Finding the right conveyancer should be the starting point of your property transactions. That means you should never discuss or agree on an offer for a property you are selling or buying without the help and approval of a conveyancer.
Before hiring a conveyancing solicitor, always obtain quotes from various firms to compare the prices and services that they offer. This way, you will have a rough idea of the disbursement costs and legal fees attached to your property. Read on to understand the process further.
Who should do your conveyancing?
While some people do it themselves, it is highly discouraged. Instead, hire a licensed conveyancer, a solicitor or a property lawyer. Work with a professional with a wealth of experience in facilitating transactions surrounding residential properties.
In some cases, your mortgage lender might specify the conveyancer you should hire or charge you if you decide to use a solicitor of your choice.
What is the role of a conveyancer/solicitor in your transaction?
Once instructed, a conveyancer will carry out all the necessary searches with utility companies and local authorities to find out whether there are any construction plans available. The search will determine whether the property faces risks such as floods, whether it has existing financial liabilities, or whether the location is safe.
Once the process is complete, the conveyancer will pay up all fees on your behalf and register the property in your name at the land registry.
What is the overall cost of conveyancing?
Conveyancers usually charge their clients based on the overall value of the property. Nevertheless, this does not imply that there is extra paperwork needed to buy a mansion for a million, as opposed to purchasing a home for a hundred thousand.
Generally, an average property purchase will cost you approximately £850.
To protect their interests, mortgage lenders often employ a solicitor or conveyancer. As such, most buyers have protection from scammers and people who will drop transactions along the way.