Conveyancing simply refers to transferring property from one owner to another, and a conveyancer is a professional who can assist either the buyer or seller through this process. They are not solicitors or lawyers, but they can often give advice when it comes to the entire process of transferring property. If you're looking to buy property and are thinking that you can or should handle your own conveyancing, note a few reasons why this might be especially risky and why you might opt to hire a professional to help you thorough.
When there is a mortgage on the property
If there is a mortgage on a property, note that the buyer is typically responsible for taking on that balance or the mortgage holder may not release the property until the mortgage is paid off. This can be very complicated as failure to follow through on their terms may mean that you're buying a property that the seller doesn't actually own free and clear, so that you won't actually have legal ownership of it. If you as the buyer are taking on the old mortgage, there may be fees and other terms that you didn't expect. A conveyancer can ensure that all terms with the mortgage holder are satisfied so that the buyer and the seller are both protected through the process.
When there are tenants on the property
If there are tenants already occupying a rental property, you need to understand all terms of their current lease. You cannot assume that you can simply remove them from the property, either once you buy it or when their lease is up, as they may have rights to renewing that lease before you can have new tenants occupy the space. A conveyancer can note all details of the leasehold and ensure you understand the risks and everything involved with buying a rental property with current tenants.
When property has been repossessed from a previous owner, you need to ensure this repossession has been done properly and legally, as the previous owners may still have rights to the property. The property itself may also not be well-maintained, as bank-owned property isn't always maintained as it should be. A conveyancer can inspect all paperwork related to the repossession and the property itself and note if there are any potential risks for buying the property. They can also note work that would need to be done immediately when it comes to maintenance and everyday upkeep.