The Conveyancing Process Simplified
No one can buy a home or any other real estate property unless they go through conveyancing, which is the term used for the legal process of transferring ownership of one property to another person.
But, you may wonder, what exactly is conveyancing, who can do it for you and if it is going to cost you a lot?
Well, wonder no more, this simplified guide to the conveyancing process will help answer all those questions and more!
· What exactly is conveyancing?
The term refers to both legal and administrative work involved in the transfer of ownership of land and/or buildings from one party to another.
The process usually begins after the seller has accepted an offer for his or her property. It ends once both parties have signed the final contracts and the purchaser has transferred the funds necessary to complete the process.
· Who can do the conveyancing for me?
Conveyancing solicitors are the ones who will do the conveyancing for you. It is a complicated process, mind you, so it’s important that you choose a professional that is well-experienced and well-versed.
In choosing another thing to consider is their specialization. Some solicitors may specialize in residential property transactions, while others may be on commercial ones.
Also, when it comes conveyancing solicitors, you may only have a choice depending on the list of professionals provided by the financial institution you’re going to get your mortgage loan from. If this is the case, you’re better off complying or else, you may have to get a mortgage from a different lender.
· How can a conveyancing solicitor help me?
When instructed to start working, one of the first things that conveyancing solicitors will do is conduct searches on the property involved in the transaction. This includes checking in with the local authorities, as well as utility companies to check any vital information related to the property.
Examples would be if the area is at risk of floods, or if there’s been any history of such disasters, as well as if whether it has had legal problems in the past.
The professional you hired will also give you information regarding costs for stamp duty, as well as check the contracts drawn up by the other party’s conveyancing solicitor. They’ll also help you understand the intricacies of the contracts and advise you if what is stipulated is in your best interests or not.
More importantly, the conveyancing solicitor will be the one to work closely with your preferred financial institution to make sure that it has all the necessary documents for your mortgage.
To close things out, the conveyancing solicitor will pay other fees on your behalf and if you’re the purchaser, register you as the new other of the property. Though, do keep in mind that you will have to reimburse him or her for the costs that have been incurred.
· Is it going to cost me a lot?
Conveyancing and hiring a conveyancing solicitor isn’t going to come in cheap. But, their services do vary depending on the value of the property involved in the transaction, as well as their experience.
Generally, conveyancing will cost somewhere around £900, though some may only charge for as little as £500. As you can see, conveyancing costs can vary, so get multiple quotes.
It may also be in your best interest to invest in a slightly more expensive no-completion, no-fee service deal with a conveyancing solicitor so as you’re not obliged to pay anything if the deal is cancelled.
There are also conveyancing solicitors that will ask you to pay for a fee upfront, while others will not require such a payment.
In any case, it’s important to talk to a conveyancing solicitor closely so that you know just exactly how much you are expected to pay, including other extra costs.
· Can I do conveyancing on my own?
Yes, it is possible for you to do your own conveyancing, but it is not recommended. Such a process is time-consuming and very complicated, making it highly likely that the transaction could end in disaster because of your inexperience.
Hiring a conveyancing solicitor makes sure that the property you plan on buying is really owned by the seller and that he or she has the rights to market it. More importantly, the solicitor you hire will check if there are any problems with the property and advise you if buying it is in your best interest.
Also, as mentioned previously, some mortgage lenders may require a conveyancing solicitor to work closely with them, so you may not have a choice in this matter at all.
Just make sure, though, that you choose the right conveyancing solicitors by using online search tools that allow you to check a particular professional’s fees, experience and location. This allows you to choose from a list of potential candidates so that you end up with the right professional for the job.