When purchasing a property for the first time, you will quickly have to learn a new vocabulary. There are new terms and processes you need to understand to make sure your home purchase runs smoothly.
At the start of your mortgage application, you will primarily deal with your mortgage broker and your lender. Once the mortgage offer is confirmed, a conveyancer or solicitor will take over as your main point of contact. They will help to formalise the process of transferring ownership from one person to another, including preparing contracts and transferring funds.
Conveyancing can cost in the thousands, which leaves some home buyers wondering what exactly they are paying for. In this guide, we will look at some of the key roles of the conveyancing solicitor and how to ensure the solicitor you hire is up to the task. Remember that mistakes in conveyancing can cost a lot of money to rectify further down the line, so it makes sense to get this done right the first time.
You don’t have to use the conveyancing solicitor recommended by your broker, estate agent or lender. You are free to select your own solicitor, which gives you the option to shop around. Choosing the cheapest option isn’t always a wise choice, as mistakes in conveyancing can delay the process, or cause the entire deal to fall through.
The best piece of advice we can give you would be to check the fine print of any conveyancing quote. A cheap offer might turn out to be less lucrative than you first thought if the conveyancing solicitor also adds on hourly charges for tasks. Look for an all-inclusive quote so that you know exactly where you stand.
You should also choose a law firm that specialises in conveyancing. While any solicitor can handle the process, it can take longer if they are not familiar with the routines. A conveyancing specialist will have processes in place that ensure no steps are missed and things keep moving along.
Ask friends and family for personal recommendations, and always take online reviews with a pinch of salt. Individuals are far more likely to leave a review if they have had a bad experience.
If a customer is unhappy with the outcome of their conveyancing, they might want to “punish” the firm with multiple bad reviews. These can far outweigh the positive reviews. Look for a conveyancing solicitor that responds to reviews instead of simply trying to bury them, as this shows they are engaging with their customers.
The biggest expenses in conveyancing are drafting and exchanging the contracts, but there are other factors to consider. The amount due will depend on the value of the property and the complexity of the case. A good conveyancing solicitor will be able to anticipate the additional charges from the start so you will know exactly what you are paying for. Your final conveyancing bill will also include the following charges:
In addition to conveyancing, you will also need to budget for the following fees:
For help and advice on the conveyancing process, get in touch with Niche Mortgage Info today, or check out our mortgage advice blog.