Self-conveyancing is a direct route to disaster. Property purchasing whether buying a home or a big commercial property is a major purchase and unless it is properly carried out, the cost of remedying any errors will be considerable.
Engaging a Solicitor for Conveyancing.
Conveyancing can be a complex area and often even a straight-forward looking transaction will sometimes develop issues after initial examination of the title. Here your solicitor, who is trained in property law, will trawl though all the necessary documents to ensure you get proper ownership or good title so that when you go to sell the property, no problems will arise which could well delay or even end your prospects of selling your property.
The Process
Your solicitor will be responsible for drafting the Contract of Sale. This is a legal document which sets out the terms of the sale/purchase. These are for example: purchase price; date of closing the sale and any other conditions the parties agree to which typically relate to mortgage approval, planning conditions and other more technical clauses which relate to title matters. This type of contract should never be drafted by a lay person and if it may render the contract unenforceable in the courts.
Proper Title
A vital role your solicitor will play in conveyancing is conducting searches on the property documentation to ensure there are no legal impediments on the property or financial issues that could impact on the ownership and/or value of the property. For instance, if there is a right of way over your property, you need to be aware of this and your solicitor will find this in his/her searches. Judgement mortgages can turn up on searches which means they must be dealt with and paid off or otherwise the new purchaser may be stuck having to pay them himself.
If the searches throw up any legal issues, then these have to be considered and agreed upon between the parties before any completion of the sale can take place.
Buying or selling a property is not like buying a car and of course the house or property could be extremely valuable. How can a layman draft a purchase deed which may have to recite an 1840s lease or apportion rent? Drafting the deed is a matter for the purchaser but any solicitor is likely to withdraw from a transaction where the buyer is representing himself as the buyer will simply not be able to process the transaction correctly and delay will be the order of the day. Finally, no insurance company will extend cover to a layman carrying out a conveyance and rightly so.
A.C. FORDE & CO. LLP
SOLICITORS