Do I Need a Solicitor to Buy a Property?
Buying a home is an expensive business and can easily cost more than you anticipate. With this in mind, do you really need the services of a conveyancing solicitor and, if so, what should they be doing for you?
About conveyancing
When you buy a property you need to make sure that the seller actually owns the property, that they have the right to sell it and that the title to the land and property passes to you when the sale completes.
Conveyancing is the process by which this happens. During the process two major events take place: the exchange of contracts at which point you acquire the right to obtain ownership of the property (equitable title) and completion, when it actually becomes yours (legal title).
To get to this point many activities are carried out by a conveyancer. This can be either a solicitor or a licensed conveyancer. They will send you some initial paperwork to check, validate your ID, carry out local authority, environmental and water/drainage property searches on your behalf, negotiate the terms of the contract of sale, send your deposit to the seller’s solicitor, deal with any queries that arise, liaise with your mortgage company to transfer the balance of the amount required to purchase the property, deal with stamp duty requirements and register your legal title with Land Registry.
The conveyancing process usually takes between eight and 12 weeks, although it can sometimes be sped up if necessary.
Finding a solicitor
The cost of conveyancing can vary greatly between different firms so it is always a good idea to get several quotes before choosing who you will use. Make sure that you they are all quoting on the same basis and that there is a ‘no completion no fee’ policy so that you are not left with a bill if the sale falls through.
The service that you will receive also varies between firms so make sure that you use one that meets your expectations. Think about how you want to communicate with your conveyancer. Would you prefer someone local who you can meet face-to-face if necessary or would you prefer to deal with them by phone, email or letter? Some solicitors are more traditional than others in their approach and have not embraced the digital age so it’s a good idea to check how they operate before appointing one.
Finally, ensure that the company you go with is regulated and insured. Solicitors are regulated by the Solicitors Regulatory Authority (SRA) and conveyancers by the Council for Licensed Conveyancers (CLC). Both require that their members take out and maintain indemnity insurance and this will provide you with protection should your conveyancer fail in their professional duty towards you.
If you are about to move home then then why not use the Quality Solicitors locator to find a local professional lawyer who will be able to meet all your conveyancing needs.
