May 20, 2024
What Does a Conveyancing Lawyer Do?
Introduction
Buying or selling property can be one of the most significant financial transactions you'll ever undertake. Yet, behind every seamless property transaction is a conveyancing lawyer ensuring that all legal and administrative tasks are meticulously handled. But what exactly does a conveyancing lawyer do? This blog post dives into the roles and responsibilities of these legal professionals, providing you with a comprehensive understanding of their crucial role in property transactions.
In this article, we'll explore the various stages of the conveyancing process, from pre-contractual checks to post-completion tasks. By the end, you'll have a clear picture of why hiring a conveyancing lawyer is indispensable for a smooth property transfer.
Table of Contents
- Overview of Conveyancing
- Roles and Responsibilities of a Conveyancing Lawyer
- Why You Need a Conveyancing Lawyer
- Key Tasks Performed by a Conveyancing Lawyer
- Pre-Contractual Advice and Checks
- Contract Review and Negotiation
- Property Searches and Due Diligence
- Managing Milestone Dates and Deadlines
- Preparation of Legal Documents
- Handling Financial Transactions
- Completion and Post-Completion Tasks
Overview of Conveyancing
Conveyancing is the legal process of transferring property ownership from one person to another. This procedure involves several steps, including the preparation, execution, and registration of numerous documents. Conveyancing ensures that the buyer secures ownership of the property without any legal discrepancies and that the seller receives the agreed-upon price.
The process typically includes:
- Conducting property searches
- Reviewing contracts
- Handling financial transactions
- Ensuring compliance with legal obligations
In Kenya, as in many other jurisdictions, the conveyancing process is governed by numerous laws and regulations. These laws ensure that all property transactions are carried out fairly and transparently.
Roles and Responsibilities of a Conveyancing Lawyer
A conveyancing lawyer specializes in property law and is responsible for overseeing the legal aspects of property transactions. Their primary role is to ensure that the transfer of property ownership is legally binding and free from any issues that could cause problems for the buyer or seller in the future.
Why You Need a Conveyancing Lawyer
Navigating the complexities of property law without professional assistance can be daunting. Here’s why a conveyancing lawyer is essential:
- Legal Expertise: Conveyancing lawyers possess specialized knowledge of property laws and regulations.
- Risk Mitigation: They identify and resolve potential legal issues before they become problematic.
- Efficiency: Lawyers streamline the conveyancing process, ensuring timely completion of all necessary steps.
- Peace of Mind: Hiring a conveyancing lawyer allows you to focus on other aspects of your move, knowing that the legalities are being handled by a professional.
Key Tasks Performed by a Conveyancing Lawyer
Pre-Contractual Advice and Checks
Before any contracts are signed, a conveyancing lawyer will provide crucial advice and perform preliminary checks. This includes verifying the property's title, ensuring there are no legal restrictions or encumbrances, and advising on the terms of the sale.
Contract Review and Negotiation
Once the preliminary checks are completed, the lawyer will review the contract of sale. They ensure that the contract terms are fair and reflect the agreement between the buyer and seller. If necessary, they will negotiate amendments to protect their client's interests.
Property Searches and Due Diligence
Property searches are a vital part of the conveyancing process. They involve investigating the property’s history and any potential issues that could affect its value or utility. Common searches include:
- Local authority searches
- Environmental searches
- Title and plan searches
- Flood risk assessments
Managing Milestone Dates and Deadlines
Conveyancing involves several critical dates and deadlines, such as the exchange of contracts and completion date. A conveyancing lawyer will manage these timelines, ensuring that all parties meet their obligations promptly to avoid delays.
Preparation of Legal Documents
The preparation and execution of legal documents are central to the conveyancing process. This includes:
- Drafting the contract of sale
- Preparing transfer deeds
- Organizing mortgage documents (if applicable)
Handling Financial Transactions
Conveyancing lawyers oversee the financial aspects of the property transaction. They ensure that deposits are paid, funds are transferred, and any outstanding fees or taxes are settled. They also manage the disbursement of funds on completion day.
Completion and Post-Completion Tasks
On the completion day, the conveyancing lawyer ensures that all documents are signed, funds are transferred, and keys are handed over. Post-completion tasks include registering the new ownership with the relevant land registry and ensuring that any remaining legal obligations are fulfilled.
Frequently Asked Questions
What is the average cost of a conveyancing lawyer?
The cost of hiring a conveyancing lawyer can vary depending on the complexity of the transaction and the lawyer's experience. On average, you can expect to pay between KSh 50,000 to KSh 150,000.
How long does the conveyancing process take?
The conveyancing process typically takes between 8 to 12 weeks, but this can vary depending on the specifics of the transaction and any complications that may arise.
Can I do my own conveyancing?
While it's legally possible to conduct your own conveyancing, it's not recommended. The process is complex and fraught with potential pitfalls that can lead to costly mistakes.
What happens if the sale falls through?
If the sale falls through, the conveyancing lawyer will help you understand your legal options and any potential financial consequences. Depending on the stage of the process, you may be entitled to a refund of some of the fees paid.
Do I need a conveyancing lawyer for a cash purchase?
Yes, even if you're paying cash for a property, a conveyancing lawyer is essential to ensure that the transaction is legally sound and that all necessary checks and documents are completed.
Conclusion
A conveyancing lawyer plays a pivotal role in ensuring the smooth transfer of property ownership. From conducting essential searches to handling financial transactions and preparing legal documents, their expertise is indispensable. By hiring a conveyancing lawyer, you can navigate the complexities of property transactions with confidence, knowing that your interests are well-protected.
For more information on legal advice and services, visit M-Wakili and explore how we can assist you with your property and legal needs.