A conveyancer is a property lawyer specialising in the legal aspects of moving home. Whether you're buying, selling, or remortgaging, a conveyancer is essential for managing the legal work involved in transferring property ownership.
Conveyancing is the legal process of transferring ownership of a property from one person to another. Conveyancing is an important process because it ensures that the transfer of property ownership is legal, transparent, and secure.
Conveyancing is a key component of buying or selling a home and the right advice can bring your property ambitions to life! Here are the different types of ownership that you may come across when buying a property.
Leasehold is where you own the property, but not the land it’s built on. As a leaseholder, you may pay ground rent and maintenance fees, and ownership reverts to the freeholder once the lease expires unless it’s extended.
Freehold is where you own both the property and the land it stands on outright, without any time limit. This means you have full control over the property and are responsible for its maintenance and any associated costs.
If you’re buying with someone else, you’ll likely have joint ownership. This arrangement allows two or more individuals to share ownership of a property, which can take different forms, such as joint tenants or tenants in common.
Shared ownership allows you to buy a share of a property while paying rent on the remaining share owned by a housing association or developer. This makes homeownership more accessible, making it a popular option for first-time buyers. You can increase your share over time through a process called “staircasing,” allowing you to eventually own the property outright.
New builds offer modern designs and include warranties for certain issues. You can often customise fixtures and finishes, and these homes adhere to current building regulations for safety and energy efficiency. Buying a new build involves a different conveyancing process than existing properties, so it’s important to work with an experienced conveyancer like us.
Buying a limited company means acquiring ownership of a registered business entity, which can come with its established brand, customer base, and assets. You can either buy the shares (gaining full control) or purchase specific assets and liabilities, making due diligence essential to understand the company’s financial health and any potential risks.
We’ll be happy to provide a free, no-obligation quote for all aspects of your legal conveyancing. Your detailed quote will be the total cost ensuring you won’t receive unexpected fees or unwanted bills.
ONP Solicitors is a modern, forward-thinking law firm that takes the stress out of buying and selling property. We keep every aspect of legal conveyancing simple, and most importantly, we keep things moving. Wherever you are, we’re by your side, making moving simple.
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