Although thousands of house sales and purchase happen every week, not many sellers or purchasers will know the intricacies of what their solicitor actually does during the conveyancing process.
The main reason a solicitor is needed when you are purchasing a property is to ensure that all the legal requirements are met, however they are also there as the main person to help navigate you through the process.
One task a solicitor or your conveyancer will perform is to conduct the searches. These searches can reveal important information that could sway your decision in buying the property, for example issues with noisy neighbours, any rights someone may hold over the land or any planning issues affecting the property.
Often search documents are lengthy and very technical in their wording, therefore need to be deciphered by a person who will understand the terms. This can be particularly important when dealing with an older property, where rights over the land may be hidden in old hand-written deeds.
If any issues are found, your solicitor will be able to advise you of the potential outcomes as well as what further questions should be asked, or actions taken.
When you are purchasing a property, it is often the biggest asset you will ever own, so you need to make sure you are not caught out with potentially expensive issues to rectify.
If a solicitor fails to raise potential issues or does not adhere to any undertakings, this is considered professional misconduct, which could result in penalties.
Once all the legal issues are dealt with, and both sides are happy, there will be the exchange of contracts, which makes the sale legally binding.
Your solicitor will liaise with the other parties to confirm a date for completion. This is when the moneys for purchase will need to be transferred, mortgage moneys received as well as money for any Stamp Duty that may need to be paid.
As only solicitors can perform certain tasks that are required to legally transfer ownership of a property, it is important that you instruct a solicitor when you are buying and selling property.
If you would like to speak to one of our expert Conveyancing solicitors ring us on 0333 305 5189 or email us at enquiries@lpropertylawyers.co.uk
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