It can be pretty confusing to decide who will handle the transaction when you are buying or selling a property. You may wonder whether you should pick a conveyancer or solicitor. This will help you find out exactly what the conveyancer or solicitor will do for you. It will also help you figure out whether you should hire a conveyancer or a solicitor to do the work for you.
If you are buying a property they will clarify, draft and lodge all relevant legal documents including the memorandum of transfer and the contract of sale. They will explain all the legal terms and procedures and make everything clear to you. Furthermore, they research the title of the property and see if there any issues or complications which the buyer should know about. They will also transfer the money and put them into the trust account. They will also calculate all the rates and taxes you will have to pay. They will also communicate with your bank and make sure all the payments are being done properly. They will also act on your behalf while contacting the other part and will represent your interests when dealing with the agent.
If you are selling a property, they will complete all the legal documents and explain them to you. They will represent you when dealing with the buyer and will ensure that the property gets sold as soon as possible with the least complications.
Deciding whether or not to go with a conveyancer or a solicitor can be a tough decision. They can both do the job, and there advantages and disadvantages of using either. There are certain factors you have to examine when deciding who to use:
Once instructed the first thing a conveyancer or solicitor does is to execute critical searches with instiutions like local authorities and utility companies to establish whether there are building plans scheduled next door – for example an enormous factory.
The searches will reveal other details, for example if the area is under risk of flood, if the previous owners have left the property burdened with financial liabilities, and if there are sewers running too close to the property.
They will advise you about any additional disbursements such as stamp duty. Then they will review the contracts prepared by the seller’s conveyancer or solicitor which will particularise fundamental details like the boundaries of the property and the sale price. Then they will communicate with your mortgage lender to ensure they have all the necessary data they need to proceed.
Once this process has finished, your conveyancer or solicitor will pay any related fees for you using money you have transferred to their business account. Then they will register you at the Land Registry as official owners of the property.
Furthermore, whether you choose a conveyancer or a solicitor also depends on the nature of the transaction. When buying a property it is better to use a solicitor. When selling a property you can just hire a conveyancer. Whoever you do hire, it is important to hire them at the start of the transaction so they will have the all the relevant information at hand.