If you are buying a piece of land or house for the first time, you have to seek the services of a conveyancing lawyer. The expert knows the ins and outs of this process, and therefore, you will not lose money because you paid cash to the wrong person. The article will highlight everything you need to know about KingsGuard Legal conveyancing, or see here https://www.kingsguardlegal.co.uk/conveyancing-solicitors/.
Conveyancing is transferring ownership of an asset from one individual to the other. The procedure usually entails exchanging contracts that are signed by both the buyer as well as a seller to confirm that they are legally binding. The process will follow the law governing the area where the land is situated.
The process may be daunting even when you are trying to organize your personal affects. This is where conveyancing solicitors come in. It is important to note that the transferring process has steps that have to be followed succinctly so that the clients can be satisfied with the result.
The process follows three stages, the first one being the initial paperwork as well as a draft contract. Once the seller and buyer come to an understanding as far as price is concerned, the solicitor of the seller will draft an agreement that will depict all the terms and conditions of sale. The contract will be able to outline all particulars, including the price.
The seller of a property will offer factual information concerning the property. The expert will go ahead and cross-check the data and then provide information about the legal title of a seller. The next stage would be introductory inquire from the lawyer of the buyer.
Once a solicitor has checked all the initial paperwork and contract, he or she would go ahead and make preliminary assessments of the property and the current owner. If there are any questions regarding the draft papers, the solicitor representing the buyer will ask the solicitor of the seller for clarifications. During this time, a solicitor would be able to clarify issues like boundary disputes, rights of way.
The final stage would be organizing a survey as well as searches. The solicitor of a buyer would arrange a survey to check the state of the structure, the assessment of other factors like the drainage, and also the surrounding area. The process is done to check whether or not there is any planned development in the future. The solicitor has to conduct various searches, like assessing outstanding issues with relevant authorities.
After the survey of an asset is completed, the two solicitors will negotiate on the terms on the draft. And once the deal is sealed, then the seller and buyer can sign on the dotted lines on a copy while waiting for the exchange. If you wish to have a mortgage offer, then the lender would instruct a lawyer to work on their behalf. This is usually a lawyer that is also acting on behalf of a buyer if the lender approves him or her. The expert will look at the terms and conditions then arrange to have the buyer sign on the mortgage deed.