This March, Howell Jones Solicitors will be celebrating National Conveyancing Week – keen to raise awareness about the importance of conveyancing in the home buying and selling process and to celebrate the achievements of conveyancers across the United Kingdom.
There is no doubt that buying a house is one of the most significant investments that most people will make in their lifetime. This process can be daunting and complicated, with numerous legal considerations to keep in mind.
This is where your solicitor comes in. As conveyancing experts, they will understand the property market and processes involved to help make buying your dream property a straightforward and stress-free experience.
What is National Conveyancing Week?
National Conveyancing Week is an annual event organised by the Conveyancing Association, that takes place in the UK from Monday 20th March to Friday 24th March. It aims to shed a positive spotlight on the vital work carried out by conveyancers.
As legal professionals specialising in property law, conveyancers are responsible for facilitating the transfer of property ownership from one party to another.
Misconceptions about the complexities of the conveyancing process can lead to confusion, but the experts in this field rise to the challenges they face and ensure a seamless experience for their clients.
During National Conveyancing Week, a range of events and activities are hosted to engage with homebuyers, sellers, and conveyancers themselves. This includes social media campaigns, webinars, networking events, as well as educational resources. This is all with the goal of highlighting challenges faced in the industry and celebrating the achievements of conveyancers across the country.
8 Legal Issues to Know When Buying or Selling Your House
When buying a house in England and Wales, there are important legal aspects that must occur to ensure a problem-free transaction. We’ve listed 8 significant legal issues that your conveyancer will assist you with when buying a house, to help you confidently navigate the process.
The transfer of property ownership is carried out through a legal process called conveyancing. Due to the complexity of this process and the need to follow specific procedures, it’s advisable to engage the services of a solicitor to handle the legal aspects of the transaction.
2. Property Searches
As part of the conveyancing process, your solicitor will conduct various property searches to identify any potential issues that could impact your use or enjoyment of the property. These searches may reveal whether the property is listed, subject to a tree preservation order, or affected by planning or highway decisions. Your solicitor will then provide you with a report outlining any issues found or concerns that may arise.
3. Stamp Duty
If you’re purchasing a property above a certain price, you’ll be required to pay a tax known as stamp duty. The rules and rates for this tax are determined by various factors, such as the property’s value, and can vary accordingly.
4. Exchange of Contracts
After negotiating the terms of the contract with the seller, your solicitor will guide you through the transaction process. This is the stage where you’ll become legally committed to purchasing the property, while the seller will become legally obligated to sell it. Your solicitor will provide you with a detailed explanation of the contract’s terms and the implications of exchanging contracts.
Upon completion of the transaction, the buyer becomes the legal owner of the property, and the purchase price is paid to the seller, taking into account any deposit paid during the exchange of contracts. Your solicitor will notify you when the transaction has been completed, and you’ll be able to collect the keys to the property from the estate agent.
6. Property Ownership
In England and Wales, there are two types of property ownership: freehold and leasehold. As part of the conveyancing process, your solicitor will conduct a search of the Land Registry to determine whether the property you’re purchasing is owned on a freehold or leasehold basis. Your solicitor will then explain the implications of this to you, including any obligations you may be required to fulfil as the property owner.
Understanding the terms and conditions of a mortgage agreement is crucial if you’re planning to take out a mortgage. In this regard, mortgage advisors and solicitors often collaborate to safeguard your interests and identify the most favourable financing options for you.
8. Property Insurance
Securing appropriate insurance coverage for the property is essential both before and after completion. As part of the conveyancing process, your solicitor will assist you in identifying the types of insurance you may require and the appropriate time to obtain them.
Contact our friendly team today for more information and to get in touch with our expert solicitors.