Conveyancing is a process of selling and buying of property, this process takes place between two people. A wide array of legal requirements is required in this process so as to execute a sale. This process of sale and buy of a property can turn out to be quite complicated and this is the reason, legal assistance becomes necessary. Various tasks and activities are involved in conveyancing like drafting of a contract, search work and completing all post completion work. There is a lot of paper work involved in this process. In this entire task, help of conveyancing solicitors is required.
Before hiring property lawyers, their fees need to be fixed. Care should be taken that the lawyers keep their fees consistent and near about their initial fees estimate. In case of any changes, the clients must be informed immediately. Usually the fees are charged amidst the range of £500 to £1500. It is also dependent on the cost of the property in question and amount of work involved in the task. Since this is part of their life, clients can feel free to talk about fees and negotiate if possible. Decision must be done after considering all these factors.
The first step in property deal is making an offer on the property one is interested in. The next step is to inform property agent about the money you are ready to pay. In case, mortgage is required, at this stage an application needs to be made to the lender. Once your offer has been accepted by the property vendor, licensed conveyancers will send a contract draft in which terms and conditions of the deal will be offered.
Conveyancing lawyer at this stage will check the contract draft created by another party’s lawyer. He will conduct a search regarding the property in question and will try to glean information about property. After preliminary search is fulfilled, they will inform about things in order. In case money is available, the order can be completed. Once contracts are exchanged, none of the parties can go back or withdraw from this transaction. A deposit is offered by the purchaser and in case he is not able to fulfil his commitment, the amount deposited can be kept by the seller in case of default. A final statement of payment shows the amount of money needed. When complete payments are done, the deal is completed. In all this activity, lawyers play a prominent role.
Property Lawyers- Helping in execution of property deal