A solicitor or licensed conveyancer will take care and handle all the legal aspects of buying or selling a property for you.
Choosing the right one will not only save you a lot of cash but also make the whole selling or buying process less stressful.
Some people choose to try and take this task on themselves in order to save more money but this is a very risky strategy. It is much more sensible to let the professionals take care of this as they are much more qualified & have the right skills to do the job properly.
So what do solicitors or conveyancers do for you exactly? We look at some of their general tasks below.
What do they do?
- Handle & access contracts.
- Conduct local searches.
- Deal with the Land Registry.
- Manage Stamp Duty charges and payments.
- Transfer the funds to pay for your property.
- Give legal advice and recommendations.
What are some of the differences between a solicitor and a conveyancer?
- Licensed conveyancers are specialists in property law and this is the focus of their work.
- Solicitors have trained in a variety of legal fields & can offer a full range of legal services.
- Solicitors are almost always more expensive than conveyancers.
- Solicitors must be members of the Law Society & are regulated by Solicitors Regulation Authority (SRA).
- Conveyancers are regulated by the Council for Licensed Conveyancers (CLC)
- Solicitors generally have more workload and have to work with tighter deadlines meaning their less priority cases end up getting less attention.
How to find one
There are a few ways to go about actually finding a solicitor or conveyancer and these include; Asking your friends and family, visiting the Law society (for solicitors) & Council for Licensed Conveyancers (for conveyancers) websites, getting a recommendation from estate agents, asking your lender or independent financial adviser and finally using online conveyancing but we will discuss this option in more detail later in the article.
Price considerations & Fee’s
- Solicitors charge their clients in a variety of ways.
- Some may charge a fixed fee.
- Others will charge you a percentage based on the value of the house.
- Charge at an hourly rate.
- There may be extra fees to cover the cost of paperwork, any complex issues that require additional work.
You should aim to get a minimum of three different quotes. This way you have a better understanding of all the costs involved and can make a better decision.
Make sure that every quote includes a breakdown of all the costs including VAT so you are able to compare each quote as equally as possible.
Costs can range from between £500 to £1,500 depending on the work involved and the value of the property. Keep in mind that a solicitor will also charge for any extra costs involved while they dealing with your transaction such as postage costs – these are known as disbursements.
Online conveyancing is growing area that is transforming the industry. Just as it sounds, everything is done online. You will only deal with the conveyancer(s) by phone & e-mail. This allows you to track the progress of your case at any time of the day by simply going online.
It does have a few drawbacks though which include; Not fully understand the quality of service as you will never meet them, you might not talk to the same person each time you call and there is also the fact that they are just conveyancers and won’t be able to deal with the more complex legal issues if they arise.