Conveyancing is a process by which transfer of ownership of immovable property such as house, flat, garage or plot of land is carried out between a Buyer and a Seller in a swift and efficient manner that is satisfactory to both parties. The procedure of conveyancing has many complex legal issues that have to be resolved before any title can be reassigned. Hence it is always advisable to consult reputed conveyancing solicitors with professional expertise and experience before any transfer of ownership is initiated.
- Unregistered system – Here the onus is on the Seller to prove his title to the property through documentary evidence known as title deeds. It is required that the Seller establish the validity of the deeds and all conveyances from a point in time that goes back without a break at least 15 years from the present sale. There should be no gaps in this chain. The premise behind this is that if ownership can be established over a 15 year stretch, the Seller has foolproof right over the property and the buyer can safely take it over. However, it is not very difficult to forge title deeds and hence due caution should be exercised when dealing in this system.
- Registered system – This system of conveyancing in Gateshead is based on HM Land Registry, a government body maintaining a register of title to land. It shows the extent of land as well as any benefits and restrictions on the property and will include all existing mortgages too. Hence by a search in the Land Registry offices, it is possible for the Buyer to know whether the deed of ownership has clear title. Conveyancing services offered by law firms will get all relevant details for the Buyer. Due to its inbuilt safety net, this system is now very common for buying, selling, mortgaging leasehold or freehold property.
Residential conveyancing is a very important aspect of conveyancing services. House move is a stressful situation and nobody would want to add more worries to it. Skilled and certified conveyancing solicitors are one stop shop for all queries as well as for on-line quotes. Simply visit their websites, enter the amount of property, whether it is a purchase or a sale and get instant quotes. Armed with the information, it is possible to contact the solicitors after comparing the quotes and choosing the best option. This also ensures that there are no hidden costs that can be sprung later. It makes services of conveyancing in Gateshead transparent and always above board.
Legal fees are charged by solicitors for cost of conveyancing in Gateshead, Tyne and Wear, England. Fees based on time, costs of legal registrations and disbursements (miscellaneous costs) are all components of charges for providing conveyancing services. Generally, it is 1% of the purchase price of the property but this varies between firms. A break-up of costs will make it easier to understand and includes –
- Land Registry fees which are statutory for transferring title from Seller to Buyer and marking the same in the register.
- Stamp duty if applicable
- Local searches which provides details of the property including mortgages or any other lien on it.
Whether the conveyancing transactions are with regard to house, flat, garage or plot of land and entails buying, selling, mortgaging leasehold or freehold property, it is advisable at all times to get in touch with reputed conveyancing solicitors who can provide expert guidance in this regard.