E&V London A4 - Flipbook - Page 54
E n g E l & Vö l k E r s | lO n D O n
Conveyancing
Buying or selling a property can be confusing. Our complete guide to conveyancing will help you
understand the legal process that is at the heart of any move
Why buy property in London?
the london property market has an excellent investment
reputation, driven by the city’s consistent market demand.
not only is london a global hub for business, but it is a
cultural capital and is home to world-class museums,
galleries, theatres and historical landmarks at every turn.
the city’s robust economy, strong rental market and
exceptional educational and healthcare institutions make it
a compelling destination.
What is conveyancing?
conveyancing is the legal transfer of property ownership
from the seller to you, the buyer. this process starts when
your offer on a property is accepted and ends when the
purchase is completed. conveyancing is comprised of
several stages: finding the right solicitor, due diligence,
draft contract, property survey and signing and exchanging
of contracts and completing (paying for the property and
getting the keys).
Appointing the right solicitor
The first step in the process is to find the right solicitor. Your
solicitor will be there to guide you through every stage of
the conveyancing process. to ensure you get the property
you want, it is important to find a reputable solicitor that
you work well with. decide on a solicitor that is best suited
to your purposes and your situation. overall, a good
conveyancer is vital in safeguarding your legal rights,
minimising risks and providing peace of mind during the
property buying process. their expertise, attention to
detail and ability to navigate legal complexities contribute
to a successful and hassle-free property purchase.
The due diligence process
When you first appoint your solicitor, their firm will carry
out ID and Anti-Money laundering checks on you. Once
this is completed, the due diligence process turns to
identifying any risks or liabilities involved in the purchase.
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it is standard that your solicitor will submit a detailed request
for information to the seller’s solicitor. Your solicitor will also
carry out property searches on the property you intend to
buy. these searches include, for example, checking the land
registry for titles and interests registered to the property,
environmental searches and local authority searches.
The property survey
arranging a survey is not a legal requirement, but it is in
your best interest to do so. a qualified surveyor will carry
out the survey for you. it is recommended that you arrange
for a survey early in the conveyancing process. the survey
report will highlight any problems with the property.
depending on the results of the survey, you may wish to go
ahead with the purchase as originally agreed, renegotiate
the price, or maybe even decide to pull out.
Signing and exchanging of contracts
Before signing the contract, your solicitor will ensure that
all enquiries are satisfactorily answered and that a
completion date has been agreed between both parties.
Your solicitor will also ensure that you have arranged for the
transfer of the deposit into their client account so that it is
ready in time for an exchange. finally, your solicitor will
exchange the contracts for you and you will be ready by the
agreed completion date to move in.
Tax and stamp duty
stamp Duty land Tax (sDlT) is a tax paid by the buyer of a
Uk residential property when the purchase price exceeds
£250,000. 0% applies on the first £250,000, thereafter the
stamp duty ranges from 5% to 12% of the remaining
purchase price. You usually have to pay 3% surcharge on
top of the above sDlT rates if buying a new residential
property means you’ll own more than one, even if outside of
the Uk. non-Uk residents will be obliged to pay the 2%
surcharge when they purchase a major interest of a
property over a value of £40,000.
