Whether you’re buying or selling a property, it can sometimes feel as though costs rack up very quickly. It’s therefore tempting to look for ways to make the process cheaper. Some people might think that skipping a conveyancing solicitor is a good way to reduce the expense – but conveyancing solicitors play an important role in the process.
What is conveyancing?
In simple terms, conveyancing is the process of transferring the legal ownership of a property from one person to another. It is therefore essential that this happens when you’re buying or selling a property!
While that might sound straightforward in principle, the reality is that conveyancing laws can be complicated. This is why it’s best to find a solicitor to support you through the process because, as the saying goes, you don’t know what you don’t know.
How does a conveyancing solicitor help?
As a buyer or seller, you will enter into a legal contract with the other party for the purchase or sale of that property. There are many aspects of the contract that you need to review before you sign on the dotted line.
You will also need a solicitor to draft the contract for you to make sure it is legally sound. Although it’s possible to download templated contracts online, one size doesn’t always fit all, so it’s best to work with a legal professional to make sure you are properly protected during the process.
If you’re buying a property, you should always conduct a survey to make sure there are no structural issues before you make the purchase. A solicitor will help you assess the survey and advise you on any steps you may need to take – such as renegotiating the price or agreeing for the seller to carry out work before you buy.
Buyers also need to conduct searches on the property. These are essential to make sure there aren’t other elements that you need to be aware of. For instance, local authority searches will uncover whether there is any major development planned in the vicinity of the property.
Searches may also highlight risks that could impact insurance – such as flood risk – or any environmental issues such as contaminated land.
This is a lot of information to read through. Your solicitor can take care of all of this research, saving you not only time and effort, but also ensuring that nothing important gets missed because you didn’t understand its significance.
Completing the sale/purchase
A conveyancing solicitor is also instrumental when completing the process of buying or selling a property. They will liaise with the solicitor for the other side to ensure all contracts are signed on time and they will handle the transfer of funds – which also involves liaising with your mortgage provider if you have one.
Once you have bought/sold a property, your solicitor will register the change of ownership with the Land Registry and they will ensure that any stamp duty land tax due is paid to HMRC.
This is not an exhaustive list of all the tasks a conveyancing solicitor will undertake during the process and given that moving home is considered one of the most stressful experiences you can have in your lifetime, it is well worth using a professional to reduce that stress wherever possible.