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Archive for the ‘Buying or selling’ Category

The Challenges of DIY Conveyancing Process | Monday, 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? | Friday, 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.

What you will need during the Conveyancing Process | Saturday, 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.

Solicitor versus Conveyancer for the Purposes of Conveyancing | Saturday, 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.

Getting Cheap Conveyancing Quotes | Saturday, July 17th, 2010

Conveyancing fees can differ dramatically from solicitor to solicitor. Some will even charge you a percentage of the value of the property – which is ludicrous. That is why you should always shop around when you require the services of someone who can do your conveyancing for you. Licensed conveyancers can be a little cheaper but the price you are likely to pay for conveyancing services will be around the same price as that of a solicitor. That is why it is always advisable to get quotes from people who offer conveyancing services to ensure you are getting the right price. You will also want to ensure you get a flat fee instead of getting charged every step along the way during the conveyancing process. Many conveyancers will charge you for just signing a contract – however, it is worth noting that they are the people who are preparing the contract you are signing.

There are so many conveyancers out there that it may seem overwhelming at first. Start with a few conveyancers. Because there are so many conveyancers out there the market is quite competitive. Conveyancing has become a massive industry unto itself. So finding the right person for the job may be easier than you think. If you can’t find a reasonable price at first, keep looking. You will find someone eventually. It is just a matter of knowing what to look for when searching for the right price. You will probably see some dramatic differences in fee structures. Only after seeing how their fee structures work will you be able to accurately gauge what a reasonable price is. You may opt to pay a little more if the conveyancer is highly regarded. However, someone who is fresh to the industry may really know their stuff and will charge a little less in order to build a client base.

Never take the first quote as the best you will find. It may even help to play conveyancers against each other in order to get the best deal. Ensure you know what fees you are likely to incur and get something in writing. It may also help to get other conveyancers to look at other quotes you have received in order to see if they can match the price of another firm. Conveyancing is something every property buyer and seller has to go through in order to sell or purchase a property.

Gazumping and Gazundering in Conveyancing | Saturday, July 17th, 2010

Although they sound like something taken straight out of a Roald Dahl novel, they are actually terms that spring forth from dodgy property sales practices. Conveyancing is a long and drawn out process that can take months to finalise. Because of this, gazumping has become a fairly commonplace practice in which the buyer will refuse to finalise the sale. This is because they may have got a better offer on the property or just don’t want to sell the property anymore. Getting the contracts ready for exchange is what conveyancing is all about. Because this process can take quite a while it gives the buyer the opportunity to have others browse the property. However, it may be the result of a buyer who had previously looked at the property finally coming forth with an offer.

Because it costs the buyer money to get all of the contracts drawn up for exchange during the conveyancing process this ends up leaving the buyer out of pocket and feeling pretty disillusioned with the whole process. Although reforms are in the works to help minimise the risk of gazumping, many buyers have already been burnt by this form of shady practice. Gazundering is essentially the opposite of this. During the conveyancing process a buyer may become a little impatient and then when it comes time for contracts to be exchanged they offer the seller less than their initial offer. Because conveyancing is such a long and drawn out process, the seller will just want to push the sale through and accepts (begrudgingly). It is often a good idea to have the price finalised in writing with both parties signing off on the price prior to initiating the conveyancing process.

However, this is not a cure all approach to the problem. Unless the contract is verified by the legal parties that represent both the buyer and seller are present and have the opportunity to ensure the contract is legally binding then the contract is easily nullified. The best way to avoid these practices is by trying to push the process through the system as fast as possible. Even then it can take months while all parties that are required to witness and involve themselves with the transaction are bought into the fold. That leaves the other option of ensuring that the people you are dealing with have a clean track record in regards to property sales.

Watch Out For the Conveyancing Pitfalls | Saturday, July 17th, 2010

If you have a property you wish to buy or sell you will have to take a trip down the road of conveyancing. The first pitfall you can avoid during this process is not relying on the person who is responsible for the conveyancing component of the transaction to give you any warning regarding the structural integrity of the property or the properties real value. This is best left to a professional engineer or real estate expert. However, if you have hired a surveyor to give you a proper value estimate of the property and they have indicated that work will need to be done in order to actually adhere to the asking price then you can have an expert approach the real estate with alterations to the pre-sale contract that stipulate a reduction in the cost of the property. Having a surveyor inspect the property will also protect you from a bad investment. If the property requires too much work than a mortgage broker, lender or bank will refuse the application for a mortgage.

If you require the services of a solicitor in order to take care of the conveyancing aspect of a property sale, ensure you have knowledge of all of the fees and charges that will be incurred throughout the process. It may come as a shock when you are given a bill for every contract that requires your signature. Conveyancing requires a lot of paper work. Ensure you know what you are paying for. If you are doing the conveyancing yourself then you will be less worried about the fee aspect of the process and will be more worried about doing the right thing at the right time. Do your research; make sure you understand the jargon that is likely to be splattered throughout every contract that crosses your desk. If you don’t understand what you are reading then you are likely to make a grievous error that can cost you a lot of money.

If you have employed a solicitor to conduct the conveyancing tasks for your then make sure you keep an eye on what they are doing. If you get some knowledge of how the process works you might not require their services next time you wish to buy or sell a property. Keeping an eye on what they are doing might also keep you safe from any extraneous fees that the solicitor taps on to the cost of the process when it has been finalised.

Conveyancing – A Brief History | Friday, July 16th, 2010

Conveyancing as a means to finalise property sales and equity transferral has a fairly rich heritage. Although aspects of conveyancing are hundreds of years old – modern as we know it has been refined through a series of reforms and improvements in how the process works. One of the most influential conveyancing reforms involved standardising the process in regards to having firms following the same guidelines and using the same forms in order to ensure that procedures were pushed through the system quicker to allow both the buyer and seller to agree on specific conditions of sale. This reform was pushed through in 1925 and since then there has not been a lot that has changed in the industry besides minor reforms to help expedite the process and protect both the buyer and seller.

However, reforms have opened up the door for a few shady practices. These include (but are not limited to) gazumping and gazundering. Although these practices are reliant on how the real estate market is functioning – they have taken precedence after specific reforms have been introduced. However, because the speed at which processes is now performed (they are still slow), the risk of gazumping and gazundering is more prevalent than it was prior to specific reforms. Further reforms are forthcoming which are aimed at reducing this practice so that it becomes a thing of the past. Although, these reforms may take years to push through as a legal basis for how conveyancing is practiced. As with any reforms that threaten to shake the industry up and change the way things are done – it takes time for changes to become adopted by the mainstream of the industry.

Online conveyancing solutions have now started to penetrate the conveyancing market. It is important to note that not all of the bugs associated with electronic conveyancing practices have been ironed out. However, as more and more people opt to use electronic methods; the more refined the process will become. This is a relatively new method implemented to help reduce the time and costs associated with conveyancing. It is also important to note that the process is looked upon favourably by banks and lending institutions as it allows them to process conveyancing applications as they apply to financial issues in a timely and accurate manner. Because all of the information is centralised and submitted electronically, it allows for a quick turnaround in any processing that is required.