Property law covers a wide range of different areas of law and in contrast to what many people think, particularly as regards conveyancing, it is a lot more technical than meets the eye.
On the residential side of things, property law can include issues such as :-
- conveyancing of property
- buying or selling of new builds
- lease extensions
- right to buy
- transfers of equity
In this residential section, a frankly ludicrous situation has developed over the last 20 years, in that costs for conveyancing are the same now as they were 20 years ago. When you take inflation into account and the rise in property prices in this same period, this really is a bad situation for conveyancing solicitors. The public now believe that conveyancing of a residential property is totally starightforward and a commodity only, but there is a lot more to it and the client often wants a very active service as well as legal advice. Things are starting to unravel in this sector, lenders are clamping down on the lawyers who are charging ludicrously low fees and cutting corners so hopefully some commonsense will now start to kick in and some sanity.
On the commercial property side of things, the primary issue here is commercial leases which it can easily be overlooked are some of the most lengthy and expensive contractual commitments any small business can enter into. there are a great many potential complications and pitfalls with commercial leases so it really is an area where it pays to get good advice, not least when it comes to issues such as service charges, authorised guarantee agreements and assignment of lease.