The process of conveyancing involves the legal transfer of ownership of property or land from one entity to another. This practice is necessary when you are buying or selling a residential or commercial property space. In addition, legal transfer must be carried out after death of the former owner or when subdividing land. You should hire a conveyancer or a solicitor if you are involved in any of these processes.
Ideally, the role of these experts is to provide advice and complete the legal work for the property on your behalf. One of the most important elements for which you should seek guidance before official ownership is potential property liabilities. The conveyancer should perform legal investigation and inform you of any concerns. Here are some of the main aspects to inquire about.
Local Authority Plans
The local infrastructure in all regions is constantly being improved to ensure that the citizens are provided with better services. However, these improvements can affect privately-owned properties directly or indirectly. It is important to know about any future local authority plans affecting your prospective property. For instance, a motorway or potential mining exploration in or near your land will make it unfavourable for long-term use.
The land title register and title plans are important documents in establishing ownership of the land. The documentation must be provided by the seller and validated in the land titles registries. The main official record for the property is the land title, but it is prudent to check additional information on any caveats, covenants and other similar legal elements. The information will vary depending on the land territory, so consult your conveyancer on the finer details.
You should ensure that the flood risk is assessed in the property before purchase. This is a critical consideration in areas which are located near water bodies or in a valley. You should not overlook this element even in properties that have never experienced flooding because there are diverse uncertainties linked to global warming. In addition, you should ensure that the water infrastructure in the land is suitably installed. This will limit potential damage in case you decide to perform building works.
There are environmental factors which can interfere with the functionality of the property. Therefore, your conveyancer should perform an investigation for any pertinent limitations. For example, you should know whether the land was originally used as a landfill because this contributes to long-term toxicity.
These assessments will increase the property transfer costs but you will discover liabilities before ownership.Share