UK Mortgage Conveyancing
Conveyancing is the legal term for the change of ownership of a property. If you're buying or selling a property or remortgaging, you will need conveyancing support from a solicitor. It is the workings of legally transferring the ownership of a property, whether the property be leasehold or freehold.
Leasehold is the right to occupy a property for a long period,
usually between 99and 125 years. It is a long term tenancy, the
term being fixed and decreasing in length year by year. With a
leasehold you normally have to pay ground rent, which is used
for management of the property and it surroundings. Leasehold’s can have
more restrictions imposed on them.
Freehold means you own the property for ever and have a right to
manage the property yourself.
A solicitor or licensed conveyancer is used to transfer
ownership of a property. The cost of the transfer is dependant
on the solicitor (or conveyancer), the transfer’s complexity and
the value of the property.
Any disputes with neighbours over land, if there are any problems with the
property or local searches, these are all dealt with by your solicitor or
conveyancer. Local searches are carried out to find out if there are any
future plans that may affect the property, such a motorway or
a shopping centre being built close by. Local searches can take a few weeks to complete.
The wording of any contracts is checked by your conveyancer. With a
leasehold property the terms of maintenance and management are
scrutinized. Your conveyancer will negotiate the deposit on the
exchange of contracts and the date of completion.
The last things to be sorted are title searches and land
registry.
The Land Register is a record of all land registrations in England and Wales. Each register of title has its own number (the title number). There are three parts to the register
- The registered description of the property
- The ownership, registered records of who owns the property
- Registered details of things like mortgages or rights that may adversely affect the property.
Funds are transferred and the buyer gets access to the property on completion day. Title deeds are sent to the mortgage lender who will hold them until the mortgage has been repaid in full.
Full range of UK Mortgages:
100% | Buy to Let | Capped Rate | Discounted Rate | Endowment | First Time Buyer | Fixed Rate | Flexible | Interest Only | ISA | Non Status | Self Build | Self Certification | Self Employed | Tracker | Variable Rate
