Conveyancing

Buying and Selling Residential and Commercial Property

• Overview: Conveyancing refers to the legal process of transferring property ownership from one party to another, whether for residential or commercial properties. This process ensures that the transaction is legally binding and protects the rights of both the buyer and the seller.
• Eligibility: Anyone buying or selling a property—whether residential or commercial—requires conveyancing services to complete the legal transfer of ownership.
• Duration: Conveyancing can take several weeks to months, depending on the complexity of the transaction, whether it is freehold or leasehold, and any issues that arise during the process.
• Detailed Description: Lawyers assist buyers and sellers by drafting and reviewing contracts, conducting property searches, and ensuring that any encumbrances, such as mortgages or liens, are resolved before the sale is completed. For buyers, legal professionals conduct due diligence to verify the property’s title, ensure compliance with local planning regulations, and handle the exchange of contracts and final transfer. For sellers, lawyers prepare the necessary legal documents to transfer ownership, including the sale contract and transfer deed. Legal professionals also advise on tax implications, such as stamp duty, and ensure that the transaction complies with all regulatory requirements.

Buying Property at Auction

• Overview: Purchasing property at auction involves a faster, more streamlined process where buyers must act quickly, with a legally binding sale often completed on the day of the auction.
• Eligibility: Buyers interested in purchasing properties—especially those that may be undervalued or distressed—at auction need legal assistance to review terms and ensure due diligence is completed.
• Duration: The auction process itself is quick, but pre-auction preparation, including reviewing auction packs and conducting property searches, can take several weeks.
• Detailed Description: Lawyers help buyers prepare for property auctions by reviewing auction packs, which include legal documents such as title deeds, leases, and any special conditions attached to the sale. They ensure that the buyer understands any potential risks, such as issues with the title, property condition, or planning permissions. After a successful bid, legal professionals handle the post-auction process, including transferring funds and completing the legal transfer of ownership. They also ensure that the buyer meets the strict timeframes associated with auction sales, typically 28 days for completion.

Advice for First-Time Buyers (Help to Buy, Shared Ownership, Equity Release)

• Overview: First-time buyers often face unique challenges, such as understanding government schemes like Help to Buy, shared ownership, or equity release, all of which can make property purchases more affordable.
• Eligibility: First-time buyers seeking to use government assistance programs or shared ownership schemes require legal advice to navigate the requirements and maximize their benefits.
• Duration: The process can take several weeks to months, depending on the scheme involved and the complexity of the property purchase.
• Detailed Description: Lawyers advise first-time buyers on government-backed schemes like Help to Buy, which offers equity loans or shared ownership options. They help buyers understand the terms and conditions of these schemes, including how much they will need to repay and when. Legal professionals also handle the additional legal requirements associated with shared ownership, where buyers purchase a portion of the property and pay rent on the remaining share. In cases of equity release, typically used by older homeowners to access the value of their property, lawyers advise on the long-term financial implications and ensure that the contracts protect the homeowner’s interests.

Advice about Buying as Joint Tenants or Tenants in Common

• Overview: Joint tenants and tenants in common are the two primary ways in which individuals can own property together, with significant legal differences regarding ownership rights and inheritance.
• Eligibility: Couples, friends, or business partners purchasing property together must decide whether to hold the property as joint tenants or tenants in common, each with different implications.
• Duration: This decision is made during the conveyancing process, and the legal structure is put in place at the time of purchase.
• Detailed Description: Lawyers explain the differences between joint tenants and tenants in common to help buyers choose the right ownership structure. As joint tenants, co-owners have equal ownership rights, and upon the death of one owner, their share automatically passes to the other. As tenants in common, each co-owner has a defined share in the property, which can be left to heirs or sold independently. Legal professionals draft the necessary agreements to reflect the chosen ownership structure and ensure that the interests of all parties are protected, including drafting declarations of trust where needed to clarify the shares owned by each party.

Buying and Selling Listed Property

• Overview: Listed properties are buildings that have been placed on the national heritage register due to their historical or architectural significance, requiring special considerations during the buying and selling process.
• Eligibility: Buyers or sellers of listed buildings must navigate additional legal requirements related to preservation and restoration, often requiring specialized legal advice.
• Duration: The conveyancing process for listed buildings can take longer due to the need for additional property searches and compliance with heritage regulations.
• Detailed Description: Lawyers assist buyers and sellers of listed properties by ensuring compliance with planning and heritage laws, which often restrict changes to the building’s structure or appearance. They conduct detailed property searches to verify any listed status and advise on the implications for future renovations or repairs. Legal professionals also ensure that buyers understand the additional costs associated with maintaining a listed building, including the need for special materials or techniques. They handle the negotiation of contracts to reflect these requirements and advise on obtaining necessary consents for any planned alterations.

Lease Extension and Buying/Selling Leasehold Property

• Overview: Leasehold properties are owned for a set period under a lease agreement, and lease extensions allow the leaseholder to extend their ownership rights beyond the original term. Buying or selling leasehold property involves understanding the rights and responsibilities outlined in the lease.
• Eligibility: Leaseholders with leases nearing expiration may need to extend their lease to maintain property value, while buyers of leasehold property must understand the terms of the existing lease.
• Duration: Lease extensions and leasehold purchases can take several months due to the negotiation of terms and the need for freeholder approval.
• Detailed Description: Lawyers assist leaseholders in negotiating lease extensions, ensuring that the new lease terms are fair and protect the leaseholder’s interests. They also handle the conveyancing process for buying or selling leasehold properties, reviewing the lease agreement to identify any restrictions or obligations, such as service charges or ground rent. Legal professionals also advise on the rights of the leaseholder, such as the right to extend the lease or purchase the freehold, and ensure that all legal documents are properly registered with the Land Registry.

Transfer of Equity, Gifting Property, and Deeds of Gift

• Overview: Transfer of equity involves adding or removing a person’s name from the property title, while deeds of gift allow property owners to transfer ownership to another party, often as part of estate planning.
• Eligibility: Homeowners looking to add or remove a co-owner, or those wishing to gift property to a family member or loved one, require legal assistance to ensure the transaction is properly executed.
• Duration: The transfer of equity or gifting property typically takes several weeks, depending on the complexity of the transaction and any associated tax implications.
• Detailed Description: Lawyers draft and file the necessary documents to transfer ownership of property through equity transfer or deeds of gift. They ensure that all parties understand the legal and financial implications, including any taxes or stamp duty that may apply. Legal professionals also advise on the implications of transferring equity during divorce or separation, ensuring that the interests of all parties are protected. For deeds of gift, they handle the legal documentation and registration with the Land Registry, ensuring that the transaction is properly recorded and that the new owner’s title is clear.

Buy-to-Let Conveyancing

• Overview: Buy-to-let conveyancing involves the purchase of property for rental purposes, requiring additional legal considerations related to tenant rights, rental income, and mortgage agreements.
• Eligibility: Investors or individuals purchasing property to rent out to tenants need legal advice on the specific requirements of buy-to-let conveyancing.
• Duration: The buy-to-let conveyancing process is similar to regular property purchases but may take longer due to the need for additional mortgage and tenancy agreements.
• Detailed Description: Lawyers assist with the legal process of purchasing a buy-to-let property, including reviewing mortgage agreements and ensuring that the property meets rental standards. They advise on compliance with landlord regulations, such as health and safety standards, tenancy agreements, and rent deposit schemes. Legal professionals also handle the drafting of tenancy agreements, ensuring that they protect the landlord’s interests while complying with tenant rights. For investors, lawyers offer advice on structuring the purchase to minimize tax liabilities and maximize rental income.

Mortgaging and Re-Mortgaging

• Overview: Mortgaging and re-mortgaging involve securing a loan against a property, either when purchasing it or refinancing an existing mortgage to obtain better terms or release equity.
• Eligibility: Homeowners and investors seeking to purchase property or refinance an existing mortgage require legal assistance to ensure that the mortgage terms are fair and legally binding.
• Duration: The process of mortgaging or re-mortgaging can take several weeks, depending on the complexity of the loan agreement and the lender’s requirements.
• Detailed Description: Lawyers handle the legal aspects of mortgaging or re-mortgaging a property, including reviewing the mortgage offer, checking the lender’s terms, and ensuring that the property provides adequate security for the loan. They ensure that all legal documents are properly registered with the Land Registry and that any existing mortgage is discharged before completing the new transaction. Legal professionals also advise on the financial implications of re-mortgaging, such as early repayment penalties or increased borrowing costs. They ensure that the client understands their legal obligations under the mortgage agreement and that their rights are protected.