You are able to organise your own transfer of business interests but it is highly advisable that you hire a lawyer to act on your behalf, due to the complex and inflexible nature of this area of law, and the large amounts of money involved.
If you hire a lawyer to undertake the conveyancing process for you, they will be able to do most of what is required for the transfer of property, on your behalf. They can also provide you with a check list of anything you need to do for the conveyance and the deadlines involved.
Another benefit of hiring a lawyer for your conveyancing is that they will be able to explain the different processes and requirements to you, including the costs involved in and the other parties that will be involved in the transfer.
There are otherwise four key reasons that are really important as to why you would want to engage conveyancing lawyer to assist you with the transaction.
- That there is a lot of law relating to conveyancing and it can be a bit of a minefield trying to walk through that and working out what is important and making sure that your rights and obligations are protected and making sure that you have someone looking after just your interest.
- To make sure that you have got all of the information you need so when you purchase in particular having all the searches available to you to make sure that the business you have signed up to buy is what you thought it was.
- Transfer duty which was formally called stamp duty – making sure that you pay the right amount on time and do not incur any penalties;
- Making sure that all of the forms have been completed properly so that the business that you are ultimately going to purchase gets transferred into your name, or if you are selling it is transferred out of your name properly.