Do I Need A Lawyer To Buy Property?
‘Do I need a lawyer to buy a property?’ Is a common query from first-time property buyers. Finding your perfect property is a big task; you can spend months scanning every website, newspaper and estate agent listing before you find the one that clicks. The hardest part, however, comes with securing the property, and in an increasingly competitive market, you may be wondering how you can speed up the process.
Legal help can assist with property tax and paperwork that can help to shorten your application processing time. In this article, we’ll explore if it would be beneficial for you to employ legal help to help you buy property.
Do I Need A Lawyer To Buy A House?
The most common type of property transaction is buying a home. Millions of people choose to invest in property every year by taking this route, and it’s a fantastic way to create a secure investment that can be used for capital growth or passed down to future generations of family.
However, buying a home is becoming increasingly more challenging as there are large volumes of applications for each property. To get your application to the top of the pile, employing a great property lawyer can help to ensure that there are no mistakes in your legal paperwork and your application can be processed quickly and simply.
While it is possible to buy a house without a lawyer, it is highly recommended when it comes to helping your application stand out. If you believe that the property you’re interested in will get many applicants, it’s highly advisable to get a property lawyer to help you.
Do I Need A Lawyer To Buy Commercial Property?
The commercial property market can be more difficult to navigate than traditional residential home buying. This is because certain businesses may require special permissions and licences to conduct activities on the premises, which will need to be investigated before buying the property. There is also the potential issue of buying a residential property and turning it into a commercial property, as this will likely require a new request for permissions.
It is usually advised that business owners consult a company lawyer before purchasing a commercial property for their operation for these reasons. A property lawyer can also help the business owner to navigate additional tax queries, such as possible raises in tax as the company grows.
Will I Need A Conveyancer To Buy A Property?
Conveyancing is the legal term to transfer property or land ownership from the seller to the buyer. A conveyancer is a type of solicitor that helps to facilitate these transactions, mainly by ensuring that all the necessary documents and checks have been filled out and processed.
Then can assist with a variety of important steps in the property purchasing process, for example:
- Taking identification
- Filing all forms/documentation
- Checking finances
- Checking contracts
- Arranging deposits
- Exchanging contracts
- Paying Stamp Duty
- Registering with the Land Registry
All of these things will be much easier to do with the help of a conveyancer. Most estate agents will highly recommend that you employ one to help during the final stages of the buying process.
They can also provide you with important contractual law advice, so you can rest assured that the contracts you sign have no hidden clauses that could cheat you out of money or the land you’ve been promised.
Do I Need A Solicitor Or A Conveyancer?
When buying property, a conveyancer can serve you more than a regular solicitor. This is mainly because a conveyancer can work for both parties (i.e. the seller and the buyer), making the process of exchanging rights to the property as easy as possible. A solicitor, however, can only work for one side, as acting on behalf of both is classified as a conflict of interest by the Solicitors Regulation Authority (SRA).
It is up to you which you decide to use. If you already have a trusted family or business solicitor and don’t mind a longer wait to obtain your property, this is still a viable option to ensure your contacts are thoroughly read and money safely transferred.
If you are looking to pick a new solicitor or conveyancer, it is generally advisable to go with a conveyancer who will handle both sides of the buying conversation.
So, Can I Buy A Property Without Legal Help?
The short answer to ‘do I need a lawyer to buy a property?’ is no; it is not required by law that you have a legal team to help you buy property. However, while it is not required to use the help of a conveyancer or solicitor, it is highly recommended by all parties involved.
Choosing to undergo the buying process without expert or contractual advice can be dangerous, as you may need to fully understand the complexities of the legalise used in deeds, which can lead to miscommunication.
How you choose to go about your property-purchasing journey is up to you, and we wish you the very best of luck with starting your real estate journey!
