When buying or selling property including land, commercial building, and homes, transfer of ownership is a very essential aspect. Conveyancing entails the legal and administrative framework, which is involved in the transfer of ownership. There is a large amount of paper work involved in conveyance and this could be complex for people who may not understand the legal terms used in the documents. Interpretation of legal documents is one very important thing, which should not be underrated.
The following a top reasons why you should hire a solicitor or a licensed conveyancer to undertake the legal aspect of a home selling or buying deal;
Avoid risks of ownership disputes
The process of selling and buying homes requires thorough examination of the status of the property. If a property has been placed as a security for a mortgage, buying such as home could complicate the ownership if the previous owner does not repay the loan. In order to avoid such disputes, a conveyancer is important to in handling the transfer process. When things go disastrously wrong, it means that you have a legal backup to help you out in the dispute.
Fulfill mortgage lenders requirements
When acquiring ownership of a home through a mortgage lender, the financier will insist that you employ a solicitor to protect their interests. Lenders do not want to risk getting involved in shoddy conveyancing work such as the do-it-yourself- DIY conveyance. Lenders understand the complex nature of transferring ownership and the implication it can cause to the financier if things go wrong. The services of a legal practitioner in land or home ownership transfer prevent incidents of fraud in the deals. This protects buyers, sellers, as well as mortgage lenders involved in a sale.
Build trust in buying and selling process
The people involved in selling or buying property may not be happy with you if you are considering doing your own conveyance. This means that they may reject any offers you give them. In order speed up the process of buying or selling your home, you need to consult a licensed conveyancer to handle the legal part. The process of gaining the title of a property may be delayed if you are not able to fill the documents as required.
Buying unregistered property
In England, property can either be registered or unregistered. If a property is registered, it means that its title is cataloged in the Land registry. This property is guaranteed by the state. If a property owner registers his or her property, a Land certificate is issued. When buying registered property, the process is straightforward. On the other hand, unregistered property means the title is not within the records of the Land registry. Therefore, such property is not guaranteed by the state. With unregistered homes or properties, disputes over titles are not uncommon. This is why it is essential that you involve an attorney in the conveyance process.
In essence, there are many reasons, why you should seek a solicitor to handle the legal process in transferring ownership of property. Solicitors may charge different fees for the task and it is important that you seek a cheap conveyancing service that does not constraint your finances.
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