Choosing The Right Solicitor For Buying A House – Tips For Investors
Why you need a solicitor or conveyancer when buying a property, what they do, and
When buying a residential property to live in, or as an investment property, you will need a conveyancer or solicitor to handle the transfer of the legal ownership of the property. But how can you find a good solicitor? Why do you need one? How much does it cost to employ a solicitor? Read on to find out everything you need to know about choosing the right solicitor for you.
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ToggleA solicitor who specialises in property transactions, or a conveyancer, will handle the legal side of buying a property and transferring the ownership of a property from one party to another. They will look at the legal documents for the property purchase, including the contract of sale, to ensure your interests are protected and do title checks to verify the property’s current title and ownership to make sure there are no disputes or legal issues that could affect your property ownership rights. They also run searches such as Environmental, Water and Drainage, plus planning applications relating to the property and any other relevant local searches to find out information about the property held by local authorities.
Your solicitor or conveyancer will liaise with your mortgage lender, if you are using one, to make sure all documentation is in order and handle the transfer of deposits and payments. They can even help by negotiating terms on your behalf, such as price adjustments to get you a better deal.
There are many legal and financial processes involved in property transactions, and whoever does the conveyancing needs to have knowledge and experience of the laws and regulations surrounding property sales. A solicitor or conveyancer will have the expertise required to handle this time-consuming and potentially complicated process. They offer you peace of mind and expert guidance when buying a property, helping to mitigate any risks and protect your interests. Once the sale is complete, they can assist with post-completion checks and help resolve any outstanding issues that may arise.
Conveyancers are specialist property lawyers who are experienced in buying and selling residential properties, but may not be able to handle complex legal issues. A solicitor is trained in all areas of law and may offer a range of other legal services. In the context of property conveyancing, they both do the same job. Often, a conveyancer will cost a little less than a solicitor and will have the knowledge to handle most property transactions, whereas a solicitor may be needed for more complex transactions that require more legal support. It is worth checking that a solicitor is experienced in property, as they may be an expert in another legal area. Both solicitors and conveyancers should be fully regulated and insured – solicitors should be members of The Law Society, and conveyancers are regulated by The Council for Licensed Conveyancers (CLC).
Choosing the right solicitor to handle your property transaction requires a little research. Take a look at local conveyancers or solicitors who specialise in property law, read their online reviews, and compare quotes from several companies to get the best price. If a quote seems suspiciously lower than others, check to make sure there aren’t any hidden costs. Avoid solicitors who charge an hourly rate or those who don’t provide a fully itemised quote. Some mortgage lenders will only deal with certain conveyancers and solicitors who are on their ‘panel’. This panel of conveyancers will often pay to be included, and you can choose another who is not on their panel, although this can incur a representation fee from the bank. You can find an online-only conveyancer or solicitor who will handle everything remotely, which can be cheaper and offers online case tracking, but you may not deal with a single point of contact, and they may not be equipped to deal with complex legal issues.
Technically, this is possible, as there is no legal requirement for you to hire a solicitor or conveyancer, but it is a very complex process that needs to be done right to avoid any future problems. If you are using a mortgage to buy the property, the lender will likely insist on a fully qualified legal professional to complete the conveyancing process. If you do your own conveyancing and something goes wrong, this can be a very expensive mistake, and the transaction may even fall through, so I would strongly recommend you hire a professional.
The conveyancing process can take up to 12-16 weeks, and that’s if everything goes smoothly, so it does take some time to complete. There are a lot of steps to handling all the legal aspects of buying a property that take time, and the seller’s solicitors will be involved too, so prepare to be patient. Your solicitor or conveyancer should keep you in the loop and provide you with regular updates – if they do not, or you go for a long time without hearing anything, you should call them for an update. If you still aren’t satisfied, you can contact the Legal Ombudsman.
The average cost of conveyancing varies depending on the legal complexity of the sale and the solicitor or conveyancer who handles it – it usually costs between £800 and £2000. When searching for quotes, make sure all costs are itemised and that VAT is included. Remember, the cheapest service might not be the best, so look at reviews of different providers and shop around to find one that suits you.
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