Your solicitor will help you with the legal aspects of buying and selling property. They will take care of things like property searches and ensuring that your mortgage lender has the deeds.
They will also arrange contract exchange and completion dates. Property solicitors in Glasgow will also advise you on survey results and the impact of any work required.
Buying A Home
A property solicitor handles the legalities involved in buying or selling a house. This can include a range of tasks from checking for fraud (transferring money via bank transfer can be risky) to ensuring that you pay the correct amount of stamp duty. They will also carry out property searches to find out more about the land, including whether it is freehold or leasehold and whether any debts are registered against it, such as rates or unpaid council taxes.
Selling A Home
Property solicitors can help you sell your home. They can help you draw up a contract and will ensure that it meets the legal requirements. They can also help you negotiate any terms with the buyer. In addition, they can protect you from future liabilities by making sure that any known issues with your home are disclosed on a standardized disclosure form.
They can also carry out searches and enquiries on the property. These are crucial to ensuring that your transaction is completed legally. They can also advise you on the correct amount to pay for stamp duty, which is a tax charged on property purchases.
During the transfer process, your solicitor will also carry out any necessary bank transfers. This can incur a small fee for the service.
Buying A Leasehold Property
Buying a leasehold property is a popular choice for first time buyers and people looking to downsize. However, there are many important things to consider before purchasing a leasehold property. For example, it is essential to know how much it costs to extend the lease as it can add thousands of pounds to the purchase price. Moreover, developers have been known to sell freeholds to third parties who charge inflated fees for lease extension.
Leasehold properties also tend to have onerous lease covenants that restrict your use of the property. These can include bans on commercial uses, subletting or keeping pets. These can be difficult to obtain consent for and make a leasehold property less attractive.
Buying a freehold property is a complicated process. First, you need to get the consent of other residents in the building. Typically, 50% of the residents need to agree on the process and the cost. This will help to keep the costs low for everyone.
The conveyancing process can be more complicated for leasehold properties than for freehold properties. This is because the process usually involves dealing with management company accounts, checking the amount in any sinking fund and ensuring that adequate buildings insurance is in place.