Buying property in the UK is different from home in that both buyers and sellers need to engage lawyers and these lawyers need to be involved throughout the property transaction. However, many people do not understand the importance of a solicitor throughout the transaction. So, today, UK Property Tips will explain what is the importance of a UK property lawyer?
Buying a property in the UK requires both the buyer and the seller to engage a solicitor, as it is the solicitor's job to ensure that the property transaction complies with UK legal regulations. They will help the buyer to gather background and information about the seller in order to avoid unscrupulous sellers or developers. The solicitor will investigate the title and background of the home, draw up and exchange contracts, and assist in the post-sale registration of the home to ensure that the buyer has a smooth purchase of their ideal UK property.
The functions of a buyer's solicitor include: forensics through anti-money laundering laws, review of contracts, payment on behalf of the house, assistance with loans and communication with the developer. From finding a solicitor to handing over the property, these are the approximate steps:
Hire a lawyer → buyer pays down payment to lawyer, confirms contract; lawyer reviews contract, pays deposit to developer → buyer and seller sign and exchange contract → buyer: pays final payment to lawyer within specified time, lawyer assists in completing delivery contract, pays final payment to developer → completion of delivery. The whole process will take around 3 months unless expedited.
The job of a UK property lawyer is not only to ensure that the property transaction between the buyer and the seller is in accordance with the legal regulations, but more importantly they have to deal with the large sums of money involved in the purchase of a property by the buyer. Therefore, it is advisable to choose a lawyer who speaks Chinese, even if the buyer has good English skills. Generally speaking, real estate agents will recommend strong and qualified lawyers to assist with the buying process.
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