The conveyancing process can be complex, and we certainly don’t recommend doing it yourself.
Why not get a quotation from a competent, qualified solicitor, or a licensed conveyancer from this website .
In nearly all cases the most expensive thing we ever spend money on in our lives is property – that’s unless you live in a 50 grand house and own a Ferrari F40. It’s an expensive commodity and we certainly don’t want to lose our entitlement to enjoy unrestricted ownership of that property because of a foul-up in the conveyancing process.
Mistakes can happen and there are also a lot of fraudulent things that can go on which is why checks have to be made through due process before you can buy a house. For instance, how do you know that the person we think is the owner of the property is entitled to put it up for sale in the first instance. Most property is likely to be mortgaged therefore most property dwellers do not actually legally own 100% of the property as a bank or mortgage company will own part or most of it and they will hold the deeds of the property until the mortgage is paid off or redeemed in the future.
Property can also be tied up in a trust which would have been created by a legal agreement known as a trust instrument. Trusts are set up for varying reasons such as protecting a property owners entitlement to pass the value on to beneficiaries in the future but being granted a lifetime tenancy of the property. When older people have to go into a home the care has to be paid for by a local authority who would seek to secure a charge on the home to recoup the expense of looking after a person. However the property title may have been passed over to a trust or a tenancy in common agreement so that ownership of the home by the subject is legally devoid as it is the beneficiaries who are the legal owners. This is just a loose example and the points listed should not be taken down as key facts they are just an illustration.
In any event, somebody has to search HM Land Registry records to see who is recorded as the legal owner of the property to ensure that the person selling the property is entitled to sell it. Obviously, any mortgages or loans charged against the property would have to be settled in full before the chargees would agree to a replacement owner being registered as the owner of the property.
In addition, there are other things that make searches necessary such as a mining search would uncover whether the property could be susceptible to subsidence or sinkholes appearing one day if the records show that the property has been built over an area where once mine workings were prevalent. Rights of way and Chancel searches are also useful as you probably wouldn’t enjoy a summers day doing the gardening in your Mankini if a troupe of ramblers walked through your garden on a ROW entitlement. Similarly, you may find that an obligation to contribute towards restoring the lead on the nearby church roof to be a financial burden but a Chancel search would reveal such an onus.