Your Conveyancing Solicitors - Why You Need a Specialist
Buyers often don't understand why trying to manage their conveyancing themselves is a bad idea, and why they should hire a solicitor.
The following is a basic guide of what conveyancing solicitors should do for you as a client and why it is important to seek legal assistance.
Your solicitors work in the conveyancing process is as follows:
1. Pre-contract searches; these are technical searches that are carried out mostly through the local land registry and authority (note; other bodies are also used). These searches will let you know where the boundaries of the property are, and if there are any rights to the land that affect it - whether beneficially or otherwise.
2. Pre-contract enquiries; your solicitor will form a comprehensive list of enquiries to pose to the seller's solicitor. This should ensure that anything you need to know about the property is answered in full with any necessary disclosures made from the seller. This process will be used for example to identify exactly what fixtures and fittings are included within the purchase price.
3. Report on title; your conveyancing solicitors will always report back you as the client keeping you in the loop with any developments and any results obtained from investigations. When search results and pre-contract enquiries are received back your solicitor will report back detailing these results and any implications these may have on the property's value.
4. Draft a contract of sale; your solicitor will ensure that all aspects of the sale are covered in this contract and they will make any necessary amendments in light of the search results and pre-contract enquiries. At this point a formal offer from your lender should be received.
5. Exchange of contracts; at this point, the deposit is given to the vendor and you have entered into a legal contract to buy the house. If you were to pull out at this stage then you would normally loose your deposit money. As a result, you must make sure that you are satisfied with all parts of the purchase before you get to this point.
6. Completion; the purchase price is paid over to the seller and you are free to move into the property.
7. Post-completion actions; here your conveyancing solicitors will ensure that all the logistics of registering title and moving into the property are taken care of, for example; your solicitor will partake in the transfer of purchase deeds, will register your title at the land registry and ensure the payment of stamp duty land tax.
As you can see although the conveyancing process is fairly structured it can be complex. The dangers of not appointing a solicitor come in the form or not identifying potential problems with the property and not getting exactly what you bargained for. Appointing a professional solicitor should ensure that there are no hidden surprises when it comes to exchanging contracts and paying over your deposit money.
Trying to carry out your own conveyancing deal without hiring a lawyer is very risky - although it could save you money now, long-term you could end up spending a lot more.