It is always important to instruct a qualified property solicitor instead of managing the conveyancing process yourself. Conveyancing is a branch of law that deals with the preparation of legal documents for a sale or purchase of a property, also known as the ‘conveyance’. Some people try to avoid instructing a property solicitor or licensed conveyancer in order to save money, but many people are not aware of the high risks involved. For example, if you go through the process incorrectly, the seller or buyer’s solicitor could take advantage of your inexperience. This may result in you being sued and you having to spend far more in legal fees than you would have done if you originally chose a solicitor. Here at Bloomsbury Law, we have a dedicated property team with extensive experience in property law to help guide you through the process. Call one of our dedicated property solicitors now on 0207 998 7777.
When choosing a property solicitor, you should always think about the type of conveyancing service you require. Legal services are now online and they can offer you great flexibility when comparing quotes and services. When obtaining a quote, you should always be aware of possible disbursements and VAT. Unfortunately, some transactions can fall through for a number of reasons. You should always check with your property solicitor how much you may need to pay if the move or sale does not go ahead.
What to expect from a property solicitor
A property solicitor will be able to handle all the legal aspects of buying and selling a property. They should keep you regularly updated throughout the process, whilst providing legal advice and support throughout. They are at the heart of every residential transaction, so it is always important that you choose wisely.
A property solicitor should generally be able to:
- Conduct local searches
- Manage Stamp Duty charges
- Assess and draw up contracts
- Provide legal advice
- Provide recommendations
- Deal with the Land Registry
Fees and Service
Don’t always choose the cheapest solicitor. This could mean that they are dealing with a high number of transactions and that they cannot provide full attention to your work. Paying a little extra for a more experienced solicitor is always the right choice when dealing with a stressful situation such as selling or buying a property. You should always make sure that the solicitor takes time to explain everything in detail to you.
Some property solicitors charge a fixed fee, while others will charge you a percentage based on what the value of the house or flat is worth. In most cases, there will be additional costs or ‘disbursements’ for paperwork, VAT, postage costs and any complex issues that require any extra work.
In the final stage of the process, your solicitor should:
- Pay Stamp Duty Land Tax on your behalf
- Send you a complete bill with disbursements
- Send a copy of the title deeds to your mortgage lender
- Notify the freeholder if the property is a leasehold