Buying any home is a major legal and financial step. In order to ensure all the necessary legals are handled correctly, you’re going to need an experienced solicitor or conveyancer on board.
Your solicitor is going to ensure the legal contract is sound. They will examine the title documents, conduct searches, and represent your best interests as the buyer.
The vast majority of properties will often have peculiarities within the title deeds and plans. Making sure your solicitor is used to these quirks will ensure you’re fully informed throughout your purchase process.
We’re going to take a look at some of the key considerations you should consider in solicitor selection.
Like any free market, conveyancing fees will vary between firms. Don’t always be led by the cheapest quote out there. Make sure your solicitor selection is based on their merit, understanding, approach or responsiveness. Be sure to have initial free discussions to vet the firm and make sure they’re right for you.
So now you’ve decided on the appropriate solicitor and made your selection, let’s take a look at what they will be doing.
Your solicitor will carry out several searches to ensure the property is free of legal problems. These include checking for bankruptcy, court judgments, planning restrictions, public health notices, and ensuring the seller has the legal right to sell.
Once you’ve discussed the findings and are in the clear to progress with the property purchase, they will register the property ownership via the Land Registry.
His Majesty’s Land Registry protects land and property ownership worth over £8 trillion and supports more than £1 trillion in secured lending across England and Wales. The Land Register holds 26.5 million titles, covering over 89% of the land.
Anyone buying, selling, or mortgaging property must apply to register and ensure it is updated, reflecting their legal ownership.
As you can imagine, they’re busy! One little-known fact is that any form of interaction with the Land Registry is slow, so be prepared to wait a couple of months to over twelve for updates to take place.
So now that you know what they do, no doubt you will want to know how much they charge.
Conveyancing costs typically range from £500 to £10,000, depending on complexity and the price of the property. For example, older or larger properties, or those with a lot of land, significantly add to the complexity in the solicitor’s review and role.
At Stokemont we regularly interact with solicitors during our assistance to home buyers via our Level 2 Surveys and Level 3 Surveys. A key tip is to make sure your solicitor is given a copy of your property survey so that they can thoroughly review it and discuss any adverse findings with you and your surveyor.
