Information for property buyers
The UK Housing Market, which generally involves buying and selling, proved to be quite tricky over the years, as there are a lot of things to understand and get a hold of to succeed. The legal process itself has become quite frustrating, especially for the unprepared and inexperienced.
While it’s true that you may not be able to grasp the entirety of what surrounds the conveyancing process, there are experts that would provide you a good amount of information and proper advice as to what happens and what needs to be done. Understanding the basics could basically be all you need to go through a stressful home buying process.
Without having basic knowledge of conveyancing, you may be at risk of losing a huge sum of money. That’s why it’s crucial that you do your research and ask questions, particularly if you’re buying or selling for the first time.
What is conveyancing and why is it needed?
To put it simply, conveyancing is the process of legally transferring the property’s ownership from one party to another. While it looks to be simple in its definition, the task rather involves a good number of legal processes and documents to sort out. This is why you need a licensed conveyancing solicitor to carry out the process for you while the transaction is underway. Although there is no law that stops you from working on the conveyancing alone, it is not strongly encouraged because there are several clauses in the paperwork and third-party involvement that require a licensed expert.
How much should you expect to spend in conveyancing?
Conveyancing costs can be a little hard to grasp, especially for first-timers. The charges, if not fully explained can be too overwhelming and you might fall under the impression that it’s going to take up all of your money. This is why research and shopping around is highly recommended. Having a look at the pricing structures of different conveyancers for their services will help you determine which one will give you the best value for your money.
What you should know in the first place is that conveyancing fees are divided into two parts - the conveyancer’s basic fees and the disbursements.
The basic fee is what you pay your conveyancer for their time and their expertise, and varies on how complex the property transaction is. It can either be charged by the hour or a fixed fee, depending on the conveyancer you chose to work with you. A Value-Added-Tax is also charged on top of the basic fee.
The list of disbursements, on the other hand are what your conveyancer pays for on your behalf throughout the process. They are generally fixed charges and are passed on to you upon completion. These charges include, but are not limited to
property checks, legal checks, bankruptcy check, environmental check, etc.
Making Sure You’re Hiring an Ideal Conveyancer
Shop around. Ask your friends and family if they have worked with a reliable one in the past and make enquiries. Call the suggested conveyancer and ask them about the costs and what they can do to help you with your property transaction.
You can also check the internet for a list of conveyancers. To make sure you’re hiring a diligent one, check the Law Society for members, and look for someone accredited by the Conveyancing Quality Scheme. And quite as importantly, look at the conveyancer’s reputation online by checking what their other former clients had to say about them.
What would even help you more is to start looking for a conveyancer ahead of time. While not required, you may start your selection at the same time you’re looking for property listings and a mortgage deal. This will give advantage in terms of opinion and sound advice as you go through the viewings and negotiating your offer.