Conveyancing is the term used to describe the legal work required for completion of a property transaction - usually a sale or a purchase. There is a misconception that conveyancing is a paper shuffling exercise, but in reality the range of tasks involved is often complex and difficult.
Many sale and purchase agreements contain conditions that may need to be fulfilled before the transaction can proceed. It is important that these contractual conditions are expressed clearly. Examples of common conditions in sale and purchase agreements are:
- the purchaser securing suitable finance to complete the purchase
- receipt of a satisfactory building report or valuer’s report on the property
- receipt of a Land Information Memorandum (LIM) from the local authority
- the purchaser’s lawyer searching and approving the title.
Your property lawyer can advise on the wording of these conditions to ensure that they meet your requirements and can also help carry out work to determine whether the conditions are met.
Where there is more than one purchaser, your property lawyer can advise on joint ownership issues, including the implications of ownership as joint tenants or as tenants in common.
If de facto partners are buying a property it is particularly important that they seek advice from their property lawyer as to the issues which may arise under the Property (Relationships) Act.
One of the advantages of engaging a property lawyer is that they are qualified to advise in all aspects of the law which may need to be dealt with as part of the overall transaction - for example making a will, setting up a trust and taxation implications.