Brief Read: What Is Conveyancing?

by
GetGround

If you’ve bought or sold a property, chances are you have dealt with a conveyancer at some point. Conveyancing is the legal transfer of property from the current owner to a new owner. Conveyancing solicitors act on behalf of both the buyer and the lender. 

Conveyancing solicitors will:

  • Organise searches for the property and check the house titles
  • Check the mortgage offer and deal with exceptional conditions
  • Provide essential information and documents
  • Arrange dates for exchange of contracts and completion
  • Submit tax returns and transfer funds for the stamp duty and other essential tasks.

Not all buyers may want to purchase properties in their capacity as a natural person and may prefer to buy a property via a limited company.

What Further Documents are Required During the Conveyancing Process When Buying Through a Limited Company? 

The conveyancer will need to make checks on the limited company to ascertain whether or not it is legally entitled to hold property, including:

  • Proof of identity for the company director(s);
  • Company Articles and Powers, including the company’s Memorandum and Articles of Association;
  • A company search to ensure there are no issues such as pre-existing charges which may affect the lender’s decision;
  • Annual returns, 
  • Proof of independent legal advice, as required by many lenders. This is to ensure that company directors understand the legal implication of guaranteeing mortgages.

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Need help forming a company? E-mail us at info@getground.co.uk for more information.

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