To relieve some of the stress that comes with buying or selling a home, having an understanding of the process and who is involved can help. Conveyancing solicitors have a big part to play, so this blog will look into everything you need to know to help you understand how it works.
From what conveyancing solicitors do, to how much they charge in fees, wrap your head around how a solicitor can help you in the process.
What Is a Conveyancing Solicitor?
Conveyancing is a legal term meaning the transfer of property from one person to another. The two major stages of this process are the exchange of contracts and completion.
A conveyancer’s role is to handle all the legal proceedings and preparation of the documents when you buy or sell a property. The solicitor should keep you updated throughout the process, answer any of your queries and support you throughout. Finding a trustworthy and helpful solicitor is key, so ask family and friends if they would recommend someone for you to use.
When you buy or sell a property, one of the first things you can be asked for is the details of your licensed conveyancer or your solicitor, so it is important to choose one wisely.
What Does a Conveyancing Solicitor Do?
The role of a conveyancer is an important one. Buying or selling your property can already be stressful, so you want to hire a solicitor or conveyancer to help the process run more smoothly, not make it more difficult. But how can they help?
Their role consists of the following:
- Handling contracts
- Providing legal advice to do with the purchasing or selling of a property
- Dealing with the Land Registry
- Conducting local council searches
- Sending the money across to pay for your property
Licensed conveyancers specialize in property and don’t deal with the more complex legal issues as a solicitor does. Solicitors, however, are qualified lawyers. This means they can provide a more in-depth legal service that a conveyancer cannot.
However, solicitors are more expensive. It’s key to keep this information in mind when choosing a specialist to deal with your property transaction.
Benefits of Using a Conveyancing Solicitor
Having a professional like a conveyancing solicitor can help alleviate some of the stress that comes with moving house, buying a new property, or selling your home. A solicitor is there to help, and they can answer any questions you have. To make the most out of their expertise, you can do the following:
- Ask them the best time to contact them and which way is best, such as email or phone?
- Find out if they have a system in place for you to track the process. This means you won’t have to spend time ringing up and asking for an update.
- Verify any annual leave they will be taking during the process, so you know when they are unreachable. If so, ask who they can speak with instead.
- Choose a local conveyancer so it’s easier to drop off documents and book in meetings
How Do Conveyancing Fees Work?
Your fees can be broken down in many ways. A solicitor could charge a fixed fee, an hourly rate, or a percent of the property price. It’s important to shop around to find a price that suits you instead of going with the first solicitor you find.
When asking for a quote, make sure it breaks down all the individual costs to make it easier to compare with others.
A conveyancing quote should include charges such as:
- Bank transfers
- Land Registry fees
- Stamp Duty, Land Tax, Land Transaction Tax
- Additional costs if the process is urgent
- You may be charged extra if using Help to Buy or Lifetime ISA
- Extra charges can be included for shared ownership properties
To Sum Up
Conveyancing solicitors have a large role to play in the buying or selling of a house, so it’s important to understand how they can help. From providing legal advice to handling contracts, finding the right solicitor for you can help make the process run more smoothly.