What legal processes are involved?
A Solicitor should guide a prospective buyer through the necessary legal processes and ensure that all paperwork is submitted in a timely manner. After instructing a Solicitor, the first stage is to provide both proof of identity and proof of funding - the completion of this initial process will allow progression of the purchase. The Solicitor will then carry out checks to ensure that the seller has the legal right to sell the commercial property in addition to a number of pre-contract searches, before raising enquiries relating to the property and finally completing the post-completion formalities.
Why is it important to hire a property Solicitor?
A legal professional with experience in this field will be able to remove much of the stress and hassle from the process, and they will also be able to recognise any potential pitfalls that could hinder the purchase. If any concerns are identified during checks, searches and enquiries, they will be in the best possible position to provide advice about whether or not it would still be prudent to proceed with the purchase.
What should a property Solicitor be doing for their client?
Along with the aforementioned checks, searches and enquiries, they will also be taking every possible precaution to protect a prospective buyer throughout an entire transaction. The potential for disputes post-completion can be significantly reduced when a property Solicitor maintains the highest levels of diligence at all times, and their client benefits immensely from this extra peace of mind.
What pieces of information and documents are most important to the purchaser and the process as a whole?
Whilst the exchange of contracts is the key milestone in the purchase prior to completion, this can only be achieved if accurate information and the correct documentation is forthcoming from the outset. A legally acceptable proof of identity will ensure that all money laundering regulations are adhered to, and confirmation of the funding source will give the other party confidence that the transaction will be carried out without any financial problems.
Pre-contract searches and enquiries will reveal a variety of valuable information and records, such as existing planning restrictions and other potential stumbling blocks, which could be ‘glossed over’ in an attempt to sell the property quickly. Once again, this is where a suitably-qualified property Solicitor is invaluable, as they can provide the necessary insights to prevent potential buyers from discovering important details when it is too late.
In the context of residential property, the process of transferring ownership is about far more than just simply paying an agreed price and exchanging a set of keys. There are a number of legally-binding procedures that come together to allow a private property to be transferred without the potential for lengthy disputes.
What happens when an offer is accepted?
Once the buyer and seller have agreed on a price, the next stage is for the Contract & supporting documents to be drawn up that specify the exact nature of the property sale. This may include information about the agreed condition of the property at the time of exchange, any existing property boundaries, planning restrictions, legal factors that relate to the exact use of the buildings and land, and the standard seller protocol forms. Once these contracts are exchanged, both parties have a legal obligation to proceed to completion.
What happens during the contract exchange process?
Once both parties have signed the contracts, Contract are exchanged by each Solicitor using a specific Law Society method. This is when the completion of the sale becomes a legally binding process &with a deposit being provided by the buyer, usually 10% of the purchase price.
What happens upon completion?
The buyer will transfer any remaining funds to the seller that make up the total of the purchase price (any pre-paid deposit will also be taken into account at this point). Once these funds are in place, the outgoing occupant occupants will be able to vacate the property & the keys are released via the Estate Agent. The buyer may wish to check the state of the property at this point to ensure that the specified conditions in the contract are still relevant, and then all that remains is for the registration to be finalised and stamp duty paid (if applicable)
What happens when a professional conveyancer or property Solicitor is hired?
There are many benefits that come with the services of a professional conveyancer or property Solicitor, and all of these can be summarised by one key factor - the peace of mind that comes with being fully legal and compliant throughout the entire process. This type of professional will be able to draft all of the necessary paperwork and contracts, whilst facilitating communication between all parties. In the event that there are any further queries to be handled at a later point, a Solicitor can provide the necessary information in a timely manner.
Jackson Barrett and Gass are a legal practice with many years of experience in the field of Conveyancing and residential property, who are able to utilise this experience to the benefit of people wishing to buy and sell properties. Our levels of professionalism allow buyers and sellers to remain fully compliant at all stages of the transaction, and this greatly reduces the potential for any legal disputes post-completion.
To arrange a discussion about any property matter, please get in touch on 01625 523988 or firstname.lastname@example.org