Upon buying or selling a property, you would probably wonder whether you must hire a solicitor or you can close the deal yourself. Since it is not illegal, you can certainly do so without a solicitor – which can help you save a little on the sale.
However, the large quantities of paperwork and the complex procedures to follow to complete a successful and legal transaction make it necessary to ask for the help of a professional. Benefits of this choice include peace of mind, less stress, and faster sales. Here is what you need to know.
What is conveyancing?
The term conveyancing refers to the process owners, and buyers go through to transfer the ownership of a property. No buyers or sellers have to be qualified to undertake the conveyancing on their own in Wales and in England. However, conveyancing is the main task undertaken by a Solicitor. While you have all the rights to carry on the process by yourself, you should be aware that this can be long and complicated, and involve documents that you have to become familiar with.
Conveyance Solicitors vs Licensed Conveyancers
There are two types of professionals you could get in touch with to complete the process of selling a house: a Conveyance Solicitor or a Licensed Conveyancers.
Conveyance Solicitors
They are professionals who are fully qualified and trained in legal services. However, as part of their specialisation, they decide to work in the field of conveyance. They are subjected to the Solicitors Regulation Authority (SRA) governmental body and members of the Law Society.
Licensed Conveyancers
They are professionals trained only in conveyancing, not in other legal services. The Council for Licensed Conveyancers (CLC) regulates them, rather than the SRA. However, sometimes you can find Licensed Conveyancers working for a solicitor firm. In this case, they are governed by the SRA.
They are both equally equipped to deal with the transfer, but there is a difference in price and types of services you will receive.
What tasks do they take care of
The main tasks solicitors or Conveyancers are the ones you would be undertaking if you decided to complete the sale without them. The main bulk of these include:
- Filling questionnaires
- Obtaining the deeds
- Calculating a figure for mortgage settlement
- Creating a plan to pay the remaining mortgage
- Writing a contract for the sale
- Delivering the contract to both parties
- Define a suitable moving date
- Write up the final statement
- Handle the deposit
- Approve the transfer
- Transfer the deeds to the new owner
How much will you pay for such services
The price you will have to pay for such services depends on whether you have employed the services of a Conveyance Solicitor or a Licensed Conveyancer. However, on average, the price varies between £500 and £1500.
Where to find professional help to sell a property
It is essential that you trust your solicitor when selling your property. To find a professional that can meet your expectations, you can start by asking your friends and family. If you can’t find a suitable reference, speaking to your estate agent or examining the local businesses can be an excellent starting point.
