Hiring a conveyancing solicitor is an essential part of buying a new house. You may not be sure exactly what conveyancing is or why you need a solicitor, so we will try to help explain. The term conveyancing relates to the legal and administrative work involved in transferring the ownership of a building or land from one person to another.This will be done by a solicitor, a property lawyer or a licenced conveyancer.
So what will your conveyancer do for you?. As part of the conveyancing process, your solicitor will carry out a number of searches with local authorities and utilities companies to make sure there are no plans to carry out any constructions. The last thing anyone wants is to move into a new house to find out a huge new building is being put up right next door. The searches will also reveal if the area is at risk of floods, if there are sewers located near the property, and if there are any financial liabilities related to the property from the previous owners.
The conveyancing solicitor will also advise on “incurred costs” for example stamp duty, and will review the contracts drawn up by the sellers solicitor to make sure everything is in order, such as the sale price and boundries of the property.
Your conveyancing solicitor will also pay any fees associated to the purchase on your behalf with money you have transferred into their company account, and finally they will register you as the new owners of the property.
The cost of hiring a conveyancing solicitor can vary depending on the value of the property. Local searches, will cost you around £250-£300, to check whether there are any local plans or issues. On top of this the legal fees are typically £500-£1,500 including VAT at 20%. These costs are only guidelines but will help give you an idea of costs involved in hiring a conveyancing solicitor.