If your conveyancing solicitor is giving you lots of advice about your property investment, including investment advice or guidance on tax, then maybe they are not focussing so much on what they should be doing which is work around the legal title and ultimately the future marketability of that title.
- Introducing Pam O’Brien from Redbird Conveyancing
- What is Conveyancing?
- The Difference Between a First and Second Charge
- The Impact of Proptech on Conveyancing Solicitors
- Property Investment Advice from a Licensed Conveyancer
- What Should an Investor Expect from their Conveyancing Solicitor
- How an Investor can Help Move the Conveyancing Process Along
- The Do’s and Don’ts of Investing in Property
Amy: What should an investor expect from their conveyancing solicitor?
Pam: Conveyancing, for a solicitor, is really about ‘title‘. So, I’m not there to advise you about investments. You’ve got an IFA for that. And I’m not really there to tell you about taxes because you got an accountant for that.
What I’m there to do is to tell you that the property’s title and the marketability of that title.
There are different kinds of title in the UK, which is different from other countries. We have freehold and leasehold here. Leasehold is an alien concept in the United States.
So, you need to know the differences between freehold and leasehold. You need to know the difference between a ground rent a rent-charge and you need to know about encumbrances or restrictive covenants.
And if your conveyancer can talk you through all of that and tell you that you’re getting a good and marketable title that you will easily be able to sell or do whatever you want with it.
Let’s say you want to take that property and split it into flats. You need to have a single, nice, clear, freehold title to be able to split it into a bunch of apartment leases.
So, that’s really what you’re conveyancer is there for. To help you with legal title.
And if your conveyancer is giving you lots of other advice about the market, about financing, whatever, then maybe they are not focused quite on what you want them to focus on which is, really, legal title.
Amy: Yeah that makes sense, thank you.