Posts Tagged ‘conveyancing’

Commercial Property: Top Tips for a Stress-Free Conveyance

Posted on: by Chas Arya

Buying or selling property can be nerve-wracking – and commercial property conveyances are no different to residential. How do you know that the firm or individual you select are good at what they do? Will the conveyance be long-winded, complicated or hard work? Our brief tips will point you in the right direction when it comes to managing a stress-free commercial property conveyance.

Whether you’re an experienced property investor or fledgling developer, and regardless of whether you’re dealing with a multi-titled commercial property, or a corner shop unit, you’ll need a good commercial property conveyancer on hand. Lots of law firms offer a range of different services, and if you decide to engage one with a wide range of specialisms – ensure they can help you with your particular transaction. Ask for examples of their past work if you are unsure.

2. Be upfront with any complicating matters or potential issues
Unfortunately property transactions can be complicated. If you know of any potential blockers such as flood risk or issues with the title (the property sits on unregistered land or there’s a boundary dispute for example), be upfront at the outset – this will allow your chosen solicitor to give a realistic quote, as well as advice on whether the issues could slow down the transaction or derail the deal.

3. Have your house in order
Literally! Before you instruct a commercial property solicitor to start work on your sale or purchase, try to collate as much of the relevant documentation as you can, and give it to them at the outset. If you are reliant on mortgage finance, bridging finance or any other external funding, and are organising this yourself – have the paperwork ready to hand over. The same goes for any pre-existing insurances, options and any other information relevant to the transaction.

4. Be realistic
Unfortunately property transactions can be long-winded and ultimately frustrating. This can be for a number of reasons – a long chain of buyers and sellers, problems with finance; your own or the sellers’, title problems or even a missing piece of paper. All of these things can cause exchange/completion dates to be missed, or even cause transactions to fail at the last moment. One way to combat stress is to try to avoid ‘needing’ to complete by a particular date – giving a guideline period is sensible, but sometimes unavoidable issues can threaten the most concrete of completion dates.

We hope you’ve found this information helpful. If you are involved in commercial property, and need advice or practical guidance on any type of commercial property transaction, please do not hesitate to contact Gisella for an informal chat on: 0161 464 9542. Alternatively, drop her a line at: gisella.alberici@ratiolaw.co.uk

How to avoid fraud in commercial property conveyances

Posted on: by Chas Arya

Property fraud in commercial property conveyances, sometimes called ‘Friday afternoon fraud’ is on the increase. In this blog, we look at how these frauds are perpetrated and the simple actions that can reduce the risk of falling victim to them.

A recent survey by property search company TM Group revealed that 80% of conveyancing solicitors are “definitely more worried about security and risk of fraud in 2016, compared to 2015. Further, Action Fraud – the UK’s national fraud and cyber crime reporting centre, reported a combined loss as a result of property fraud of £2,665,819 between November 2015 and January 2016 alone. 2017’s figures are likely to be higher again.

What is property fraud?
There are two typical patterns of fraud relating to property. The first is where financial information is recovered from one of the parties to the transaction, and legitimate funds diverted into fraudsters’ accounts. The second is where a ‘seller’ with no right to sell (sometimes a tenant) fraudulently receives profits of sale, leaving an innocent buyer without the property they have ‘purchased’ but also often with the liability to meet mortgage payments.
The good news is that there are simple steps that can be taken to prevent commercial property conveyancing fraud. The following tips are easy to implement and free.

Tips for preventing commercial property fraud
1. Carry out identity checks
Before transferring any monies or providing sensitive or valuable information, check the ID of the person you are dealing with, and be sure that you are completely satisfied they are who they claim to be.

2. Avoid using email to confirm bank details
Try to avoid swapping financial details via email. Emails can be hacked and there have been cases of criminals creating fake message, replacing legitimate bank details and diverting large sums to their own accounts. If you need to provide or receive details this way, always confirm their accuracy before completing a transaction.

2. Transfer a nominal sum first
Before transferring significant sums, send a nominal amount first, say £1 and confirm receipt before sending the balance.

3. Make use of fraud-fighting tools
The Land Registry’s free Property Alert service issues email alerts when certain searches or applications are made against a property. Where these could signal fraudulent activity owners can take immediate preventative steps to protect their assets.