Conveyancing is the legal process of transferring ownership of a home or property. While it may seem like one of those frustrating and unnecessary expenses, it’s more than just a formality, it will ensure you’re protected in the future if anything goes wrong after the sale. The conveyancing process begins when you’ve received and accepted an offer for your property, and ends when the last contracts have been signed and the money transferred.
Why are conveyancers so important?
Conveyancing can be conducted by various law professionals, including solicitors, property lawyers and conveyancers. Their primary job is to conduct all of the vital checks on the property. This includes boarder locations, outstanding building plans, the location of nearby sewers, flood risks and any pending financial implications. They may also arrange for a professional pest inspector to check the property.
In addition, conveyancers provide escrow services for both the sale of the property and any other incurred costs, such as stamp duty. Only when all of the legal documentation has been signed for and the ownership has been transferred will they release the funds and transfer the title of ownership to the land registry.
How much are conveyancing fees?
Every company will have their own pricing model, with specialists often commanding higher fees. However, conveyancing services are almost always based upon the value of the property. According to Leeds conveyancers, Advantage Property Lawyers, the average conveyancing fees in the UK are £850. This includes the time and administration duties, land registration, and any checks that must be performed.
If you are selling a property and the buyer pulls out of the sale before it has completed, you might have to pay a fee. To protect yourself against such eventualities, make sure you choose a company that provides a “no-service fee” agreement. This way you will only get billed if the sale goes through.
Can I conduct my own conveyancing?
Theoretically it is possible to conduct your own conveyancing; however, it is not recommended unless you have experience. If you make mistakes you could run into extremely long and costly legal procedures in the future. Conveyancers, however, will ensure you aren’t held accountable as part of their service agreement if something goes wrong. In addition, most mortgage lenders will insist on going through a solicitor or conveyancer before releasing any funds. This alone often makes hiring a professional a mandatory requirement.
Buying and selling property can be an absolute nightmare without the right representation. While it may seem like an expense you can bypass, a quality conveyancer is a small price to pay for legal security and peace of mind. Don’t take any chances!