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Not all CONCEYANCING SOLICITORS are
knowledgeable about the buy to let market or BMV purchasing
as some only ever deal with day to day residential
transactions. The choice of which CONVEYANCING
SOLICITOR is even more important when buying
and selling investment property and can be crucial
to the Investors success. Purchasing buy to let investment
properties requires a lot of time and focus and it
is important that the CONVEYANCING SOLICITOR
is knowledgeable of the various schemes, particularly
if the property is being purchased below market value.
The
internet has allowed the cost of Conveyancing
to be more competitive; however, this is not necessarily
a good thing. As prices have fallen, the number and
quality of conveyance departments have also been reduced.
Price has dictated that each partner needs to take
on an excessively large caseload thereby devoting
less time to each individual case. Also, many solicitors
quote very low headline prices but hide away many
hundreds of pounds of standard and compulsory extras
in the small print or under a vague supplemental fee
section. This may include: VAT, dealing with your
mortgage lender & filling in your Stamp Duty Land
Tax return, telegraphic transfer charges.
Although
specialist professional services can be more expensive,
they are well worth the cost to successfully complete
the purchase and to resolve any possible problems.
It
is worth finding out if the conveyance solicitor practice
has more than one partner, i.e. not a sole practitioner
as some mortgage lenders are not able to use sole
practitioners. And of course most importantly make
sure you are getting good value for money. Ensure
you get a full quotation with a full breakdown of
costs.
The
conveyance process starts after an offer has been
made and accepted for a property, and solicitors'
details have been exchanged by the two parties. It
is irrelevant whether you are buying or selling through
an agent or privately.
So what exactly does the CONVEYANCING SOLICITOR do
for their money?
- Make
searches – local searches including, water
search, environmental search, commons registration,
index map search and any other appropriate
- Examine
draft Contract documents
- Investigate
the Title
- Send
copies of relevant documents to Buyer for consideration
- Approve
Contract and send any enquiries to the Sellers
Solicitor]
- Check
replies to enquiries from Sellers Solicitor and
results of Searches
- Check
mortgage instructions
- Arrange
for Buyer to sign Contract, mortgage documents
and provide any deposit
- Check
that provisions for Buildings Insurance has been
put in force
EXCHANGE
CONTRACTS
- Draft
Transfer and send to Sellers Solicitors with completion
information and requisitions on Title form
- Examine
replies to completion information and requisitions
on the Title form
- Engross
the Transfer and obtain Buyers signature
- Send
Transfer to Sellers Solicitor for signature
- Carry
out pre-completion searches – Land Registry
Search OS1 and OS2 for a Registered Title, search
K15 for an Unregistered
- Title,
bankruptcy search, Company search
- Submit
Certificate of Title
- Prepare
and supply Completion Statement to Buyer requesting
any monies required
- Check
results of pre-completion searches
- Check
all funds for completion received from the Buyer
and or Mortgage Lender
COMPLETION
- Check
Seller has signed Transfer
- Obtain
Sellers Solicitors undertaking to discharge any
mortgages
- Pay
balance purchase monies to Sellers Solicitor
- Check
that Transfer, Title Deeds, Land or Charge Certificate
and undertaking to redeem Mortgage has been received
from the Sellers Solicitor
- Check
Contract, enquiries, requisitions and correspondence
for any additional completion requirements
- Ask
Sellers Solicitor to date Transfer and release
the keys
- Date
any mortgage documents
FOLLOWING
COMPLETION
- Submit
Land Transaction Return to Inland Revenue
- Give
Notice relating to any Life Policies required
for Mortgage
- Prepare
and send Form AP1 or FR1 to the Land Registry
- Check
the Title Information Document when sent by the
Land Registry
- Send
copies of Buyers Title to them for their record
together with Deeds not required by lender
- Confirm
registration of Title to the mortgage lender
If
the general public knew how many unqualified secretaries
dealt with their entire conveyance transaction, there
would be uproar!
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