Why conveyancing is vital when buying a houseWhen buying ahome there are so many things to consider and research that at times it can all be a little overwhelming. However one thing that you must be aware of is conveyancing, and why it is vital during your house buying process. In this guide you will find out all about conveyancing, what it is and how to choose a conveyancer for your house purchase.
What is conveyancing?
Conveyancing is the process that ensures the property you’re buying, is owned, in legal title, by the owner. Whilst this sounds like rather a pointless process, it instead represents the legal necessities in ensuring the house sale is legitimate. The conveyancing process basically entails two parts: one of which is the exchange of contracts (where the title of the property passes from one owner to the next); and the other part is where the transfer completes. This process is undertaken by either a conveyancer or a solicitor.
Conveyancing: Things to bear in mind
An important factor to bear in mind in relation to conveyancing is that you will want to ensure that the process runs as smoothly as possible. To this end, it is vital that you choose a reputable conveyancer (be they a dedicated conveyancer or solicitor). You shouldn’t take just the price as the deciding factor of which conveyancer you choose, as this can very often be a false economy. So do your research and ensure that the company you choose has a good reputation. Additionally, choosing an inexperienced, or rogue conveyancer, can result in all sorts of legal woes in the long run. With the worst case scenario being that you later get locked into financially crippling legal battles.
Another step you can take to protect yourself is ensuring that your conveyancer is licensed and regulated. You can ask them directly if this is the case, and check with the official governing bodies for your region. You can also ask about their experience in dealing with this type of work, or do they specialise more in other areas?
When your buy, remortgage, sell or transfer equity it is good to get few quotes/there are providers that will give you no-obligation quote/ and check if there are any additional or hidden fees. Norally the fees can vary and are between £800 and £1500 depending on the work done by the solicitor.
If you’re choosing a solicitor you should be aware that they may be away from the office for long periods (such as when they are attending court). Again, you can ask them directly whether this is the case. Another factor that may affect your conveyancer’s availability is where they are based. If they are located some way away from you, you should expect to only communicate via telephone of email, which is less than preferable for some.
Conveyancing is a vital part of the house purchasing process. Your choice of conveyancer or solicitor can greatly impact how smoothly the transaction goes, and as such it is vital to undertake thorough research.
You may also want to read about: Equity Release