Buying or selling a home, property or commercial building can be stressful, complex, and difficult. For even the most seasoned buyers and sellers, conveyancing, and all of the legal hurdles entailed can be overwhelming, which is why conveyancing solicitors in Portsmouth are hired to do it on your behalf.
Conveyancing solicitors in Portsmouth are tasked with the job of transferring the ownership of a property from a seller to a buyer. It may sound simple, but this process requires a vast knowledge of the law and all its loopholes, something conveyancing solicitors in Portsmouth are trained and experienced to do.
What do they do?
Whether you are buying or selling, your conveyancing solicitor will carry out different tasks which will ensure your transaction is completed legally. This can include conferring with the other party or solicitor to choose a completion date, working out what is included in the transaction, and carrying out local searches.
If you are selling a property
The first thing your assigned solicitor will do is request the title deeds from the property, which will sometimes be lodged with your solicitor if you do not own the property outright. Alternatively, the deeds will be requested from your mortgage lender if this is relevant to your situation. From there, you will be asked to check and approve the property information form which states everything that will be present on the draft contract. When everything has been explained, your conveyancer will discuss with you and the opposing solicitor any concerns or queries you may have regarding the sale of the property.
If you are buying a property
If you are buying a property, a conveyancer will work closely with your mortgage lender to work out if Stamp Duty Land Tax (SDLT) needs to be paid. They will also carry out searches on the property, revealing information about the area and confirming your purchase is what you expected.
Drafting and completing contracts
The drafting and completion of contracts is one of the most important stages. This makes your purchase or sale legally binding and entails several, complicated stages that your conveyancer will handle. Once you have signed your drat contract, the completed draft will then be forwarded to the other party’s solicitor to be approved and signed by everyone. At this point, the conveyancers will swap contracts and the buyer’s deposit will be paid. When the property is legally transferred on the date of completion, the buyer’s conveyancing solicitor will transfer any outstanding money to the opposing conveyancer. In most cases, the seller is asked to leave the property on completion day in which case, the keys would be transferred to the new owner.
What happens after completion day?
Your transaction has been successful but that is not to say your conveyancer’s job is complete. They will send all of your legal documents to the land registry if you have bought a property, to confirm you are the new owner, and also pay your Stamp Duty. You will receive documents back from the land registry within three weeks, fully completing your purchase.