By Paul Green
There is a significant amount of costly paperwork involved. And unfortunately there are no short cuts. In fact, if all the boxes are not ticked properly when you're buying, it can make it harder for you to sell your home in the future.
Property law is not fun. And finding the right legally-qualified person to help you can also be a minefield. It's known within the legal industry that there are more claims against solicitors for things going wrong during a property purchase than with any other branch of law.
In our effort to explain the entire property buying process and open it up for you, here is some help to make property law easier, and help you pick the right conveyancer.
Once you've used a property guide and found your ideal new home, you need to instruct someone to act on your behalf. The legal process of buying and selling a house is called conveyancing. That term will apply to both a fully qualified solicitor who deals with house purchases, and a licenced conveyancer. That's someone who is legally qualified only to operate within property law, and not any other kind of law.
Many experts advise picking a conveyancer before you start house hunting, just so you are fully ready as soon as a sale is agreed (and won't have to rush picking such an important person).
The best way to find a conveyancer is through recommendation. Ask friends, family and people at work if they have used someone recently, and would use them again. If that doesn't work, ask your estate agent or mortgage broker… however be aware that some agents may be paid an introducer's fee by conveyancers. That may affect their recommendation. If in doubt, ask.
If you're still stuck do an internet search.
The conveyancer has to deal with all the difficult aspects of property law including local searches, land charge searches, the land registry, arranging stamp duty, and the new Home Information Packs, or HIPs as they are known.
That's a lot of detailed work that needs to be undertaken thoroughly. It really is a case of ensuring every single 'i' is dotted and 't' is crossed.
And that means that you're going to pay for it. Fees vary wildly, so make sure you get three quotes. It doesn't necessarily hold that a solicitor will be more expensive than a licenced conveyancer, it very much depends on the firm's speciality.
When you are getting your quotes, it's worth having a chat with your potential conveyancer in their office or over the phone. This person is going to be one of the key factors in the speed of your home purchase. Establish exactly who will be doing the work on your property and what their current workload is. If they are snowed under, walk away as you will be bottom of a long list. If they don't have much business, again walk away… unless they've just started up, ask yourself why they don't have any work!
Ensure you agree a fixed fee for dealing with all the property law related to your purchase. The fees will vary a little depending on whether your property is freehold or leasehold. It tends to cost a little more if the property is leasehold, as the lease has to be checked.
Because of money laundering laws, all conveyancers will need to see official identification such as your passport or driving licence. Plus you will need to provide the details of your mortgage lender.
Finally, most conveyancers will ask you to pay the land registry and local authority search fees up front. The rest of their fee is usually due when the house purchase is completed.
Property Today helps you at every stage of the home buying process. From casually browsing house prices, to finding your dream home and even appointing an estate agent, solicitor and financial adviser. For further information please visit our website at http://www.propertytoday.co.uk or ring us on 01733 427177.
Article Source: http://www.ArticleBiz.com
Friday, November 9, 2007
Property law made easy - picking the right conveyancer
Posted by pipat at 5:20 AM
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