When buying a home, you will need to instruct a conveyancing specialist to act on your behalf and deal with the legal aspects of the sale. Your choice is to either hire a conveyancing solicitor or a licensed conveyancer.
What is the difference?
There are a few subtle differences between a conveyancing solicitor and a licensed conveyancer:
Qualifications. A conveyancing solicitor is a fully qualified solicitor who has training in both conveyancing and other areas of law, whilst a licensed conveyancer is a property law specialist who does not operate in other legal remits.
Regulatory frameworks. A conveyancing solicitor will be regulated by the Solicitors Regulation Authority (SRA), whilst the Council for Licensed Conveyancers regulates licensed conveyancers.
Location. Conveyancing solicitors tend to be office based as part of a high street law firm. Conveyancing specialists such as Sam Conveyancing operate online, although they can also have high street or other offices.
What does a conveyancing solicitor do?
A conveyancing solicitor has a wide range of responsibilities but ultimately carries out all the legal aspects associated with a property sale or purchase. This includes handling contracts, providing legal advice, carrying out searches, and liaising with the HM Land Registry, the estate agent, the other party’s solicitor, and the mortgage company. They also transfer the funds to pay for the property on completion day.
Choosing a conveyancing solicitor
As their role is so vital to the success of a property sale, it is important that your conveyancer communicates well with all parties involved in the process. When choosing a company to carry out your conveyancing, you should always check whether you will have access to a named individual, whether there is any way of tracking the progress of the sale yourself, and what will happen should your dedicated point of contact be unavailable.
If you only need someone to process a house sale or purchase, you may elect to use a licensed conveyancer; alternatively, if you plan to write your will at the same time to include your change in assets or undertake any other legal work, you may get better value for money from instructing a conveyancing solicitor.
Many estate agents will be happy to provide recommendations, as will friends and family. You can also search the internet to find the best conveyancing solicitors in London and beyond. Choosing a firm that has a good reputation to uphold will stand you in good stead. You should always ask how long the conveyancing process is likely to take to ensure it will be completed in a timely fashion. This is particularly important when there is a chain.
Whichever professional you choose, their price should be clearly stated at the outset and include everything they will do for you, such as the cost of stamp duty, searches and VAT. When comparing quotes, it is important to ensure nothing is missing from the cheapest that may impact you later. Beware of firms that will only quote an hourly rate, as this lack of clarity could result in much higher fees should issues arise during the process. Many licensed conveyancers offer a fixed price no move, no fee service, which both provides clarity on costs and incentivises the conveyancer to progress the sale expediently.
Summary
The role of a conveyancing solicitor is important, ensuring the property sale is legal and that all necessary checks and searches have been satisfactorily completed; for example, thorough conveyancing will eliminate the risk of boundary or ownership issues at a later date and enable you to enjoy life in your new home.