![]() ![]() Property surveys are inspections of the property and its internal structure - they highlight defects that will affect the valuation of the home and will uncover any problems that may need extensive repair work.Ī conveyancer's job will be to inspect the results of both the local searches and property survey to aid you in the negotiation process. Whilst the conveyancing searches will uncover legal factors that affect the property and local area, they do not assess the physical condition of the building. ![]() This includes developments being planned in the area, local radon gas emissions, plans for new roads and the risk of ground instability. The results will highlight any factors you need to be aware of as a buyer. ![]() Some of these searches will be demanded by your mortgage provider whilst others will be a legal requirement. As part of their role, your conveyancer will arrange a number of essential local searches to provide further information about the land and building. There could be hidden defects, problems with planning permissions, or things affecting its overall value. ![]() The land upon which the property stands is known as the ‘Freehold’ and will be owned by the Landlord/Lessor referred to in the Lease or the person/company registered at the Land Registry as the owner of the Freehold.Ī buyer can’t tell everything about a property just from the viewings. When a property is Leasehold it means that you will own the property subject to the provisions of a Lease and for a fixed term of years, but you will not own the land on which it stands. Most houses are freehold but it’s vital your conveyancer or conveyancing solicitor checks. It is when the owner is “free from hold” from any third party and is responsible for the property, land and its maintenance. Whilst drafting the contract, your conveyancer will establish whether the property is freehold or leasehold.įreehold means you will have absolute ownership of the property and its land. Establish if the Property is Freehold or Leasehold You will also be asked to complete a number of legal questionnaires concerning the property and what you’re willing to include in the sale.Ģ. However, if you’re selling, your conveyancer will also ask the estate agent for a memorandum of sale which will contain the details of everyone within the property chain. Your conveyancer will then contact the other party’s solicitor and obtain a draft of the contract as well as any other vital forms and documents, such as the property’s title deeds. However, it’s important to note that this estimate may change if the legal work becomes complex. By this stage, you should then be given a quotation that is based on all the information you’ve provided. You will also be expected to provide some form of photo ID, such as a passport or driving license as part of basic money laundering checks. If you’re a buyer, your conveyancer will enquire about the deposit and how you intend to pay. The purchase file will also require the details of your estate agent and mortgage lender. This will explain their conveyancing fees and the deposits you will need to pay, whilst the file will contain a form asking for your basic details. Once you’ve instructed a suitable conveyancer or solicitor, their first job will be to open a purchase file and provide you with their terms of engagement. What Does a Conveyancer Do?Ī conveyancer has a vitally important role, from the moment you instruct them right up until completion day. Most conveyancers and solicitors operate on a fixed price conveyancing service these days. Be aware of solicitors or conveyancers who charge an hourly rate as it looks cheap at first, but tends to add up quickly. Solicitors usually charge more than conveyancers as they are more qualified in a range of property law. The only difference is that the SRA requires by law that solicitors disclose their fees to their clients, while the CLC doesn’t require conveyancers to do this. It’s common for both conveyancers and solicitors to pay referral fees to estate agents to help gain clients. The choice is yours and will be based on personal preference. Some people prefer this for an efficient process and better communication, while others believe that conveyancers who represent both sides can lead to indiscretions and delay the process. However, the Council for Licensed Conveyancers (CLC) allow conveyancers to represent both the buyer and seller, which could benefit some situations as well as complicate others. Solicitors aren’t allowed to act on behalf of both seller and buyer, as this is classed as a conflict of interest by the Solicitor’s Regulation Authority (SRA). Save money What is the Difference Between a Solicitor and a Conveyancer? Who Pays For House Clearance After Death? Choosing an International Removals Company ![]()
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