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The Challenges of DIY Conveyancing Process | July 23rd, 2012

A lot of people are trying to save on their expenditure by trying to perform all the simple tasks at home and at work by themselves without including professionals; the conveyancing field is neither an exception with a huge number of people trying out their luck with DIY conveyancing. When one is engaging in the DIY conveyancing, there is a number of conditioned that need to be met by the involved parties to make sure that it’s successful. One might save some cash in the process, but the struggles in the DIY conveyancing process do deter others such much so that they hire professionals to do that task.

When one is getting involved in the DIY conveyancing there are a number of aspects that one needs to come to terms with. The first one is that the method of property conveyancing is labour intensive. When one decides that the DIY conveyancing is the best suited method for their property purchase, one needs to come to terms with the fact that most of the work will be done by the individual DIY solicitor. The work will range from research to legal terms and conditions between firms and organisations in a region and in the event that one has no idea on housing conditions it will be tough.

When it comes to financial rewards the DIY conveyancing method of conducting your conveyancing is the least rewarding. A combination of being new in the field and the lack of experience of the individual conducting the exchange is not quite as effective as a commonly known firm or company that deals with such type of clients on a daily basis. As a DIY conveyancing solicitor, it is also quite hard to know the market that one is looking to invest in as your knowledge and expertise in the field is so limited to what you learn whilst on the job.

Although the whole decision to engage in DIY conveyancing process may be based on trying to save money by not hiring professional conveyancing solicitors, the whole process could end up being just as expensive as engaging a professional to do the work. Costs such as the amount of fuel, papers and accessories that are used to complete a successful DIY conveyancing transaction usually take up most of what could have been paid to the experts for a great job. Incurred costs might be far greater than those of well chosen online conveyancing firm that can usually provide a fixed fee conveyancing quote.

Since the DIY route is mostly labour intensive, it has the tendency to be very time consuming. Usually a conveyancing process takes week to be completed whereas these weeks could be spent earning cash via your own employment.  When it comes to the success of conveyancing, the DIY conveyancing process is the most risky in financial and result terms. One can easily miss an important issue regarding the conveyancing process whereas a local conveyancing solicitor knows the local property and its building constraints and the conveyancing law of his jurisdiction .

What You Should Know About Conveyancing? | July 13th, 2012

Before moving in to start buying or selling any property, you will have to know a few important facts about property conveyancing. Conveyancing is a legally binding process  that approves transfer of ownership from one seller to different buyer a process usually done by a licensed conveyancer or a conveyancing solicitor. Although you can do it using DIY conveyancing process, the complications and legal issues that may arise are far too risky and thus it’s advisable to use a conveyancing expert. To help you understand the whole process even better, here are a few facts to help you know why you will need a property solicitor.

When selling your property or in need of downsizing your current home, a property solicitor will very much be useful. When relocating and you are in urgent need to sell your business or house, and when you decide to buy your own house and when you are expanding your investment through buying of new property, then you will need the skills of a reliable conveyancing solicitor to help you through the whole legal frame work involved. If the transaction involves a chain of buyers and sellers then people will want to buy and sell at the same time and this is characterised by a lot of tedious and stressful paper work and processes for all case handlers. To have both these conveyancing transactions go through is a lot more involving and therefore you will definitely need reliable conveyancing solicitor to help you out.

The work required in property conveyancing is very involving but in a nut shell it involves the following; to help you in the process of selling your property by offering services such as preparing contracts such as certificates, and submitting them to agents and clients. Organise settlements on property owner’s behalf and negotiate with the prospects and if all goes well complete the whole sales process. On the other hand, when purchasing a property, a solicitor will help you understand the contract in simple English, negotiate for any amendments, discuss any reports about the property with you, exchange contracts and explain mortgage documentation. Finally he will organise settlement on your behalf.

It is possible to have a smooth property transfer procedure that is hassle free and less complicated. Choose a conveyancing specialist who are skilled and are well conversant with all aspects of property law. This way you will be rest assured in having value for your money and that nothing will hopefully go wrong. Experienced and competent conveyancing solicitors mean that you have picked a representative who is covered by professional indemnity insurance thereby you are relaxed and can trust their work. Your property solicitor should be very customer oriented and provide you with all adequate advice and guidance on any arising issues.

Communicating is very important during the transfer period and you will without doubt need to be in constant communication with your choice solicitor. Pricing should as well be considered while choosing a legal representative. Don’t substitute price for quality but at the same time you also have to save money. Having credible references will help you choose a company with good track history. With this information on your finger tips, you will not make any mistakes when it comes to selecting conveyancing experts.

Finding Genuine Cheap Conveyancing Fees | July 13th, 2012

Conveyancing has become a lot cheaper in recent years as a result of conveyancers offering online services and cheap conveyancing fees as a result.

Some advertisement online will offer conveyancing for as little as £99 plus VAT – but while cheap conveyancing fees may be tempting, buyers and vendors need to make sure that they will be receiving the conveyancing service they need.

If a cheap conveyancing quote means receiving poor service and possibly losing the property you wanted to buy through delays, a £99 deal for conveyancing will turn out to be a bad bargain.

An online search is the easiest way to find a cheap conveyancing quote, but make sure that you follow up more than one or two quotes to make sure that the service offered will fulfil your needs.

Cheap conveyancing fees around the £99 mark are most likely to be aimed at buyers, as vendors’ conveyancing fees are usually more costly because of the extra paperwork involved in selling a property – including making sure an energy efficiency rating is in place for the property and that records at the Land Registry are in order.

Any extra service required outside the terms of the conveyancing quote – for example, an additional search or local planning enquiry – is likely to be charged as an additional fee, so a cheap conveyancing deal might actually turn out to be more expensive.

Solicitors or other providers of cheap conveyancing fees should be able to tell buyers and vendors what will be included – as well as any services which might incur an additional charge. Make sure you get this in writing before signing up to a tempting deal for your conveyancing.

Although online conveyancing can make the process faster and cheaper, do not disregard the possibility of using a local conveyancing company.

Online conveyancing quotes can be pitched low because the process does not include face-to-face meetings with the conveyancer or phone calls – the client can check the progress of their conveyancing online 24/7 and as most legal documents are now online also, obtaining legal documents required in conveyancing and property deeds has become much simpler.

However, if you are buying or selling an older or listed property – or there are obvious planning issues involved in the transaction, it is possible that using a local firm offering cheap conveyancing fees may be preferable in case meetings or phone calls need to take place.

Many local conveyancers will offer set fee levels for conveyancing and if a property is being sold as part of a divorce settlement or the estate of a deceased individual, there may be several interested parties in the property transaction, including ex-spouses or beneficiaries of the estate such as children.

The more complex a property transaction is, the more likely it will be that using a firm which offers cheap conveyancing fees might turn out to be less satisfactory.

The best course of action is to shop around for cheap conveyancing quotes – and make sure you know what the quote covers and have a rough idea of how any extras will be charged.

Using an online conveyancing calculator can help give you a quick estimate of conveyancing fees – and many companies are happy to discuss your conveyancing needs before offering a quote, so if the transaction is likely to involve other parties or listed properties, make sure your conveyancing deal will cover these.

Conveyancing Services and Hidden Fees | April 15th, 2012

There are many conveyancing services, each offering a different pricing and price package for the work of conveyancing.  To make sure your property title is clear and has no legal lien or judgments against it, the process of researching and surveying can easily be a costly one, but it doesn’t have to be.

Basic Fee Structure for Conveyancing

A straightforward conveyancing service package will include checking of public records and court house documents to see if the land title has any problems or if it is clear to be sold.  There are two basic fee structures: either a flat fee for the work or you could be charged on a per hour basis.  If you find a firm that will do the work for a flat fee, always find out what the fee includes – do not assume that the fees include all court document filing fees, photocopying fees, and postage fees.  Often time those charges are not included and can really add up in the end.

Hidden Fees

Ask specifically if what you are paying for includes the following charges:

  • Postage office charges and fees.  It may seem a like a small detail, but these charges can and do add up quickly.
  • Copy Fees.  Ask if you will be charged for any copies you request or that are needed in the process of conveyancing.  If you will be charged for any copies, ask what the rate is per copy.  For each page of the document, and since many reports are several pages long, this could be quite costly.
  • Court Fees.  If the courts charge for filing any documents or for the photocopying of any documents, find out if your package will cover these costs or if these charges are passed along to you separately.  This can really pad the bill that you will be receiving.
  • Mortgage Transaction Costs.  Will you be charged additionally for this or does the firm handling the conveyance cover these charges for you?

Conveyancing can be an expensive process depending on the firm that is handling your conveyancing, but it doesn’t have to break the bank.  There are many solicitors and private conveyancing services companies with comprehensive service packages, it just takes a little looking around to find the right fit.  When you meet with or call any a conveyancing service, have your list of questions ready and do not sign any contract or hire the agency or firm without making sure you know what their service does and, more importantly, doesn’t include.

Being on your way to purchasing or sell a property is an exciting proposition, especially for first time home buyers, but always be aware of what it takes to make a good decision in this important process.  Another question to ask when speaking with a prospective conveyancing firm is to find out if they handle all your work within their office or if they hire out the work to other firms.  This is crucial as they are dealing with sensitive and private information, and your confidentiality and privacy should be a top priority not only for you but for the conveyancing services firm you work with.

The Difficulties Of The Conveyancing Process When Property Part Of Probate Sales | April 1st, 2012

When considering the conveyancing process, one of the difficult areas for both the solicitors instructed to complete the conveyancing process and the individuals concerned, is when the property has been left in a will. The sale of this property by the individual is called a probate sale and it may come about for a range of reasons. The beneficiaries of the will may have been given the property between them and want to split their money evenly, they may already have a house and not want the hassle of a second one or they may just simply wish to free up the capital from the property. Whatever the reason for the sale, choosing a helpful and competitively priced solicitor to take care of the conveyancing process for you is essential to ensuring the transaction runs smoothly.

 

It is not uncommon for those looking to purchase a house and commence the conveyancing process to find that the property is owned by a man or woman who has passed away, and the property is being sold by the executors of their will. This changes the conveyancing process as it adds certain things onto the original aspects of the conveyancing process. For example, the solicitor responsible for the buyers conveyancing process will be required to obtain a copy of the grant of probate. Usually part of the conveyancing process that is performed by the solicitor involves registering the property with the land registry under the new owners names, but without a copy of this grant of probate the land registry will not allow this transfer.

There are benefits to purchasing a property from an individual who has passed away (or more accurately, purchasing it from the executors of their will). The main advantage is that the buying and conveyancing process can run a lot quicker and smoother as their is no chain, i.e. they are not waiting on the homeowner to move out or relying on the homeowners successful purchase of another house. However, there can also be disadvantages. On hearing a will, many beneficiaries will then begin to advertise the property for sale before they have actually obtained a grant of probate – which can understandably effect the conveyancing process and slow down the whole conveyancing process until it is obtained.

 

The conveyancing process and solicitors are not exactly well known for their speedy nature as it is, so a complication such as an unobtained grant of probate may make the conveyancing process even harder. Equally concerning, many solicitors commence the conveyancing process on behalf of clients having quoted an hourly rate – complications with regards to getting hold of the grant of probate may not only slow the conveyancing process down but may well end up resulting in higher charges.

 

The grant of probate is a document issued by the probate registry and as mentioned above, can have a big impact on the conveyancing process. For this reason it is always advisable to enquire early on in the conveyancing process or when considering making an offer on a property whether or not it has been obtained.

What is The NewBuy Scheme and will it work? | April 1st, 2012

There has been a lot of talk amongst local and online conveyancing firms as well as the wider public, about the governments latest attempts to kick-start the struggling housing market, the NewBuy scheme. Even with lower purchase costs thanks to the growth of online conveyancing, the credit crunch has hit the housing market hard and with wide-spread redundancies and harder economic times, the UK has seen a huge increase in the number of people defaulting on the mortgage. The banks natural reaction to this was to stop lending and the online conveyancing companies that only recently set-up found themselves without clients, with banks often requiring a deposit of as much as 30-40%.

 

As any well informed online conveyancing solicitor will tell you, the average house price in the UK is over £200,000 so the banks high deposit requirements meant that even with the cheap online conveyancing services making it easier than ever, only those with large amounts of available capital were able to get a mortgage. This has contributed to online conveyancing solicitors driving down costs, knowing that even those who would normally be keen to use a local firm could be tempted to use their online conveyancing service in such difficult times. But with hundreds of new build houses lying vacant and construction companies halting projects (and subsequently laying off staff) until the existing properties are sold, the government have stepped in to try and encourage the banks to start lending more leniently.

 

You may have seen in the news or through online conveyancing sites, the governments solution to this problem is the NewBuy scheme. The NewBuy scheme involves a loan guarantee to encourage the major banks to start offering mortgages again on new build properties, with a much lower deposit level – in this case as little as 5%. Under the rules of the new scheme, property developers who have these empty properties will pay the lender 3.5% of the purchase price of the property whilst the government will put up a further 5.5% as a guarantee – but will only pay out this amount should there be a further drop in house prices. This means the banks  they can now afford to give out much larger mortgages with a much lower level of risk, as they can rest assured that should the property need to be repossessed, they would not lose money.

 

Critics have suggested that in reality this isn’t a scheme to help potential homeowners but rather the developers who have so many empty properties. Whichever way you look at it, this hasn’t helped the online conveyancing solicitors who had launched their online conveyancing platforms shortly before the recession, as many developers will have their own local law firm deal with the process rather than allowing homebuyers to choose their own local or online conveyancing solicitors. These online conveyancing firms have however seen improved figures, with many customers turning against the traditional solicitors and choosing cheaper online conveyancing solicitors. As online conveyancing firms are generally cheaper than local ones and the economic crisis hitting homebuyers hard, online conveyancing solicitors have become a popular alternative.

The Property Owner in Conveyancing | March 23rd, 2012

Conveyancing is a process that involves a number of parties that include the buyer, seller, solicitor and witnesses. The individuals that are involved in the housing businesses have to meet certain personal and functional requirements in the transfer of ownership of property. There are a number of reasons that might influence the sale of a given property and in each case the factors in regards to the sale are different. In the property field, there are several investment opportunities that might arise in a given location thus leading to development of the acquired land.

Conveyancing can have the terms determined by the owner of the property since they have lots to determine the sale of the property. In most cases people usually associate the seller with setting the price of the property, but there is a lot more that is involved in the conveyancing on part of the buyer. The seller is a very important participant in the conveyancing process and the deals that are involved in the process. The initial and mid stages of the conveyance usually rely on the  property owner quite a lot since it involves the double checking of documents that are presented in the process of marketing and research on the property.

The relation between the seller and the local housing authorities, the local councils, the contractor as well as their financial agent had lots of say on the sale of the real estate property. There is a huge number of individuals that sell their property due reasons such as a failing mortgage or an unmanageable debt. Knowing the conditions that surround the property in form of debts and taxes should be quite helpful in a conveyance deal since it allows the buyer and seller to settle on a deal that is mutually beneficial. Property that has lots of debts attached to it might not be the best real estate investment to acquire but the solicitor should look through the condition of the property before deeming it bad for purchase.

Cheap house deals can be gotten from a number of sources such as the reclaimed houses. There is a lot that has happened over the years in acquisition of the real estate property with a huge number of people looking to sell their property to make sure that they do not soil their credit records with their banks. Conveyancing solicitors will help one in showing the history of ownership of the house and thus help in knowing the financial condition of the property to acquire.

Another reason why it’s possible to find cheap real estate property is the condition of the house. Usually as a house or any other product ages, the more value it loses and thus this leads to a lower price on reselling the property. In housing, if the conveyancing deal involves a deplorable property, then the cost that is paid to the owner is quite low based on the fact that repairs. The solicitor should account for this in advising their client when engaging in the conveyance.

What you will need during the Conveyancing Process | July 17th, 2010

If you are a seller who is preparing their house for the buyer you will need to consider collating the information required for the conveyancing process. This is basically all of the information about the house as it applies to any outstanding mortgages or monies owed, the forms required for the conveyancing process and information required to draw up the contracts that are going to be required to transfer ownership. Of course you will also need your deed of ownership that stipulates that you actually own the property and have the right to sell it. This may not seem like a great deal, but when you break it down it is easy to see why it takes so long to go through the conveyancing process as any information that applies to the house is needed in order to finalise the sale.

It is wise to start by getting together the easily obtainable information. You probably have (or you should have) the title deed for the house locked away safely in a filing cabinet. The solicitor that oversaw the purchase of the property should also have a copy of this in the event you can’t find it. This should be step one of the conveyancing process – ensuring you have a copy of this document. Next, get any information that you have conglomerated while having the property on the market. This will include things such as surveyor reports, real estate documentation and things that specify what the house is worth and why it is worth the amount that has now become the sale price. Alternatively, you might have been made an offer. Get this offer in writing and include it in the documentation.

If your property is mortgaged you will require some information from the bank. Get all of the information that you can as it relates to the current mortgage status. You will also have to let the bank know the particulars of the potential buyer to ensure they can allow them to take over the mortgage. If you are using the proceeds from the sale to finalise the mortgage, you will have to let the bank know. There may be a fee for paying the mortgage outright. After all of this and you have managed to get the basic information together you can start filling out the forms required to kick start the conveyancing process. I won’t detail all of the forms you will require here. You should consult a conveyancing firm from this point onward.

What is Conveyancing? | July 17th, 2010

Conveyancing is designed to protect both parties (although it is most beneficial to the buyer or receiver of the title) in the event of a transaction relevant to the exchange of a land title. It can be a drawn out process that ensures that the buyer has the right to sell the title to the land and that there is nothing to suggest that the land is acceptable for resale at the behest of the buyer. It is also a formality for banks or lenders in the event the land is to be bought via a mortgage or long term loan. This ensures that if the person borrowing the money neglects to pay the money back – the banks have some option in regard to reselling the property to get their money back.

Other important reasons for conveyancing includes drawing up the relevant contracts for the buyer and seller that stipulate the terms of the sale. This is to ensure that the buyer is given the right to do with the land what they wish. If no agreement is made during this process it gives the buyer and the seller the opportunity to back out of the deal before anything is signed. The conveyancing process is a necessity in that it ensures a transparent means of equity transferral. Because purchasing land is a major expenditure on the part of the buyer, there needs to be a system in place that records all of the details of the exchange in order to allow the buyer and seller come to an adequate understanding as it applies to the deed of sale.

Conveyancing is also relevant in regards to the transferral of any mortgages or monies owed on the property that is being sold. As conveyancing is more akin to facilitating the transfer of equity from one person to another, a person may opt to take over the mortgage or loan repayments on the property if they are still outstanding. Because of the large time frame in which the process is undertaken and the many variables involved in the undertaking of the process, it is not a simple task. This is compounded by any outstanding loans of mortgages on the property as it will require a bank to sign off on the transfer of the loans. It is important that people who require this form of transfer deal with a buyer that has a clean credit history in order for the bank to allow the process to continue.

Solicitor versus Conveyancer for the Purposes of Conveyancing | July 17th, 2010

There is not a lot of difference between a licensed conveyancer and solicitor. However, the minor differences can help you make an informed decision about whom you wish to use in regards to any conveyancing work you need done. The first thing to consider is price. Again, there may not be a great difference in what each charge. However, a solicitor is more likely to charge you a regular hourly rate as a solicitor – unless the solicitor specialises in conveyancing, then they may charge flat fees. A licensed conveyancer is more likely to charge you a flat fee then a little extra for getting the contracts finalised. The flat fee is sometimes relevant to how much the property is selling for or how much equity is being transferred in the conveyancing process.

A solicitor may have a broader understanding of specific legalities that apply in a broader sense. This can be useful in the sense that they can help you avoid legal pitfalls that are not specifically applicable to the conveyancing process. A licensed conveyancer will know all of the ins and outs of the conveyancing process and may have a better grasp of the legalities as they are applicable to conveyancing regulations. In this regard, both have their strengths and weaknesses. Although they are both probably adept at fulfilling the requirements of a conveyancer; one may be more specialised in the other. However, the other may not have a good understanding of external legalities that can apply to the process.

If you are selling a property or transferring equity as part of a business venture then you may be more inclined to use a solicitor that you have already working for your company. Although that is not to say that you can’t get advice from another source. Having a licensed conveyancer work hand in hand with a solicitor can yield excellent results. It will also ensure that if one or the other can’t fulfil a specific obligation within a certain time frame then the other can pick up the slack. This can help push the conveyancing process through a lot quicker. Although, you are still at the whim of the other parties that are required to process the paperwork so it may not be a huge advantage in this sense. Shop around, get some references if need be. There is no dearth in the amount of conveyancing experts out there.