The process of conveyancing was designed to ensure that purchasers of home or property get the ownership of a land securely. When a property is purchased, it is the duty of the buyer to ensure that he or she is purchasing a good property and there are no risks associated with it. However, there are many cases where the purchaser can fall into trouble. This article will give you a clear idea about conveyancing, the pitfalls in conveyancing and how to protect yourself from such troubles that may come your way.
Learn about conveyancing
To be aware of conveyancing pitfalls, it is crucial get an idea about what conveyancing is. Learning about the different stages in conveyancing is the first that anyone should do. Conveyancing basically has three main stages, say, pre completion, completion and post completion.
Check the title of the property
The main responsibility of the buyer is to make sure that the title of the property is free from any kind of issues. This is one of the most common pitfalls that will come in the way of a new property buyer. Buying a property on dispute will not only cause nuisance and loss of money, but it may also lead to serious issues like even losing ownership of the property. Seeking advice from a good conveyancing firm will help you escape from such issues. They will conduct enough research about the property to ensure that you are not getting into trouble by buying it.
Interpret the legal documents
Another important issue that you will come across while you are into conveyancing will be regarding the legal jargon. It is very difficult to understand the legal terms and prepare the documents. Even a small mistake in drafting or interpreting the legal documents can prove to be disastrous. It is always advisable to seek expert advice in such cases.
Getting a mortgage
If you’re purchasing a residence through a mortgage lender, then there are many issues associated with it too. Raising a loan is not an easy thing. Most mortgagers may not be ready to take risks, hence you should prove your credibility. In case if you have been bankrupt or has met with failure in financial transactions, these things will become more complicated. The best way to get out of all this is to find a good solicitor. Primarily, the banner of a good solicitor will add to your credibility and can easily get you the loan.
Drafting the documents
The solicitors will have experience in formulating the documents in such a way that you get it sanctioned instantaneously. They will also have an idea about different mortgagers and their interest rate. This will help you find a good mortgager too. You should also ascertain whether the person selling the property is the true owner o f the property. There are also chances for some kind of encumbrances that may affect the property. The liabilities associated with the property will fall on the buyer’s shoulder, if he doesn’t conduct enough searches regarding the status of the property.
Buying an unregistered property
Buying an unregistered property is one of other issues that is associated with conveyancing. The Land Registry is very strict with its regulations regarding the registration of property these days. The chance for risks like encumbrances and adverse possession will be high in such unregistered property. Similar is the case of leasehold properties. The documentations will be very complex. You will have to study the entire lease in detail to learn about the rights of the lessee. Else you will fall into trouble in the future.
Delay in conveyancing
Delay in the process of conveyancing is yet another main issue. The longer the conveyancing process takes, the larger the risks are. This is because many issues like gazumping may come in between. The services of proficient conveyancing lawyers will help you in fast completion.
Phew! Conveyancing can help you
Phew! Conveyancing helps you to complete the case 40% faster than the industrial average. The expert conveyancing solicitors will update you about each and every improvement in the case. They are proficient enough, so that you will not have to worry about any omissions or errors that may occur in the time of documentation.
Generally, most of the pitfalls in conveyancing can be avoided with the service of a proficient conveyancing solicitor. Always remember, a little care and patience will mean so much while making a life time investment. Buying a home is never a kid’s play, so make each step sensibly.
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