Residential conveyancing transactions are pretty complicated. In addition, a significant portion of these transactions covers various legal issues. That explains why many people make mistakes in the process. However, with a conveyancing lawyer by your side, you will avoid most of the costly mistakes. This article looks at some errors you will evade by hiring a solicitor.
1. Failing to Undertake the Necessary Searches
One of the essential phases of handling a residential conveyancing transaction is undertaking different searches. A search enables you to know more about the property you want to buy. Some searches can wait until you have acquired the property, but some are essential before signing the sale agreement.
For example, you must conduct a local authority search to know whether the building you want to purchase got approval from the relevant departments before construction. If the property was constructed without authorisation, the local authority might get an order to compel you to demolish the building. When this happens, you will spend several months in court trying to get compensation from the seller.
Therefore, conducting the necessary searches is crucial because it will enable you to discover any issues that might affect the property in the future.
2. Failing to Ascertain Right of Access
You should not proceed with a conveyancing transaction before ascertaining the right to access the property. For example, when buying a house neighbouring a yard or a paddock that you would like to use for farming or other activities, you should determine whether the property owner has access permission from the relevant departments. By doing this, you will prevent lawsuits in the future.
3. Failing to Uncover Restrictive Covenants Against the Property
Before signing a property purchase document, you need to find out whether there are any restrictive covenants against the property. Such covenants may restrict you from undertaking particular renovations or developments even after spending a fortune purchasing the property.
Of course, you would expect to gain full control of the property once you obtain ownership. For example, you can divide the house into several dwellings and add several amenities to make it more attractive for tenants. However, there might be restrictive orders barring people from undertaking such renovations in the neighbourhood. Because of that, you must understand all the restrictive orders against the property before buying it.
The best way to avoid these mistakes is by working with a professional conveyancing lawyer. A conveyancing solicitor will conduct all the relevant searches and advise you in every phase of the transaction. That way, you will not make mistakes that might affect your investment in the future.