Who is a Conveyancer and how can you find a good one?
Who is a Conveyancer and how can you find a good one?
Istvan & Peter
Conveyancing
Buying a property can be a long and arduous process entailing a lot of legal work, but it is not legally binding until the contracts are not exchanged between the buyer and the seller after mutually agreeing to the terms of sale followed by a deposit. This process of exchange of contracts is called conveyancing and the person facilitating on both the buyer and the seller’s end is called a conveyancer or conveyancing solicitor.
What does a conveyancer do?
A conveyancer will-
- Draft your Legal documents:
Any and every legal document required to carry out this transaction will be drafted by the conveyancer with special focus on the terms and conditions of the sale, the due diligence required to prepare the vendor’s statement from the seller, redrafting the contract if there is a change that is agreed upon by both the parties and, any other document required for the settlement process.
- Give you Legal Advice:
Any special conditions mentioned in the Contract of Sale should be brought up by your conveyancer and given legal advice on the right course of action. Should the buyer wish to purchase and sell on the same date, a conveyancer can arrange that with the seller to ensure a smooth transaction. A conveyancer can also request and obtain copies of your mortgage from the bank and discuss the details of your payment and advise you if there are any conditions out of the ordinary and can also detail the amount you have to pay on the day of settlement ensuring that you don’t get hoodwinked into paying more than necessary.
- Arranging the Settlement:
The conveyancer will coordinate with the bank to ensure that it has the funds ready for disbursement on the day of settlement, the seller for a convenient time and the buyer ready with their documents to complete the transaction and receive the key to the property. Additionally, they will also submit a tax return and pay the Stamp Duty Land Tax the required amount, forward the transactional documents to the Land Registry and, forward the title deed to your mortgage lender.
How to pick a good conveyancer?
- Credentials:
Make sure that your conveyancer has an extensive knowledge and experience, ideally a property law expert who knows the ins and outs of legal obligations depending on the part of the country. Ensure that the firm you are considering is licensed by the Council of Licensed Conveyancers (CLC) so, if you run into any issues with them, you can seek legal remedy.
- Mortgage Lender’s Panel:
It is ideal to pick a conveyancer who is approved by a panel of solicitors from your mortgage lender. Otherwise, they’d have to register to the bank society which will take time and time is of the essence while making a transaction.
- Quality:
A conveyancer is basically a translator to their clients helping them to understand complex legal and property jargon and advise them wisely. You should expect your conveyancer to speak plainly without mincing any words and keep you informed from start to finish. You should be able to rely on them to carry out any legal deeds required from your end and deliver on time.
- Fee structure:
Conveyancers give a breakdown of their fee structure and inform the client if there are any overhead costs to be covered by the client. Informing the conveyancer of any special circumstance involving your transaction will give you a more accurate quote from them.
- Recommendations:
If you are looking for a property, a real estate agent usually recommends a solicitor that they often work. But our advice would be to keep looking and find someone else such a partnership involves deal that you may not be privy to. Find a third person who has good recommendations online or someone who is a native to the locality of your property and knows the area well. Do not settle for anybody who is not transparent with you from the get-go. For more advice on the UK property market, visit Pluxa Knowledge today!
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