Most buyers and sellers are common people with little to no knowledge or experience of conveyancing. Conveyancing is a long and complicated process that is studded with many legal issues. Buyers and sellers have the right to know what they are getting into before embarking on conveyance. Solicitors have the skills and experience of navigating the tough pathway of conveyance. They are capable of answering all the essential conveyancing questions that buyers and sellers may have.
Costs (Solicitor Fees/Disbursements/Expenses)
Buyers must know a number of fees solicitors will charge for conveyance. While solicitors charge more or less the same amount of fees for conveyance, a buyer may never know when a solicitor will charge higher fees. The fees for conveyancing different properties is also never the same. For example, solicitors generally charge more when conveyancing commonhold properties than when selling other types of properties.
The buyer should also know if the fees will increase during conveyancing or if it is a fixed charge. The client should find out if the fees are necessary in lump sum or instalments. Many solicitors prefer getting paid for achieving a given milestone while others like to them before a particular task starts. The cost of these methods of payment may be different.
The clients should also find out about other costs associated with conveyancing.
Conveyancing revolves around many documents. As a buyer or seller, it pays to know beforehand what documents should be made ready. You cannot have delays without being clear about an important document missing. A buyer will need to have title deeds and title plans. These have to be paid for. The seller will also need to provide title deeds, and may also request for research. All these attract certain amounts of fees that are in the solicitor’s fees. Any document related to the property structure, surveys, valuation and others may be arranged in the separate file after talking with your solicitor.
Modes of payment
The clients should know the modes of payments of these fees. Some of the fees are paid for in cash while others are paid using a cheque. Recently, the Land Registry has allowed solicitors to download title deeds, title registers, and other documents from its website. It is important for a client to know the way payment is made for these downloaded documents.
Buyers and sellers should find out how long the conveyance will take. Given all facts, solicitors can estimate the duration of conveyance. The time it takes to complete the transaction is to some extent dependent of the preparedness and willingness of the buyers and sellers to trade. The buyers and sellers can adjust their own schedules so that conveyance takes a shorter time or longer time. Conveyance may also be stalled by issues outside the control of the buyer. These include sluggishness of housing providers or unwillingness of other commonholders to cooperate. Such possible scenarios are well known to solicitors. They can use their experiences to advise their clients appropriately.
Expected Step by Step Process
A buyer should know the amount of work from the solicitor expected during conveyancing. While changes may occur, having a Research helps in elucidating the background of property. Information generated from research may help a potential buyer to decide whether or not to buy a property. The research enables the buyer to get documents that will be needed during and after the conveyance. The amount and nature of research depend on or several things including the type of property ownership and the location of the property. A buyer should find out all possible research that is necessary before buying the property.