What is conveyancing?
Conveyancing is defined as ‘the transfer of ownership or interest in real property from one person to another by a document, such as a deed, lease, or mortgage.’ When people want to buy or sell or sell property, they hire a conveyancer to act on their behalf throughout the transaction.
Who are conveyancers and what do they do?
Conveyancers are specialist lawyers who specialise in the legal aspects of buying and selling real property, or conveyancing. A conveyancer can also be a solicitor, licensed conveyancer, or a member of the Institute of Legal Executives.
How can I choose the right conveyancer for my needs?
It is very important to choose the right conveyancer when buying or selling property. If you choose the wrong one, it may cost you hundreds of dollars and may even disrupt the entire transaction.
The kind of conveyancer you need depends on the type of property or the kind of transaction you are carrying out. If you think the sale of the property will be fairly simple and straightforward, then you can hire a licensed conveyancer. However, if you think the process will be complicated to problems with the property you should hire a solicitor instead, as they are more experienced and qualified to handle complications. Most solicitors are highly specialised and they are more expensive to hire when compared to regular conveyancers.
It is best to choose a conveyancer who is close to you. Choose a conveyancer after discussing the transaction with them. It is important to check their prices and quotes before making a decision. Many firms have websites where you can see reviews from their previous clients. Go for one with plenty of recommendations or one that is highly rated. You can also ask family members and co-workers to recommend a conveyancer to you. Your real estate agent can also help you out when choosing your conveyancer. Don’t make any hasty decisions as it can affect your entire transaction. If you think that the traditional firms are too expensive for you, you can look into online conveyancing. Here, the process is completed online and you communicate with your conveyancer through phone or email. All the paperwork is completed online and documents are downloaded and printed. The process is much faster and cheaper than hiring the usual conveyancer.
Another option is do the conveyancing yourself. Do-It-Yourself conveyancing is difficult but possible. You have to complete all the paperwork yourself and you have to negotiate with the other party. Moreover you will also have to conduct all the necessary searches and surveys. You will also have to make sure all the legal jargon used. The bright side is that you will have complete control over the entire process.
How much will it all cost?
The prices generally differ from firm to firm, and they also depend on the value of the property involved. The costs typically range from 800-1500 pounds. Be wary of firms that offer extremely low rates as it may be an indicator of bad service. Moreover, try to pick a firm that offers a ‘no sale, no fee’ deal. This way if the deal falls through, you will only have to reimburse the firm for the money they already spent and not for their service. There are several you will have to pay. Some of these include the Land Registration Fee, Local Authority Search Fee, Water & Drainage Search and Environmental Search Fee. You will also have to pay Stamp Duty Land Tax as well as your Mortgage Lender. These fees will also have VAT added to them.
Conveyancers work to make sure that your deal goes off smoothly, without a hitch. They are experienced professionals who know how to handle business and conduct negotiations. You will be able to get the best deal possible, without and stress on your part.