Responsible for managing the legal transfer of property documents from seller to buyer, a conveyancer is an important part of any property negotiation. However, whether you are buying a home or selling a home, the question is: do I need a conveyancer before I make an offer?
We will answer this conveyancing question further in this article.
First, let us discuss what conveyancing is and what the process entails.
Conveyancing process explained
Conveyancing is the process of legally transferring property ownership from a seller to a buyer. A conveyancer or a conveyancing/property solicitor usually conducts the process for both parties.
For the seller, the conveyancing process starts as soon as they put their property on the market, although they might opt to start it once a buyer has made an offer.
For the buyer, the conveyancing process can start as soon as they decide to buy a property, although, just like the seller, the conveyancing process might start after they have made an offer to buy a particular property.
The conveyancing process is complete once the exchange of properties is complete and satisfactory for both parties.
However, the question remains unanswered. Does a buyer or seller need a conveyancer before making or accepting an offer? And if yes, why?
We will answer these questions for both the seller’s and buyer’s sides.
Does a buyer need a conveyancer before making an offer?
The simple answer is YES. As a buyer, you need to have a property solicitor before making an offer, preferably even before you have found the home you want to buy. The reason for this is, while a real estate agent might find you your dream home, a solicitor might inform you of a lot of things that your real estate agent might overlook.
One of these things is legal issues that deal with the property. The property solicitor will look for any loopholes in the legal documents and ensure that you are making the best decision for yourself by making an offer on the said property.
Apart from that, here are other benefits of having a conveyancer before making an offer for a property:
- Speed up the whole buying process
Let no one lie to you. The process of buying a house is stressful, long, and daunting. What you need is to speed up the process of buying a property as fast as you can, and hiring a conveyancer before making an offer on a property can do that. Because you will inform the conveyancer early enough, they will be able to do prior research and draft contracts quicker, allowing you to buy the property you want in little time and with little stress. - Gives you an edge over other interested buyers
When you find the dream home or property you want to buy, high chances are, there will also be other buyers eyeing the same property. The seller will then have to weigh you against other buyers and look for a reason why they should accept your offer. Having a conveyancer present will not only give you an edge over the other buyers but will also show the seller that you are committed to buying their property. This will make the seller more inclined to accept your offer and sell you the property. - Gives the conveyancer time to cross-reference the legal paperwork
As mentioned above, having a conveyancer before making an offer can ensure all the legal paperwork is conducted correctly. The conveyancer will cross-reference the identity of the seller, carry out any money laundering checks, draft contracts, and negotiations, and when you finally make an offer, exchange contracts with the seller’s conveyancer.
Does a seller need a conveyancer before accepting an offer?
Just like a buyer, a seller also needs a conveyancer before accepting an offer. Once they put their properties on the market, most sellers proceed to hire a real estate agent and forget to hire a conveyancer or a conveyancing solicitor.
That, however, should not be the case. The next logical step after hiring a real estate agent, and before accepting any offers, is to hire a conveyancer. Having a conveyancer will not only save you a lot of time but will also make the process of selling your house much easier.
If you are interested in finding out the cost of a conveyancer and talking to one directly, click this link, fill out the form and get an instant quote.
Here are the benefits of a seller having a conveyancer before accepting an offer:
- Speeds up the whole Selling Process
The process of selling a house involves a lot of legal paperwork. Waiting until you accept an offer to start the conveyancing process might mean a lot of paperwork and a lot of time spent on it. But having a solicitor before accepting an offer can ensure that the solicitor is armed with all the necessary information to drive the sale of your property faster. - Ensures that the sale does not fall through
The conveyancing process is a long, tiring process for both parties. And the worst thing, the longer it takes, there are higher chances of the buyer changing their mind and the sale falling through. When you have a conveyancer before accepting an offer, the conveyancing process can start as soon as you accept an offer and save you a lot of time while reducing the chances of the sale falling through.
Conclusion
Now that we have seen the benefits of instructing a conveyancing solicitor before accepting or making an offer on a property, you should not delay hiring one. Also, when hiring a solicitor, make sure you hire one that works on a no move, no fee basis.
What this means is, the solicitor should only charge you legal fees once your sale or purchase is complete. If for some reason, the sale or purchase falls through, you will not be legally obligated to pay them.
Hiring a solicitor with a no move, no fees basis will therefore not only save you a lot of time and money but will also grant you the freedom to instruct a solicitor without any pressure.
