Thanks to Britaly SM & Partners LTD you will have the opportunity to get in touch with Italian conveyancing experts in the UK in the residential and commercial fields, ready to help you deal with issues related to this aspect of the real estate market!
The UK real estate market is a minefield, especially if you are from abroad – our Solicitors and Conveyancing Lawyers are here to help you!
What is the “Conveyancing”?
Conveyancing (transfer of ownership) is the process of transferring legal title to a house, apartment, or land from one person to another and begins when a seller or buyer accepts an offer.
Conveyancing is also the branch of law that deals with the preparation of documents for the transfer of property, as described above.
What does a Conveyancer do in the UK
A conveyancer performs several activities, depending on whether you are buying or selling, when representing you in your real estate matter, from the initial consultation to the completion of the sale.
For example, they handle the transfer of property deeds, organize searches/researches, and offer legal advice in case of problems during an appraisal.
Italian Conveyancing and Conveyancer in the UK
Our bilingual team of conveyancing professionals based in London and throughout the UK remotely can help with all conveyancing related needs!
Residential Conveyancing
In a residential real estate transaction, the buyer instructs his conveyancer to contact the seller’s solicitor.
Once all questions have been answered, the conveyancing solicitor or empowered conveyancer will inform the buyer of all information gathered. If the buyer is satisfied, he will make arrangements to pay the deposit and start the exchange of contracts .
The buyer and seller will agree on a completion date (completion date) and exchange contracts. At this point they are both legally bound to the transaction. Lawyers on both sides will draft and approve the purchase and sale agreement and ask the parties to sign the final copy.
On the completion date, the buyer’s real estate agent will issue a completion statement, conduct preliminary research, and contact the buyer’s mortgage lender for the loan. The real estate agent will release the keys and the buyer’s attorney will send the registration tax payment to HMRC, obtain the title deeds and transfer deed, and register the property in his or her name at the Land Registry.
Commercial Conveyancing
In a commercial transaction, a commercial property solicitor will verify the title and conduct Commercial Property Standard Enquiries (CPSE) .
If the buyer is satisfied, the two parties negotiate and exchange draft contracts. The buyer pays the deposit and the process legally commits both parties to the transaction.
The buyer will conduct the preliminary research and the competent authority will approve the transfer deed, after which they will prepare the balance needed for the purchase. The seller will also clear any existing mortgages.
Upon completion, the buyer’s solicitor will send payment for the purchase to the seller’s solicitor and pay stamp duty to HMRC. It will also send a request to the Land Registry to register the property in the new owner’s name.
Where does the Conveyancing team operate?
Our experts operate across borders with real estate activities in Italy, UK, Spain, France and many other countries!
With deep market knowledge and regional experience, the conveyancing team works closely with local professionals to conduct, thorough due diligence, structured transactions to conveniently, accurately, quickly, and efficiently deal with conveyancing.
Our attorneys and solicitors are multilingual and dual-qualified and possess multifunctional skills, such as lease and sale of mixed-use premises, disposals, change licenses, planning, construction, and real estate management of office buildings.
Residential and commercial conveyancing
On average, it takes about 8-12 weeks to complete a real estate transaction. However, factors such as the need for a License to Transfer and a Deed of Variation to sell an apartment can lengthen the process.
When both buyer and seller are ready to commit to the transaction, contracts are exchanged.
This makes the transaction legally binding, and the agreed completion date is recorded in the contract, even if this exchange is only between the carriers.
If you are renting, therefore, you had better not give notice before the contracts have been exchanged.
To avoid the risk and cost of owning two houses, people usually choose to buy and sell at the same time: this creates a series of interdependent transactions, and the exchange of contracts in all transactions must take place simultaneously, which means that the speed of progress is dictated by the slowest link in the chain.
The completion date is the date you move into the new property and leave the old one. The agreed completion date is written into the contract, and the exchange of contracts is when the seller and buyer agree to unconditionally commit to the transaction.
No, the sale/purchase of a property must take place on a business day because the money used to complete the sale or purchase, or the mortgage money from a lender, must go through the banking system.
Disbursements (disbursements) are all expenses incurred during the transfer process, which may include research. There are different types of searches that can be conducted on a property, depending on its type and location.
Searches must be made with the Land Registry (land registry) and the local authority, as the Land Registry keeps a register of land and property owners in England and Wales. Whenever a new mortgage is taken out, a property is purchased, or an interest in a property is transferred, the legal title must be registered with the Land Registry. The local authority will be able to see the history of planning and building regulations.
Other charges include: Stamp Duty Land Tax, a government tax levied on the sale or transfer of property above a certain threshold. There are also other searches, such as a water and sewer search to make sure the house is connected to the sewer system and an environmental search to make sure the property is not built on contaminated soil, which could cause structural problems.
With Freehold ownership you own the property and the land on which it is located. With leasehold (Leasehold) you own the property for a fixed period of time, but not the land. Usually an annual fee is paid to the landowner, and at the end of the period, the land returns to the landowner.
