An essential part of any real estate purchase in the UK, it is very important to have a strong legal partner that has proven track record of being able to handle the most complex of situations in the best interest of the clients. The Legal team is an integral part of any due diligence, deal and debt structuring as well as the conveyancing process.
They will carry out the legal due diligence to make sure the seller/landlord has the right to sell the property and identify whether there are any restrictions which may affect your use and enjoyment of the property.
Three Strands of Due Dilligence
Study the Land Registry entries for the property and review other available title documents. If you are acquiring a leasehold property they will also review the terms of the lease.
Undertake various searches with the appropriate municipal (local) authorities, utility companies and other bodies to identify matters affecting the property. For example, planning (zoning) restrictions, the availability of sewers and services at the property, whether access roads are publicly maintained and whether there are any proposals that might affect the property. Generally these searches only disclose matters affecting the property itself and not any adjoining property or the surrounding area.
Make preliminary enquiries of the seller’s lawyers, covering both title matters and more practical matters affecting the property such as the physical state of the property and whether there have been any disputes.
Frequently Asked Questions
Yes. In addition to having legal advisors to assist you with your property transaction, other property consultants may include a property agent, surveyor, tax specialist and a valuation expert.
There is no defined period of time as each transaction is different in nature and complexity. Typically, commercial transactions are more complex than residential ones and can take longer to complete.
The seller will always push to exchange and complete as quickly as possible and often may put deadlines, but at Adivo we don’t let the sellers deter us from the doing the checks we feel necessary to finalise the deal.
It is in everyone’s interest to move ahead as quickly as possible and our serious intent to proceed will always be made clear to the seller. However, under no circumstances will we cut corners or rush a deal to completion until we are fully satisfied that all your interests have been investigated, presented to you and dealt with in a suitable manner.