PART II.- SPANISH CONVEYANCE v UK CONVEYANCE
One of the most important matters treated at the meeting werewere the following:
– UK Conveyance Solicitors make almost 70 searches in the property before completion. Some Solicitors in Spain do not make more than 10.
– 95 % of the UK conveyance are done and guaranteed by Solicitors. This is the best amd most secure way of investment.
In Spain, Spaniards do not use to ask for legal advice to buy a property.
– UK Land Registry gives information about:
- Charges and limitations of the property
- Exact location of the property with maps and plans
- Exact information about if there is any actions from the local Council against that property like fines or penalties, or demolition orders.
It simplifies the process and makes it more rapid and secure.
In Spain, to obtain this information, we have to go to 3 different sources of information: land registry, Catastro, and Local Council. It creates disparity of information, and differences between the registration of the property.
– UK conveyance is being becoming more “impersonal”. Now, searches can be done electronically, changes of contracts can be done by internet, even deeds and mortgages can be done by electronic way. Also the registration of the deeds in the land registry can be done electronically. It simplifies the process, and makes it more rapid and comfortable to the parts that do not need to do anything.
In Spanish conveyance is more personal. Searches, as explained, cannot be obtained electronically, only some of them. The most important ones which are the local Council must be done in written letters and/or with personal meetings at the Town Hall offices.
Changes of contracts use to be with physical documents. Deeds must be signed at the notary in person by the same parts, or their attorneys. Also, mortgages. Then, physically, the deeds must go to the land registry to proceed with the changing of names. This, together with the strict requirements to obtain the NIE number in person, makes Spanish conveyance more difficult, uncomfortable by all the parts, and longer in time.
– UK Conveyance uses only a type of purchase-sale contract. This contract was created by the Law Society of England and Wales, and is standardized. It makes easier the way to understand the terms of the contract, and to know which are the obligations and rights from the parts in the conveyance, the steps, and the consequences.
In Spain, any agent, solicitor, builder, promoter, they have their own contracts. So, it makes necessary to check the conditions contained and a specific study of the legal aspects and consequences to buyers.
– UK conveyance solicitors must have an Indeminity fund of at least 2 million GBP. In Spanish solicitors only have a civil liability insurance with an average of 200.000 EUR.
In resume, structure and process of UK conveyance are more rapid, more secure, and more certain than in Spain, because is relatively simple. In Spain, in instance, the process is more complicate, less predictable, and full of different documents, actions, and conditions. So, the success in the investment will depend on the professional legal advice taken. So, to chose the proper legal advisor is essential for the security of the investment.
– TLACORP searches in our conveyance service includes almost 70 points of checking.
– TLACORP has a Civil Responsibility Fund of 2,5 million EUR