The Role Of The Buyer's Solicitor
What is a draft contract?
A draft contract is a form of agreement that a buyer's solicitor will receive from the seller's solicitor in relation to the subject property.
What documents does my solicitor need to collect from the seller?
A solicitor acting for a buyer will want to see not only the draft contract but also the title documents. It depends on what kind of property it is, but they will want to see all the documents of the full title information so that they can approve the title on the buyer's behalf.
What are the standard conditions of sale?
The standard conditions of sale are a list of contractual points, or conditions in a contract, that have been drafted and are used by solicitors within the profession as an agreed form of contract for conveyancing.
What questions will my solicitor ask about the contract?
A biased solicitor will usually ask questions about the contract, to make sure that the terms within it are suitable for their client. So they'll ask questions to make sure that any contractual terms reflect the buyer's interests.
Will I get a copy of the draft contract?
A sensible solicitor acting for a buyer will always make sure that their client sees a copy of the draft contract and retains a copy of the draft contract because it's such an important document within the conveyancing process.
What is a freehold property?
A freehold property is a property that an owner can own forever: it's not limited in time and can pass to the owners' heirs so you can leave a freehold property to your children, they can leave it to their children, and so on.
What is a leasehold property?
When someone owns a leasehold property, they own a title that's limited in time. What that means is, that if they have a leasehold interest, the leasehold can last for any period of time: 99 years, 999 years, but it will expire with the passing of time.
What are the disadvantages of buying a leasehold property?
The disadvantages of buying a leasehold property are inherent in the nature of the title. Because it's leasehold, it's limited in time. So eventually, depending on the length of the lease, the lease will expire with the passage of time. So, in other words, if you've got a 99 year lease, after 99 years, you've got nothing left to own.
What is a local search?
A local search is a search that is made of the local authority, so wherever the property is located, whatever the local authority may be for that area, a local search is submitted to it, which checks on very important things like road widening, slum clearance, and financial challenges that the local authority might have imposed upon the property. So, the local search is a very important search.
What does a local search tell you about a property?
A local search tells you some very important details about the property. It will tell you things that the local authority may have an influence over, which in some way affects the property, like road widening. So, a local search a very important search to consider.
What does a local search not tell you about a property?
A local authority search will not tell you about what mortgages are registered or are in existence that might affect a property. A local search only tells you about the information in relation to the local authority's influence on that property.
How much will a local search cost?
The cost of a local search varies tremendously depending on which local council or authority you're dealing with. They can vary from £150 upwards; some local searches can be really quite expensive.
How long will a local search take?
A local authority search can take a variable amount of time. The length of time the local search takes depends upon which local authority you're dealing with. Some can come back very quickly, particularly those local searches that are dealt with electronically by the local authority . Those still dealing with paper-based searches can take several weeks to deal with your local search.
How long is a local search valid for?
The problem with local authority searches is that they're not valid for any particular period at all. The moment local searches are issued, they are technically out of date. However, most solicitors will accept a local authority search for up to six weeks from the date of its issue. But that doesn't mean there's any validity to the local search; they're simply accepting them as valid for that period. There is still a risk in accepting local searches, because there is no "priority period" that guarantees the search over that particular time.
What is a Land Registry search?
A Land Registry search is a search that is completed just before you actually complete the purchase of the property. A land registry search checks on the title for hidden encumbrances that you didn't know about and that weren't disclosed. So, again, the land registry search is also a very important search.
How much will a Land Registry search cost?
A Land Registry search is really quite inexpensive, a matter of a few pounds.
