One term you’ll come across in your attempt to buy or sell property is a conveyancing solicitor. So, the big question is, what is a conveyancing solicitor and what does he or she do? Well, below, we’ve got you covered. This guide attempts to explain what a conveyancing solicitor is and what they actually do. This guide will also highlight the different types of conveyancing solicitors – if you can become one yourself and the implications of DIY conveyancing. Lastly, this guide will explain the advantages of getting a representative when purchasing or selling a house.
So, who is a conveyancing solicitor?
The conveyancing process is the transfer of property from the seller to the buyer. The transfer is only considered as conveyancing if the sale is legal. Having said that, a conveyancing solicitor is a legally certified individual hired by either party to oversee the sale of a house. Conveyancers organise and coordinate property transfers while handling the legal documents. In other words, a conveyancing solicitor is a knowledgeable character in property sales that streamlines the paperwork to land you a good deal.
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Licensed conveyancers
The surge in the number of property sales has meant that there’s a need for more property sale specialists. In turn, governments enforced laws and institutions to help individuals transact property peacefully. These laws allowed organisations and freelance specialists to offer help to sellers and buyers hence the term “licensed conveyancers.”
Licensed conveyancers are lawyers who deal exclusively with property sales and property purchases but are less experienced. They operate under the Council for Licensed Conveyancers and are responsible for regulating and maintaining property industry standards.
What are the differences between licensed conveyancers and conveyancing solicitors?
The roles of licensed conveyancers and conveyancing solicitors might look similar, but they are not. First, they operate under different jurisdictions, with one operating under the Solicitors Regulatory Authority. At the same time, the other falls under the Council for Licensed Conveyancers.
Second, licensed conveyancers are neutral. They will represent and listen to both the buyer and the seller and the buyer. However, the same can’t be said about a conveyancing solicitor who’s biased towards his client.
In terms of training, conveyancing solicitors have a broader understanding of the law than their counterparts. Their training is comprehensive and covers various disciplines of property law. Inversely, undergo shallow training, and as a result, they have a superficial understanding of the law.
Can I DIY conveyancing, and what are the repercussions of DIY conveyancing
Yes, you can do all the dirty work on your own and carry out conveyancing yourself. There is no law dictating you that you must hire a conveyancing solicitor. Going DIY saves money that’ll have spent on hiring a professional. However, carrying out your own conveyancing is the least advised because it is riskier and labor-intensive as well. Also, the money you’d save with DIY conveyancing is not much either – it’s only a few pounds.
Aside from the hustles of DIY conveyancing, drafting contracts can be tricky at times. As a result, you’ll end up messing up with a contract, thus leaving you disadvantaged. For example, if the other party(either the seller or the buyer) found a loophole in the contract and used it to their advantage, you’ll be defenseless. Even if you took them to court, they’d likely win the case. They’ll argue that their actions are within the contract guidelines. And in turn, this would cost you more than what you’d spend on a professional.
What to expect
The action starts once you have agreed on a price with either the buyer or seller. With the price already settled on, the next step is to sort out the paperwork.
As the seller: You will roll out your solicitor with the title deed of the property. If the house is under a mortgage, he’ll work liaise with the lender for the copy. Aside from the title deed, they’ll ask you to provide every supporting documentation necessary to draft the contract. Last but not least, he’ll bridge you and the buyer’s solicitor to resolve any concerns. With everyone (you and the buyer) on common ground, he’ll prepare the contract and file any documents.
As the buyer: The role of the buyer in all this process is simple. Your solicitor will go through the contract with you, ask you if you are comfortable with it. Further, he’ll help you work out things with your mortgage lender and sort out the property finance. Finally, the solicitor will help you settle the deal and ensure the purchase is a success.
Choosing the right conveyancing solicitor
Finding the right solicitor is not as easy as working in a conveyancing firm and booking one. Finding a solicitor is an intricate process. It involves taking your time and doing research on various sites. Having said that, start by asking around; make calls to your friends and family, asking them if they can recommend someone.
If the first option isn’t a success, go online. Search on Google and browse websites offering online conveyancing services. Go through their website and read their terms and conditions. Also, go as far as emailing them or calling them.
Another alternative would be to talk to your bank, the one paying your mortgage. If your lender can’t recommend one, consult your estate agent. Estate agents a networked and will gladly help with the search.
Pro tip: Make sure your conveyancer and conveyancing solicitor is licensed by your country’s regulating body. Also, remember to do a background check on your specialist before hiring them. Scrutinise everything about them.
The bottom line
All in all, landing or selling your first property can be overwhelming. Nevertheless, with the right conveyancing solicitor and a guide like this, expect a smooth ride on your first purchase or sale.
