One question we get asked a lot (believe it or not) is do I really need a lawyer to handle my property transaction. Buyers and sellers often wonder if they can handle things themselves and while we admire the ambition, we do not advise it. In the UK, there is no law that says you need to use a solicitor, however we (conveyancers) do a lot to protect your interests. If you are wondering what exactly, this article breaks it down.
Legal Searches
Pretty much as soon as we are instructed by a buyer we will start the searches. These cover an extensive list from environmental issues, water and drainage supplies to local authority information. For example, if there is planned building work going on nearby or the property is close to a conservation area, you will not know these things before agreement. The searches reveal anything that could potentially affect the value of the property now or in the future. Not only could this save you from waking up one morning to a zoo (as much as we love zebra’s) on your front door, most mortgage lenders require these searches to protect their interests.
Review Contracts
Do you really read the small print? Conveyancing contracts are incredibly long and complex. As top London conveyancers we make sure your interests are protected and you are aware of anything that could be an issue. We will investigate every clause of the contract in detail and make sure that it is fair and in order. If anything is not included we will raise any concerts with the other side and explore the reasoning, reporting back to you. Transparency is key.
From hidden charges, easements to lease lengths we make sure you are fully aware of what you are buying and liable for before you exchange contracts. This gives you peace of mind and really that is priceless.
Negotiate
If there are any red flags in the contract that we have raised and discussed with you and you wish to have changed, we will negotiate with the other side’s solicitor to reach a compromise. We aim to keep these negotiations as smooth and fast as possible so it does not delay the transaction. Not having a solicitor can lead to checkmate or the sale falling through. This is due to arguments about the contract that you can not resolve alone. Consider us property therapists, guiding you towards the finish line.
Sort Stamp Duty
When you purchase a property you will need to pay stamp duty. That in itself can be a headache. We will make sure you are paying the correct amount of tax and can handle the calculation and transfer on your behalf. We do advise that you are aware of this fee as early as possible and allow for it in the budget of buying your home. If you need support figuring out your stamp duty, speak to your conveyancer before putting an offer in. This is to make sure you have enough funds to cover the full purchase.
Work With Third Parties
Beyond the other solicitors we also work with mortgage lenders, estate agents and surveyors to ensure the transaction runs like clockwork. Successful communication is at the heart of every smooth property transaction, this is what ensures that it moves along. Everyone is up to date and that exchange and completion happen as soon as possible. When choosing a conveyancer you will want to check they are on your mortgage lenders approved panel. We are proud to be on the list of most lenders and work closely with mortgage brokers who can advise you on the best deals.
Keeping You Safe
Ultimately, the purpose of conveyancing is to keep you legally safe and protected throughout the purchase or sale of your home. We understand that property is a very emotional asset and every transaction has its own challenges. Having an experienced conveyancer by your side means you always have someone to ask any questions you need; to feel at ease and can rest easy knowing your best interests are being taken care of.
The Key Take-Aways
Buying or selling a home in the UK is a complex process and while there is no legal obligation to use a solicitor, it is highly recommended that you do. A conveyancer will ensure there is nothing being planned or any issues with the property title that could affect its value, working with third parties, review contracts and negotiate any terms to protect your interests. At heart, a conveyancer keeps your transaction safe so you can focus on the packing and getting ready to move into your next home.