Buying and/or selling a house is likely to be the most expensive transaction you embark upon. Consequently, you will need to be confident that all the legal consequences of the contracts involved are covered.
Increasingly, partly because of the costs involved, individuals are trying to carry out their own work by checking online and making use of self-help websites. Whilst there is nothing to stop you adopting this process, there are many pitfalls which can eradicate any saving you may be anticipating.
The process is not as simple as some sites might suggest, as it involves verifying ownership and local searches to uncover any covenants which attach to the property.
This involves legal and administrative work and is described by the Law Society as conveyancing. The organisation, which is the professional body for solicitors, has a Conveyancing Quality Scheme which is trusted by the UK’s leading lenders.
It is important to understand that hiring a firm of conveyancing solicitors found at sites such as https://www.samconveyancing.co.uk/ should be your starting point if you want to avoid stress and provide security for yourself and your contract partner.
Believe it or not, hiring a professional can save you money. Once you have chosen a conveyancer, they will make clear what the costs will be. You can avoid the unexpected fees that you might encounter when attempting to carry out the process on your own. The process is more complicated than you may think and involves a great deal of correspondence to the other party, local councils and the Land Registry.
As the process also involves exchange of contracts and deposit payments, the timing of these elements of a purchase or sale need to be closely monitored. As these are substantial sums, a specific process must be followed. Experienced conveyancers understand this and offer a level of protection which you are unlikely to be able to replicate.
Often problems can arise when a property has not been registered correctly with the Land Registry. This could involve boundaries and covenants which may not be immediately identifiable. Conveyancers will pick up these issues, which can prove costly if ignored.
Given the size of the conveyancing operation, peace of mind is a major consideration. Although the process may seem straightforward at the outset, there are complex issues which suggest you should pay for professional advice.