If you are a first time property dealer you may find the processes involved in transferring of title quite overwhelming. Conveyancing is an important part of property dealing and conveyancers play an important role in the process. If you decide to do it yourself then you must know that the process can be quite stressful though it would help you in saving thousands of pounds.
A professional conveyancer is often a certified one to carry out the tasks. He can either be a solicitor or a dedicated cnveyancer based on his profile. Property conveyancing solicitors are required to meet the standards set by the Law Society to display the kite style logo to announce their alliance with Conveyancing Quality Scheme (CQS). Conveyancers in the UK are required to be recognised and listed by the Council for Licensed Conveyancers.
The duties undertaken by property conveyance
You can either involve a property conveyancing firm or engage an individual conveyancer depending on your requirements or preferences. Here is a list of the major tasks undertaken by conveyancers in general.
- Conducting thorough search on property title to ensure that no string is attached and the title is clean to be sold or bought. They would also inquire about local church charges, authority fees and other financial liabilities levied on the title.
- Conduct property inspection to check if a sewer is running close to the property or if there are other damages that can affect the value and saleability of the property etc.
- Informing the buyer about the necessary expenses, such as – paying stamp duties etc., incurred during the dealing.
- Checking and if necessary drafting the terms of the contract regarding selling or buying a property.
- Informing the lender once all the documents and reports are in order and the title is ready for transfer.
- Taking charges on your behalf to look after the payment process ensuring the all payments are made and duties paid before the contract is signed.
How much does conveyancing service cost?
Conveyancing prices depend on several factors, such as –location of the property, tasks need to be undertaken, type of property, and the conveyancer.
Conveyancers are pretty free to charge whatever they seem fit for their services and they may charge separately for the various services offered by them. But, the fixed rate deals are often less expensive than sharing a percentage of the selling price as conveyance fees.
Hiring a solicitor would cost you more than a dedicated conveyancer. Moreover, costs may also vary between conveyancing firms and individual conveyancers.
Some may ask a portion of their total fee upfront when others would charge you only after the deal is complete. Some conveyancer claiming no-completion no-fees would only charge once the deal is successfully brought to closer.