, especially any commercial activity. Checking if there are planned developments in the area that may affect the value of the property (e.g a motorway, landfill sites, railway lines etc) is highly recommended.

2) Ensuring that the seller is the sole owner and actually has the right to sell.

3) Discovering if the property is prone to flooding is important especially with coastal properties or those near to rivers. Erosion and global warming issues should also be considered.

4) Discovering what the land both surrounding and under the property was originally used for which is especially important with relatively modern properties.

Many people successfully carry out their own conveyancing and it is entirely legal to do so. However the process is time consuming, complex and a good grasp of details and much patience is required. It is also risky as if a mistake in the contract is missed, it is possible to be left with a property you cannot sell. If it is the fault of the solicitor or conveyancer, you can at least sue.

If you do have a complaint about your solicitor, it is advisable to try to resolve it with them personally, if this fails you can report them to the Office for the Supervision of Solicitors.

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Commercial Property Law Specialist

Saturday, April 3rd, 2010

Buying or leasing a commercial property today can become hassle free only when the buyer knows their property law well. Even they are not familiar with the latest news they need correct legal advice. Our commercial property department is experienced in dealing with commercial property transactions including sales, purchases, assignment of leases, purchases of businesses of going concern and sales and lease back transactions. We provide commercial property solicitors for various different sales. One can get expert advice only with a specialized property lawyer. For property transfer we provide a Conveyancing Solicitor too. At Duncun & Lewis we have been assisting landlords and their clients to run business in harmony without any litigation.

Normally, real estate agents in areas recommend commercial property solicitors who they know. They know the area and are knowledgeable about the laws concerning related properties. Many businesspersons try to reduce the hassles by trying to circumvent legal hassles by only relying on the brokers’ advice. The title of the lease or plot has to be clear. But the right option is to engage commercial property solicitors for it. When you approach a commercial property solicitor at our firm they will take into account the compete details before any sale or purchase or any other transaction is made.

Too much emphasis is being given on the protection of the tenants now. A new code was introduced for leasing business premises in UK in March 2007. Sometimes lack of knowledge and not giving due importance to property lawyers can land businesses in trouble. For every negotiation, we make sure that property conveyancing is done easily, with able assistance from a conveyancing solicitor. A conveyance is a deed (legal document) that conveys a house from the vendor (seller) to the buyer, thereby transferring ownership. For transferring the property in the name of one person to another especially in business premises requires legal assistance. We take it to our credit that we have handled successfully, many such cases.

Consider a commercial property solicitor from our firm as an insurance policy against bad decisions. Property owners today do not want long-term tenants and this could mean that some tenants will protest. Tenants whose business depends on the volatile markets tend to take shorter legal routes. The lease term is important and we are aware of the technical issues faced by our clients. We charge reasonable fees but make sure you remain in business. This is our priority. If are looking for knowledgeable commercial property solicitors or conveyancing solicitors, log on to duncanlewis.co.uk. Find a wealth of information here apart from the best solicitors.
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A Conveyancing Solicitor Briefly Describes The Remortgage Process

Saturday, March 27th, 2010

Firstly we will discuss about the procedure of Remortgage. When a client’s mortgage deal is coming to an end, they may want to shop around for a new product – this is known as a remortgage. Staying with the current lender after the end of the agreed term of the client’s mortgage will be a matter for negotiations with the mortgage lender. If the existing mortgage lender is willing to offer a rate that is relatively eye-catching, the client may not want to bother remortgaging. If the client, however, has a lot of equity in his property then he may well be able to remortgage onto a more attractive interest rate and even release some of the equity in the property. Now you may be wondering what is ‘equity’, equity is the difference between the market value of the property and the value of the mortgage against the property. For example if your property is worth £250,000 and you have a mortgage of £100,000 against; the property the equity in the property is £150,000. However when you go to remortgage your property you will not be able to realise all of the equity in the property.

Conveyancing solicitors are now very vary of mortgage fraud which is particularly prevalent in the London property market. These fraudsters are laundering money, stealing peoples’ identity and using conveyancing solicitors as a tool in their criminal activities. Conveyancing solicitors are now taking extra precaution to make sure they know their clients and are confident that the client that they are dealing with is genuine. Hence when you go for a remortgage do not be upset if your conveyancing solicitor asks you for proof of name, address and evidence of source of funds. They are not suspecting you but these are measure deployed generally to protect you and the rest of the public.

Once the conveyancing solicitor is happy with the ID documents provided he will proceed to ensure that all the new lender’s conditions are met and the new lender will be able to obtain a secure main charge against the property. Sometimes a property may have two or three charges on it and this means the conveyancing solicitor conducting the remortgage would need to redeem each and every charge on the property or agree with all the lenders concerned the order of ranking of the charges. This is when a remortgage can become complex and more costly.

Phew! offers a highest-quality service at all times – without exception. It has all the checks in place to ensure this.

Clients can get an instant online quote. Clients receive SMS updates, 24 hour online case tracker, direct dial access to the solicitor. Clients can also submit documents electronically and make payments either online or via the phone.

http://www.phew.co.uk,

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Posts Tagged ‘Property Conveyancing’

A step by step guide to UK Property conveyancing

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Commercial Property Law Specialist

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A Conveyancing Solicitor Briefly Describes The Remortgage Process

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