Portsmouth has in the past few years experienced rapid growth in the housing market. The number of property for sale has been increasing. Home buyers have come from various parts of the UK to seek residence on Portsmouth. Solicitors have facilitated the growth of the housing market in Portsmouth. These lawyers have ensured that property transactions take place smoothly. The solicitors have been the backbone of smooth and clean real estate transactions. Without the solicitors, conveyance would be marred with errors and even result in serious ownership disputes.
Solicitors involved in conveyancing are experts in the art of property transaction. They are lawyers whose speciality is only real estate transaction. The Solicitor Regulation Authority(SRA) registers the solicitors. SRA is a legally established institution. This body ensures that the solicitors are well trained in the conveyance. It is in charge of vetting and registering the solicitors. The body guarantees home buyers and sellers that the lawyers they are working with are honest and capable of handling all issues involving real estate purchase and registration.
Conveyance is a complicated and legally intensive affair. This is why buyers and sellers cannot carry out conveyance by themselves. They need someone who is trained in law to represent them during conveyance. An individual, no matter how good he is in business, cannot play the role of solicitors in the conveyance. Real estate transaction goes beyond negotiation for commodities and prices. Sometimes disputes arises that can only be resolved in court.
Solicitors have to follow a set of principles and ethical standards. These are spelt out in the Solicitors Handbook. The principles are guidelines that solicitors must adhere to during their dealings with clients. Breach of a principle by acts of dishonesty or theft of funds is punishable by the Solicitor Disciplinary Tribunal. Some solicitors have felt the wrath of Solicitor Disciplinary Tribunal. Some have had to financially compensate their clients while others have had their certificate of operation withdrawn. This just shows how serious conveyance is and why solicitors are vigilant with their jobs.
Solicitors are the custodians of all information relating to conveyance. They are trained enough to know all there is to know about property transaction. This is just as well since real estate market has come up with methods of home ownership that can be highly challenging to understand. A point in case is the leasehold ownership. Leasehold ownership is when an individual stays in a freeholder’s property for a long but defined period of time. He may or may not have to pay ground rent. The cost of maintaining a property that is in leasehold is shared between the leaseholder and the freeholder. Law clearly defines the share of these expenses. There are property maintenance costs that a leaseholder must pay for and those that by the freeholder. It is this kind of complicated home ownership that makes solicitors indispensable in the conveyance.
Solicitors also help p in facilitating communication between buyers and sellers. Buyers and sellers communicate a lot during conveyance. They have to exchange documents such as Title Deeds and contracts. They also have to agree on the prices of the properties and the obligation of each one of them during conveyance.