Whenever successful people are engaged in closing a major property transaction, you may hear them refer to their 'dream team' of advisers. You may wonder what this really means and might ask yourself if you need your own team of experts to help you buy your first house. As the very word 'team' suggests that you need more than one adviser, who should you invite, and can you rely on one, general-purpose solicitor instead?
Understanding the Process
The technique involved in transferring a property from one entity to another is known as conveyancing. It can be quite an involved process and is generally quite confusing for the newcomer. As soon as an offer is made on a particular property, this process begins, and it will end when the deal is settled, money flows and keys are exchanged.
What's at Risk?
There are many pitfalls along this road, and legal matters need to be taken care of at every stage. If it's not handled correctly, then a lot of money could be lost, and in the worst case, the property deal could fall through. Consequently, you absolutely need someone who provides professional conveyancing services on your side here.
Conveyancer Is Focused
Somebody who is specifically trained in these matters and applies all their focus to helping you is known as a conveyancer. This individual is not necessarily a solicitor by definition, but they are highly specialised nonetheless. Both a conveyancer and a solicitor will know the ins and outs of property law in this area and could guide you through the process, and both will be covered by professional insurance to put your mind at ease.
In deals that are particularly complicated, it may be in your best interests to get a specialist solicitor on board as well. In these cases, you may need legal advice on areas that are outside of the jurisdiction of a professional conveyancer. This is what those aforementioned buyers may mean by a 'dream team', but it is not always necessary to expand your support group in this way if things are relatively straightforward.
Other Team Members
Mind you, you may still have to bring in other experts to help you check if the property in question is what it purports to be. For example, you may need to bring in a building inspector or somebody to check for termites. You might have to talk to a finance expert if you're putting together an unusual payment structure. Furthermore, you may need expert advice to help you insure this type of property, or you may need to ask a financial adviser to recommend this type of investment.
Starting with One
Begin by bringing on board the best conveyancer you can find, and then add other members of your dream team, if necessary.Share