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Conveyancing cost: What your conveyancer must be hiding

by anonymous

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Conveyancing firms are often appointed to oversee the legal formalities involved in property dealing. Whether you are buying or selling the property the title needs to be transferred from the owner to the interested party. Conveyacing solicitors are responsible for performing the legal and administrative issues associated with property dealing. They are required to establish that the title is marketable for sell.

Coneyancing can be taken up either by solicitors or licensed conveyancers, who either work individually or are often associated with coveyancing firms. One major question that occurs with conveyancing service is what it will cost. Unfortunately, there is no standardization applies to the cost of conveyancing. It varies from individual to individual. As a rule of thumb, a solicitor will cost you more than licensed conveyancer. However, that isn’t all. The profession is very competitive and you may not expect your conveyancer to be very upfront with his charges. 

Normally, conveyancers charges for their services in three ways:

  • Flat fees
  • Percentage of sales price
  • Hourly charges

As an interested party in the property dealing you have the provision to act as your own coneyancer. But you must keep in mind that without professional experience you may find the huge amount of paperwork and documentation quite daunting.

The process of conveyancing starts when the seller brings the property title to the market for sale. The conveyancer undertakes the task of property evaluation that will look at the general state of the property. The conveyancer’s survey report is an important document to process property mortgage.

Normally, three types of inspections on the property are done by the conveyance:

  • Property value evaluation applicable to remortgaging.
  • Homebuyer’s report
  • Extensive structural survey on very old property

The conveyancer is responsible for producing homebuyers’ report, which is a thorough evaluation of the property value, its condition, structural survey, title inspection etc.

The conveyancer also supervises and if necessary gets involved in drafting the contract meeting the conditions forwarded by both the buyer and seller. Completing the entire process of conveyancing may take three to six months depending on the state of the deal. Since it is an important legal process you need to choose the conveyancer carefully. Conveyancing costs vary widely between the solicitors depending on their experience and track record. In order to get a good deal you’d need to understand how the conveyancing fees structure work. Some conveyancing firms will not charge if the deal falls through. They work on no-completion, no-fees basis. This can prevent you from incurring losses on the deal and save hundreds and thousands of pounds. 

It is important that you interview a few conveyancers before finalising one. You can now compare their quotes online and check out their services before hiring. 

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