‘Sales Progression’ or ‘Conveyancing’ is standard practice in a property transaction in the UK, for those unaccustomed to the service, could you give us an overview of what’s involved?
The purpose of Sales Progression is to oversee and coordinate sale and purchase transactions to ensure they conclude as quickly and as smoothly as possible. The Dubai property market moves at an incredibly fast pace so another of our main responsibilities is to keep clients as well as the brokers in the firm up to date with current processes and procedures, including those of Dubai Land Department, Emaar, Nakheel, and the Dubai Courts. We are the client’s main point of contact, there to guide them through procedures and the regulations which they may not already be familiarised with, taking the hard work and stress out of a property transfer.
What advantages are there in having sales progression involved in a transaction?
I think the most important thing is that you have one person dedicated to your transaction who deals with this on a daily basis, transfers, liability settlements, new mortgages, NOC’s, we deal with every bank and developer, we know the procedure and the people to get things done and get them done right.
Why not let the agent I’ve been dealing with oversee the process?
For most people their property is their biggest asset, while the agents can be brilliant at what they do, they aren’t lawyers, and they may not have been in Dubai long enough to have the in-depth legal knowledge that we do. We will still liaise on your behalf with the agents you used in the first stages of the agreement. It’s probably your largest financial commitment, so it’s obvious you need to seek the best possible advice.
Have there been occasions when you’ve achieved outcomes for your clients they may not have been able to do themselves?
The property transfer process seems very simple however the general rule is to expect the unexpected. For example; when the stamp duty was raised from 2% to 4%, agreements couldn’t be backdated, so we worked very hard and were absolutely committed to getting the sales we currently had pending through at the existing 2% transfer fee. We re-negotiated with each buyer and seller we had at the time and spent very long hours at the Land Department to ensure all our existing agreements were processed at the 2% level. It was a tense time for our clients, but they were delighted with the outcome. We kept each sale together and 100% transferred. I don’t know of another firm who didn’t lose a single deal at that time.
Can you work for both buyer and seller?
Yes, this may seem a strange concept to clients, particularly from the UK who are used to conflict of interest. Quite the opposite is true in Dubai, there are so many parties already involved in the transaction that having one conveyancer for both buyer and seller takes the stress out of coordinating the appointments. It can be very time consuming, but your conveyancer will coordinate all this for you.
What are the costs involved, and what’s the value?
The fee is typically 5,000 aed, our clients find it is absolutely worth it in time and hassle saved. I also find that having been involved in thousands of property transactions, even the most seasoned buyers and sellers may not have come across some potential stumbling blocks we have, or know the different procedures to expect with various banks and developers, which allows us to resolve any potential difficulties quickly and smoothly.
It’s no longer legal for Real Estate Agents to hold Power Of Attorney for their clients, what are your thoughts and can your team help where POA’s are necessary?
Under RERA regulations a registered broker cannot act as Power of Attorney for their clients. InHouse offers an independent service of conveyancing. We are not real estate brokers we are lawyers working in the real estate market. We are separately licensed and can, therefore, act as power of attorney for our clients. Our clients find this invaluable because they want someone who they can trust and have a rapport with to deal with matters on their behalf.
InHouse Property Conveyance is based in Allsopp & Allsopp Real Estate, do I have to be buying or selling through them to use the conveyancing service?
InHouse Property Conveyance is an independently licensed company. We can work on behalf of any buyer or seller no matter what agent they have used or what area they are investing in. We work with the brokers, their job is simplified as we use our everyday experience in the field to put matters through smoothly and quickly.
What can clients expect from your service and the team?
We have a team of three UK-trained Conveyancers and a fantastic coordinator who helps with administration. Our service is very much based on communication, you will hear from us several times a week whether through quick calls, detailed emails or when we collect or deliver documents to you. We are with you at every appointment to walk you through the procedures and ensure that you are prepared with all necessary materials. Our client base is varied from first-time buyers to seasoned investors and our service has proved helpful to everyone; I’d be delighted to hear from anyone interested to know more about becoming one of our clients.
You can contact Dawn Morgan to find out more about property conveyancing on:
Tel: +971 (0)4 429 4432
Mob: +971 (0)56 198 0594