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While purchasing property it has to be considered, whether the property can be categorized as freehold property, leasehold property or commonhold property and in England and Wales, two or more people buying a property jointly become its joint legal owners…
Beneficial ownership is of two types joint tenants and tenants in common. If they are joint tenants, then the property cannot be sold without the agreement of the joint tenants. If the property is owned as tenants in common, each of them will have a share in the property that they can dispose off as they wish and the discretionary powers vested with them are that they can decide how much each share will be. These people can will their share in case of their death. Transactions involving real estate whether buying or selling shall be recorded in writing. The important stages in this process are the agreement, the exchange of contracts and the completion. An agreement is defined as where the buyer inspects the property and agrees to pay the price to the seller. In the absence of an agreement the general rule is that everything attached to the property will automatically becomes the property of the buyer. The solicitors and conveyancers will carry out the legal procedure in regard to sale of property. In this process the seller's solicitor obtains the seller's title deeds prepares a contract and sends it to the buyer's solicitor. Solicitors do not make any enquiries as to the state of repair of the property.
The solicitors of both the buyer and seller will exchange the signed contract. The deposit is paid at this stage and the contract becomes binding, subsequently, the completion date is fixed. ...
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