Conveyancing is complicated business and no two cases are similar. As a result, there are several myths and misconceptions about conveyancing, which clients can find confusing or misleading. Homeowners are known to have many myths regarding conveyancing which refrain them to hire the expert services of these professionals. This article points out some common misconceptions and difficulties during the process that many people may find helpful.
- You are not bound to buy or sell anything until the contracts are exchanged. There is no binding contract until contracts are formally exchanged. This means formally exchanged by solicitors, and dated, and not just the act of the client signing it and therefore until that point is reached there is no binding commitment upon Seller to sell, or the Buyer to buy, and thus either party can still withdraw.
- Even if you decide to discontinue the sale, you will still have to pay the firm for the legal services they have provided you. You will also have to pay all the fees and disbursements that are due.
- Where there is a chain of contracts involved, it is an unfortunate reality of the process that exchange will not be complete until the slowest party in the chain is ready. This may mean a frustrating period of delay whilst waiting for the slower parties in the chain to catch up. Each link is connected to the rest of the chain and so the process won’t go forward unless the weakest link can catch up to the rest.
- The making of any arrangements such as the booking of removals and the like is entirely hypothetical until exchange of contracts has actually taken place. Making any early plans or arrangements can lead to disappointment, heartache and sometimes unnecessary financial loss. Our advice is that you avoid making any final plans until the parties exchange contracts and until that point, you should only agree provisional arrangements.
- Many people believe conveyancing that conveyancing is an exclusive service reserved just for the wealthy. Unlike what most of you might think, this is heavily untrue. You can use the internet to your advantage to find a well priced qualified conveyancer. There are several firms that offer excellent service for a very affordable price. Greater numbers of people from all backgrounds now use conveyancing when they want to buy or sell property. If you hire a good solicitor, you can ensure best value of money by availing their service to get rid of the paperwork hassles; your solicitor would keep you informed and guide you throughout the process. So, hiring them does really pay off.
- Some clients confuse a conveyancer with a solicitor. Because conveyancing is a legal process where a title or deed is transferred from one owner to another, it’s easy to think that a conveyancer is a lawyer or can give you legal advice about the process. This is a common misconception; some conveyancers may also have legal degrees, but this is not required to be a conveyancer. A person who works as a conveyancer handles many of the steps involved with buying or selling property, however they are not qualified to give you legal advice, sign legal papers for you, and the like. Make sure you understand this difference if you have legal questions about the property you’re looking to buy or sell. Simply put, you need a solicitor for complicated cases, while conveyancers can handle the regular ones.
- It is widely believed that conveyancing is only done online these days. This is not true as there are several firms that still offer conveyancing in the more traditional form. However, things have changed in the firms as well as most of the communication is done through fax or email and documents are also stored online. Moreover, conveyancing involves several steps and processes that need to be completed in the conventional way.