When buying or selling a property for the first time there is a lot to learn, in this article we aim to help explain some of the choices you have in regard to legal representation.
An estate agent cannot assist you with the law when buying a property as they no not have any qualification or belong to any professional body, there are therefore largely unregulated and the quality of service they provide can vary between individuals and companies. You will need to employ the service of a lawyer.
As an overview, the term Lawyer is used for any law professional, and a solicitor is a subcategory of lawyer. Within the UK, solicitors, who specialise in various areas of law, will meet and advise their clients as well as represent their clients in lower courts such as a Magistrates Court. They will then employ another specific type of legal professional, known as a barrister, to act on behalf of their clients at higher levels of court such as a Crown Court.
When looking for help in buying a property there are two types of lawyer available to you: a solicitor specialising in property law, or a licensed conveyancer, which is a lawyer who has trained in property law, who however is not qualified as a solicitor. A conveyancer without a license is able to undertake much of the administrative work involved in the transfer of property deeds, providing they are under the supervision of a solicitor or licensed conveyancer.
Conveyancing is the term used in regard to the transfer of a property from one person to another, the buying or selling of a property. A very important aspect of the conveyancing process is carrying out all relevant searches against the title of the property, for example checking that the site is legally occupied, if it is under threat by any planned redevelopments in the area and generally to ensure that title being transferred is legitimate.
Other duties would also include establishing contracts to set out the terms of the purchase of the property and the exchange of mortgage details. These contracts are essential throughout England and Wales as a property cannot be transferred until contracts have been exchanged. In Scotland different procedures apply, as soon as an offer has been accepted on a property the agreement is then legally binding.
Currently the Government have plans to introduce online conveyancing, this would involve registering the land online to which the title is guaranteed by the state. This will mean the end of delays due to lengthy background searches and would also make purchasing a property much easier and more secure for the buyer. The internet is making buying, selling and letting property much easier and this move will complement the increase in online estate agency.
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