Property law is the area of law that governs the various forms of ownership in the property. The property law of the UK covers several topics. These include agricultural tenancy reform, boundaries, business lease renewal, commonhold, co-ownership and estoppels, easements, housing acts, landlord and tenants, long leases, mortgages, nuisances and trespass, planning, property litigation and ADR, property transactions, public access to land, residential tenancies and restrictive covenants.
The property law gives information on buying and selling a property or conveyancing. This takes place when a property for sale is requested by a buyer and the seller accepts the buyer’s offer. There is an exchange of contracts and a deposit agreed by both parties and a completion date is agreed upon, during which there is an exchange of the remaining balance and the keys to the property.
The law does not stipulate that conveyancing is done by a solicitor. Any individual can do this without a lawyer. However, it is very difficult and risky to do without the aid of a solicitor that knows the law properly. The cost of conveyancing depends on the cost of the property and interested buyers or sellers can compare costs with different solicitor firms.
The UK property law stipulates that it is compulsory for most homes on the market in England and Wales to have a HIP- Home Information Pack. A HIP is now available on a property as soon as it comes on the market. A HIP is a set of documents that provides the buyer with essential information on the property and must be provided by the seller or the seller’s representative. A property cannot be marketed without its HIP and it is provided to a potential buyer at no cost.
Co-ownership of a property is also explained in the UK property law. This is when a house is bought jointly by more than one person, such as a couple or friends. Joint tenants own the entire property together. If the joint tenants decide they want to go their separate ways, then they should request to sever the joint tenancy. Severing the joint tenancy converts the tenancy so that each tenant owns their share of the property.
The UK property law also discusses the rights of unmarried couples who buy a property and property disputes as well as stamp duty that must be paid when a house is purchased. The UK property law is liable to updates and changes that property solicitors are obliged to be aware of. Therefore, it is always advisable to go through a solicitor when buying or selling a property.