A Definitive Guide to Conveyancing and Conveyancing Law
Buying a home, especially if you are a first-time homeowner, is an incredibly happy and proud moment. A new home spells for a new chapter and fresh beginnings.
The legal work that follows, relating to the transference of ownership, does not have to be a trying tribulation if you have a conveyancing solicitor in Portsmouth guiding you every step of the way.
This article will describe what conveyancing is in plain English and explain why it is such a vital part of the process, especially for you as the buyer.
What is conveyancing exactly?
When you buy a home and have signed the necessary paperwork, the ownership is transferred into your name.
The system of conveyancing is basically investigative work performed by solicitors to ensure that the transaction is entirely legal. At the same time, these investigations bring to light any hidden issues.
To sum up, conveyancing is performed in your best interests – to ensure that you are buying the house that you think you are.
How much will this cost me?
Under normal circumstances, a solicitor or conveyancer does the conveyancing. However, conveyancing fees do add up, which is why some individuals undertake the task themselves.
But, conveyancing is a complicated system, so you are at risk if you do not fully understand all the steps involved, resulting in you making mistakes.
Unless you are comfortable with legal jargon and do not mind mountains of paperwork, this is a job best left for professionals.
The high cost of solicitor fees might put you off, which is why DIY conveyancing to shave off a few thousand pounds is tempting. However, you must realise that a solicitor comes highly experienced and with an in-depth understanding of the law. You can save yourself hours of paperwork by not having to repeat the process because you made avoidable errors.
What affects this fee?
At the start of the conveyancing process, you might be quoted a ballpark figure, which is an estimation that may change.
Which variables affect the bottom line?
- Property value- Avoid firms that are charging a percentage or fee based on the value of the property.
- Further investigations- Additional searches may be conducted if it is proven to be necessary. These cost more, but not as much as the damage you could incur if you live in an area that floods frequently or if other issues could put your property at risk.
- Missing Documents- If there are vital documents that are missing, such as guarantees or permissions, you may need to purchase an insurance policy. This insurance policy will protect you if the misplaced documents are an issue later on.
How do I find a reliable solicitor?
If the solicitor you have hired is sub-standard, you may as well do the job yourself.
Therefore, you must find one who is experienced and highly skilled, which means you will have to do your research and shop around first.
Be sure to:
- Ask for quotes and compare them, taking note of what is and is not included in the cost.
- Check their online reviews.
- Ensure that you can contact them quickly, without waiting days for responses or feedback