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Conveyancing
Examining
The Titles
It is the duty of the purchaser's solicitor to check over the titles of the
property to confirm that (a) the description of the property contained in
the titles is correct, (b) there are no unusual or onerous conditions affecting
the property and (c) the seller has a good and valid title to the property.
In many cases this may have to be done at an early stage in the transaction
if the titles are available when the selling solicitor sends out his qualified
acceptance of the offer to purchase. Otherwise, the titles will only be checked
after the conclusion of missives. Usually a short report will be prepared
for the purchaser, although this will be of a non-technical nature. However,
in many cases, it will not be possible to prepare this report until the transaction
is complete. If there are any defects in the title deeds or if any problems
arise from the examination of the titles, this can lead to complicated negotiations
with the selling solicitors and sometimes to additional conveyancing work
having to be carried out.
Preparing
the Disposition
The purchaser's solicitor will prepare the Disposition in favour of his client.
This is the deed which transfers the title of the property into the name of
the purchaser and it is an essential part of property purchase in Scotland.
Although the deed is usually in a standard form, there can be a number of
complications in its drafting. The Disposition will be delivered by the Seller's
Solicitor to the purchaser's solicitor at the settlement of the transaction,
on the date of entry. In exchange for the Disposition and for the keys of
the property, the purchaser will pay to the seller the full price of the property.
Date
of Entry
An agreed date must be inserted in the offer or in the qualified acceptance
of the offer. This date can be very shortly after the date of conclusion of
missives or may be quite a long time after the date of conclusion of missives,
depending on the circumstances. Before the date of entry, the purchaser's
solicitors will have to obtain from the Bank or Building Society the cheque
for the amount of the loan which the purchaser is obtaining to help in the
purchase of the property. In addition, the purchaser will have to pay to the
solicitor the balance of the purchase price and the 'recording dues' for registering
the title deeds in the public registers, as well as the Stamp Duty which needs
to be paid to the Inland Revenue. On the date of entry, the purchaser's solicitor
has to deliver to the selling solicitor his own cheque for the full amount
of the purchase price in exchange for the keys and the title deeds.
Searches
The selling solicitor will have to produce to the purchaser before the date
of entry 'Searches' in the Property Register showing his client's title, and
in the "Personal Register" showing his client has not been made bankrupt or
has any court orders against him such as would prevent him granting a valid
title to the property. These Searches are nearly always paid for by the seller,
although this may not be the case where a new property or Local Authority
property is being purchased. In those circumstances, the purchaser may have
to provide his own Searches.
Local
Authority Certificates
The seller usually has to produce to the purchaser certificates from the local
authority showing that there are no Statutory Notices which require the seller
to carry out certain repairs to the property (e.g. to the roof). These certificates
would usually also disclose whether the roads have been taken over by the
Council for maintenance purposes or are still private roads, whether the sewers
have also been taken over and whether there are any road proposals which might
affect the property. However, the information contained in these certificates
is very limited and may well not disclose, for example, a proposed development
close to the property.
Settling
the Purchase
On the date of the purchase (the date of entry) we will hand over the cheque
for the purchase price to the selling agents and, in exchange, we will receive
the title deeds and other legal papers. It is important to agree with us and
the seller in advance what is to happen about the key, for example, we could
receive them for you to collect for us; or you may be able to collect them
from the selling agent direct; or you may agree to collect them from the seller
or a neighbour. Although people like to be sure of a time for collection of
the keys and moving in there are many delays inherent in the process - such
as removal companies, lenders and others not being ready when you would like.
The basic rule is - No Money: No Keys (and vice versa).
Moving
In
1) The Purchaser should check that the seller has left all the items included
in the price.
2) The meter readings should be taken and the utility Suppliers informed.
3) The items of a working nature (Central heating, cooker, fires etc) should be checked. A simple table lamp and a hairdryer can be put into all power points in the house to check they are all working.
4)
Once you are happy that you have got what you paid for, the move into the
property can be completed.
