Practical Guide To Residential Conveyancing , livre ebook

Straightforward Publishing - Peter Wade

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94 pages

English

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Description

A Practical Guide to Residential Conveyancing Revised Edition, by Peter Wade is a comprehensive guide to the various processes underpinning the conveyancing of residential property. It is clear and concise and is ideal for anyone who wishes to buy or sell a property without the use of a solicitor or licensed conveyancer and can be used by those who want a practical guide or by those who wish to learn more about the processes of conveyancing generally.

Informations

Publié par	Straightforward Publishing
Date de parution	24 décembre 2020
Nombre de lectures	0
EAN13	9781913776565
Langue	English

Informations légales : prix de location à la page 0,0300€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

CONVEYANCING
A Practical Guide
Revised Edition
Peter Wade
Emerald Guides www.straightforwardco.co.uk
Emerald Guides
Revised Edition Peter Wade Estate 2020
All rights reserved. No part of this publication may be reproduced in a retrieval system or transmitted by any means, electronic or mechanical, photocopying or otherwise, without the prior permission of the copyright holders.
ISBN: 978-1-914432-81-4 ePUB ISBN: 978-1-913776-56-5 Kindle ISBN: 978-1-913776-65-7
Printed by 4edge Ltd www.4edge.co.uk
Cover design by BW Studios Derby
Whilst every effort has been made to ensure that the information contained within this book is correct at the time of going to press, the author and publisher can take no responsibility for the errors or omissions contained within.
Contents
Introduction
Ch. 1 Overview of the Stages of conveyancing of Registered Land
Brief Outline of a Conveyancing Transaction
The Key Stages of Conveyancing Explained for Selling Buying
Overview of the Conveyancing Process for Selling a Property
Overview of the Conveyancing Process for Buying a Property
Ch. 2 The Land Registry
Outline of the Land Registry and the Registration process
Ch. 3 Unregistered Land-First Registration of a Title
First Registration of a title
The Classes of Registered Title
Ch. 4 More Detailed Information-The Pre-Completion Stage
General Overview
Property Searches
How long do Searches take?
Local Authority Searches
Water, drainage and other property searches
Environmental search
Commons registration
Mining search
Land charges
Chancel repair liability
Disadvantaged Area Search
Ch. 5 Step-by-Step-Acting For The Seller
Tax and Planning Consequences
Co-Sellers
Status of the Conveyancer
Protocol Forms
Sellers Checklist-Information required
Sales considerations
Standard Conditions of Sale (Fifth Edition)
Deposit
Matters affecting the property
Physical State
Title and Transfer
Requisitions
Commonhold
Title Guarantee - whether full or limited
Sending the papers to the Purchasers Solicitors
Receiving Draft Contract
The TR1-Transfer Document
Ch. 6 Step-by-Step-Acting for the Purchaser
Purchasers Transaction Checklist
Checking initial purchaser Information
Finances
Mortgage considerations
Purchasers of freehold and leasehold checklist-step by step
Items to be checked
Ch. 7 Reaching exchange of Contracts
The Law Society s Formulae
Telephone
Law Society Formula A
Law Society Formula B
Law Society Formula C
Client Care
Complaints handling
Stamp Duty Land Tax
Various Taxes and examples
*
Ch. 8 Completion and Post-Completion
Between exchange of contracts and completion-Preparing for Completion-Sellers checklist
Discharge of Sellers Mortgage
Documents to be handed over on completion
Between exchange of contracts and completion - Preparing for Completion-buyers checklist After completion-sellers checklist
After completion-buyers checklist checklist
Glossary
Recommended reading
Appendix 1
Sale and purchase of property-standard letters
Appendix 2
Overview of the Council of Mortgage Lenders Handbook (Last modified July 2017)
Appendix 3
Schedule of documents to be used in conveyancing
Index
Introduction
This book, updated to 2020 , is not a substitute for a qualified professional and is not presented as such. The information contained within is for use as guidance and at all times the advice of professionals should be sought, as only the extremely confident and experienced lay person, or actual practitioner can buy or sell property alone. In addition, if a mortgage is involved, the lender will insist on a qualified conveyancer.
Risks of DIY Conveyancing
Mistakes made during conveyancing transactions can be Celatively trivial, for example carrying out the wrong search and having to pay a search fee twice, or extremely serious, for example misinterpreting a search result and buying an unsaleable property or finding that following completion it is not possible to register the transaction. When acting in a sale, failure to understand your obligations and responsibilities can lead to giving information for which the buyer can later sue, or being conned by the buyer into parting with money or reducing the price.
So, as stated above, usually when buying or selling residential property, solicitors or licensed conveyancers are normally used in order to ensure that the transaction proceeds smoothly. Both are regulated professionals whose governing bodies require that they be insured and properly regulated. Licensed conveyancers are regulated by the Council of Licensed Conveyancers, solicitors by the Solicitors Regulation Authority or Law Society. Both carry out the process of buying and selling property in a similar way. There are several legal differences between the professions. Conveyancers are allowed to represent both buyer and seller, whereas solicitors generally don t because of conflict of interest.
Similarly, licensed conveyancers need not tell their client if they have received a commission from a marketing or referral agency, whereas solicitors must disclose such commissions. In general, licensed conveyancers may be more suited to a lower value or uncomplicated sale-and it will be much cheaper. If the sale is complex and expensive then a solicitor will be better suited.
Another development in 2019 is that new rules for conveyancers are now in place in Britain aimed at helping home buyers make a more informed choice when buying a property.
All property lawyers must now publish price, service and quality information on their websites, or in alternative formats if requested, as part of a cross-industry push to empower consumers and foster innovation and competition across the legal services market.
The Council for Licensed Conveyancers (CLC) said that all property lawyers will now have to display certain information including costs and provide examples of their fees that cover a broad range of services and transaction types.
This might include information on conveyancing timescales and links to third party feedback platforms and a buyer should be able to easily identify who regulates the firm. For lawyers regulated by the CLC, this includes displaying the CLC secure badge in a prominent place.
All lawyers need to display details of their complaints process including access to the Legal Ombudsman and redress information and while lawyers do not need to disclose specific details of referral arrangements on their website, they must say if they enter into such agreements and the average fee, or range of fees, they pay.
However, notwithstanding the above. the actual processes of conveyancing are usually a mystery to both buyer and seller who are not privy to the procedures. The aim of this brief but concise book is to throw some light on the basic processes, thus ensuring that those who are involved at least have some understanding of what is happening and can question those acting for them at any given point. The book should be read in conjunction with A Straightforward Guide to Buying and Selling Property which deals with the more general aspects such as the involvement of estate agents.
Although it is safe to say that the average basic conveyance of a leasehold flat or freehold house is relatively simple and unproblematic, there are still fundamental ground rules which one must observe. When purchasing a leasehold flat for example, particularly in a multi-occupied block, the lease has to be very closely scrutinised and all the covenants in the lease understood. Leases can be unintelligible documents, couched in redundant language, badly laid out and misleading at the best of times.
Leases contain landlord and tenants covenants, which impose rights and obligations on the respective parties, particularly in relation to repairing obligations and service charge and ground rent payments. Other covenants may impose an onerous burden on the leaseholder and quite often only an experienced eye can pick this up. Likewise, the Freehold transfer document may contain obligations, which can only be picked up or understood, by an experienced eye.
Therefore, even if you decide to carry out conveyancing yourself you should always get a sound second opinion concerning the lease or freehold document.
What about online conveyancing?
Traditionally, homebuyers have used local solicitors or conveyancers, often recommended by their estate agent or mortgage lender. However, online conveyancing is a growing area that is transforming the industry - generally for the better.
Online conveyancing companies sell their services over the web, usually backed up by a call centre. They are often based in business parks and are effectively warehouses of fully trained conveyancers dealing with thousands of property transactions. They are usually much more efficient and better value as a result of economies of scale and not being based in city centres. Like ordinary solicitors, the quality of service can be mixed. You deal with them via email and telephone and never see them face to face. Some online conveyancers business models means your file is on a system and you talk to different people each time.
This can be frustrating. Others allocate your file to one person which provides you with a point of contract.
Good online conveyancers should enable you to access your file 24/7, so you can see its progress. This is useful because when sellers badger buyers for updates you can tell them immediately. Be aware that many websites describe themselves as online conveyancing, but are actually just price comparison websites which will get quotes for you from third party conveyancers or solicitors. This can be very helpful in finding a cheap service, but you can t be sure about sort of quality of service you are going to get from whoever you end up with. However, conveyancers - whether online or not - cannot deal with complex leg