Conveyancing on a Tight Budget
Do you want to sell your property, but have problems with money? Or have you decided to buy a new home, only to realise that they cost way more than what you expected? Conveyancing is a rather expensive service, but ultimately it is worth the price. Buying or selling property is a lengthy and complex procedure that is time consuming and stressful. However, there are certain steps you can take to ensure that the conveyancing for your property will be cheaper and more affordable. This will help you save money, while getting the transaction done smoothly. However, it is idea to do your research and weigh the pros and cons before deciding what to do. In the end, a high end firm will offer you better service than the cheaper options. On the other hand, if you are careful you can even get excellent service for a much lower cost.
Here are some cheaper alternatives for those on a tight budget:
- Fixed Price Conveyancing:
Most conveyancing firms now offer fixed fee conveyancing. With fixed fees you know what all the costs are before any work is carried out and you don’t have to worry about escalating costs. Your appointed Conveyancer will provide a No Sale No Fee Guarantee and keep you informed every step of the way so you always know what’s happening. If the sale does fall through, they will not charge you for their services. The firm will then undertake the legal aspects of your move on your behalf. The aim is to make everything as fast, simple and stress-free as possible for you so you can relax and concentrate on the actual move. Fixed price conveyancing is used for simple and straightforward transactions and will ensure that you have no unexpected costs. This in turn, will allow you to set your budget accordingly and you will know from beforehand how much money you need to set aside for the conveyancing service.
- Online Conveyancing:
Online conveyancing is becoming increasingly popular nowadays. This is because you can get speedy service for a fraction of the price when compared with traditional solicitors. With online conveyancing, you can keep track of the progress of your transaction through the company website. Most online firms are prompt and professional and will make sure that the transaction is swift and efficient. They are usually much more efficient and better value as a result of economies of scale and not being based in city centres. All communication is done through email or telephone and the contracts and other documents are emailed to you. This makes the process cheaper and faster. Like fixed price conveyancing, this works best for simple transactions with no complex issues.
- DIY Conveyancing:
If you think hiring a conveyancer is too much for you, then you have the option of doing it yourself. Despite what people say, you do not always need a solicitor to handle the transaction for you. The money you will save are the conveyancing fees and the VAT on it. This is an extremely stressful process as you will have to do all the legal work yourself. Moreover, many firms are reluctant to deal with buyers acting for themselves. However, if you have done your research and you are sure you can handle the transaction yourself, then DIY conveyancing is a good idea. However, it is not possible if you have a mortgage, if the property is a leasehold or if the property is not registered with the Land Registry. You will have to draw the contracts, conduct the property searches and complete all the negotiations with the other party all by yourself. Moreover, if any problems or issues arise, you will have to handle it yourself. In spite of these risks, many people choose to undertake the conveyancing process themselves. You can successfully negotiate the transaction of your property while saving a substantial amount of money.