Joint tenants are also sometimes called ‘beneficial joint tenants’. Under this ownership, you have the following rights:

• Equal rights to the entire property.
• The property automatically gets transferred to the other owners if you die.
• You are not allowed to pass on your ownership of the property in your will.

Tenants in common provide following rights over your property:

• Own individual shares of the property
• The property doesn’t automatically get transferred to the other owners if you die.
• You are allowed to pass on your share of the property in your will.

If you need more help understanding the difference, you can consult our team of expert Portsmouth conveyancing solicitors.

We accomplish the transaction within two months. But there are various unique situations and factors that impact the purchase of the property. Most of the time delays occur due to the excess time taken in the transfer of money, late signing and returning of legal documents, and providing incorrect information in the forms. We advise looking at the matters above to make the process faster. We also check every aspect to avoid delays.

Looking for faster property transactions? You can always book a free consultation call with our conveyancing solicitors in Portsmouth. We serve all areas such as Southampton, Havant, Waterlooville, Fareham, and Gosport. 

The land’s registration offices have gone paperless. Therefore, all titles are held digitally. For this reason, the land’s registration offices didn’t issue physical title deeds to any new property owner in the past few years. After the completion stage of a transaction, the land registration offices will record you as the new owner. The changes are updated in their secured land registration system.

The registration and the process of updating your details in the land registration systems may take four to six weeks. If it is the case of a mortgage or land leasing, it might take around two months to six months, since mortgaging is entirely a different process.

Our qualified conveyancing solicitors have years of experience assisting customers in Portsmouth and the entire ceremonial county of Hampshire.

Freehold property is when you own the building and the land on which the building is constructed. You get full right to make changes to the fittings, fixtures, or structure. These properties can be given on rent or lease. 

You don’t have to pay anything as long as you have not verified the property. You need to be sure that the property you want to purchase is in good condition and you are interested in purchasing it.

After that, your conveyancer will draft a contract. You can sign the contract confirming to agree with all the seller’s terms then you can send us the deposit. We will also ensure that we can now exchange contracts.  We highly recommend taking this step cautiously and not leaving out any question as after signing the contract, both seller and buyer become legally binding.

It is not mandatory, but if you have building insurance, you will safeguard yourself from any structural damages in the future.

Besides, if you are buying a property through a mortgage company, the lender will most probably insist you have an insurance plan in place. In some properties, insurance is there already at the time of purchase, while others may not be insured. Hence, it is wise to get one for your new property. 

Any confusions? Consult AVRillo’s team of qualified conveyancing lawyers in Portsmouth.

After the completion stage, your job as a buyer or seller is complete. However, we have some paperwork to deal with. We need to make sure that the Land Registry records are updated to display the new owner, all old mortgages are paid off and removed from the Land Registry, and if any fresh mortgage is registered at the Land Registry. Once all these tasks are completed, we will update you.

Our Portsmouth conveyancing solicitors always offer proactive assistance in buying and selling homes in areas surrounding Portsmouth.

In this stage, both buying and selling parties commit to selling/buying the property to/from the specified person. They check the contract for the one last time. Once the buyer and seller confirm they are happy to proceed, their solicitors exchange the contracts. After that, the buyer pays a deposit of 10% of the purchase price or commits to paying. Usually, both the parties agree upon the terms in the contract over the phone in the presence of their solicitors. Then the contracts are sent to each other by post.

There are three basic conveyancing stages followed in Portsmouth:

• Offer and acceptance of the property price 
• Exchange of contracts among the parties
• Completion 

Once both the parties – buyer and seller of a property agree on the specific price of the property, they enter into a contract. 

Both parties are allowed to back out of the transaction as long as they are in this first stage since it is not legally binding yet. When either of the parties decides to do so, none of them can incur any financial penalty. 

The party buying the property is free to work with their lawyer and perform property checks. These checks may include:

• Conveyancing property search by the conveyancing lawyer, such as the local authority search.
• Independent survey of the property by the buyer, without engaging the solicitors.
• Reviewing the property information by the conveyancing lawyers, provided by the seller.

After satisfying property checks, the buyer and the seller agree to sign and exchange the contracts. Once both parties sign the contracts, the transaction becomes legal binding to both parties. At this stage of any party that decides to pull out, may face a financial penalty.

When the transaction reaches the completion stage, the deal is considered official now. In this stage, the lawyer submits the property deed to the HM Land Registry, and the seller surrenders or leaves the property.

Need an instant local conveyancing quote? Get in touch with our friendly and approachable team of conveyancing solicitors in Portsmouth.