Coneyancing is simply the formal name for the process of transferring ownership in a property from one person to another.

The reason a solicitor or licensed conveyancer is usually involved is due to the fact that some technical and sometimes complicated procedures often have to be undertake to ensure that the transfer of ownership passes properly.

Your solicitor will check that the property you are buying is owned by the person you intend to pay for it and that there are no factors affecting the property that may alter you decision to buy it, for example if the council plans to build a motorway through your front room or if your neighbour has some ancient right to use your garden for grazing cattle.

These are of course extreme examples but it is very important that the process is carried out properly because once you have bought the property you are stuck with any adverse factors affecting it and this is ultimately what you pay your solicitor for.

Your solicitor is also covered by appropriate insurance so that if he/she does miss something you can claim appropriate compensation.

For a fuller step by step explanation of the process please click here. Our commercial property lawyers understand and share your business aims. That is why we are interested in more than just the property deal itself. We want to understand your wider business initiatives so that we can advise on the commerciality of a deal and so that we can provide sound legal advice without losing sight of the bigger picture.

Our property network allows you to attend our seminars and to link in with our other member clients and contacts to share tips and to source business opportunities and investors.

We offer sound commercial advice on acquisitions, disposals and developments and have acted for small and medium developers in relation to new build developments, planning permissions and compulsory purchase orders

Our team also has acted on larger developments including advising on the acquisition of the multi million pound, mixed use site at Langley Mill for Landmarc UK LLP.

Our residential property team is aware that purchase of a home, is for most people, the largest and most important investment they will make. Whether you are a first time buyer or working your way up the property ladder, we will ensure that the transactions runs smoothly and that our expert advisors guide you through the process.

Call now on 0800 876 6749 or e-mail info@howardssolicitors.com for a no obligation discussion about your case.

Glossary

Stamp duty - this is a tax that must be paid to the government on the purchase of any property valued over £120,000 unless it is in an exempt area. Your solicitor will advise if you must pay this tax. For properties worth £120,000-£250,000 the tax payable is equivalent to 1% of the purchase price, for properties between £250,000 and £500,000 the tax is 3% of the total purchase price and for properties over £500,000 the tax payable is equivalent to 4% of the total purchase price. Find out how we may be able to help you avoid paying this tax.

SDLT or stamp duty land tax return - this is a form that must be completed on the purchase of any property and then sent to the Land Registry with the stamp duty payable.

Land Registry is a government office where the details of all properties owned are stored. They hold information about who owns a property, whether it is subject to a mortgage and whether there are any other factors affecting the property.

Official search - this an enquiry about the property made to the land registry (see above)

Bankruptcy search - is undertaken against the name of the peson buying the property if buying with a mortgage as the lender will wish to ensure they are not lending to someone who has been made bankrupt.

Office copy entries show anything adversely affecting the property

HIP or Home information pack is a bundle of documents that a home owner must put together before the home can be marketed for sale and will include usefull information for any prospective buyer

Professional indemnity insurance is the insurance a solicitor must have so that if he/she makes a mistake the client can claim compensation

Exchange of contracts - this refers to when you actually sign the contract and it becomes binding and at this pint you either have to sell or buy or both depending upon your individual transcaction. You will not necessarily move on this day, moving day is completion day

Completion - this refers to the moment when the ownership of the property finally transfers