Why Should You Hire a Solicitor When Buying or Selling Property?

Buying or selling your property is as much exciting as it is a hassle. Whether you are selling your property or buying a new one, you will be meeting estate agents, property surveyors, mortgage lenders and solicitors. In the whole process of buying or selling a property, there comes a stage where you need to take care of the legal processing. This is where you need a conveyancing solicitor as the whole process takes up several months in the UK.

Why do you need a conveyancing solicitor? Whether you are the buyer or the seller, the legal processing can be made easier and stress-free by hiring a conveyancing specialist as they are well aware of the laws regarding property transfer. Property investment is considered to very expensive and hence you cannot afford any mishaps because if you end up entering the sales process without adequate knowledge, you may end up paying more.

What Will a Conveyancing Solicitor do for You?

When you hire a conveyancing solicitor, they will cover every aspect of your estate selling and property buying with precision which is broadly divided into three stages: Contract drafting, property search, and final document processing. 

Contract Drafting

When you are selling your house, a contract needs to be drafted under the state laws which will be made by the solicitor. And when you are planning to buy a property, it is essential to go through the contract thoroughly to ensure you are getting what you paid for. A conveyancing specialist will thoroughly investigate the contract to check if the property is on leasehold or freehold.

Property Search

A conveyancing solicitor will also ensure that the property you are buying is worth the money. Often, properties are built on flood plains, or a conservation area or even have restricted planning permissions. Such factors are to be analysed to have an upper hand during the negotiation and also to not get scammed. You don't want to invest your hard-earned money on a beautiful property that is actually built on a flood plain.

Final Document Processing

In the end, your solicitor will exchange the deeds after preparing the required documents and paying the stamp duty that is due on the property. Your solicitor will also make sure to register the exchange in ownership with the land registry office.

Benefits of Hiring a Conveyancing Solicitor

Handling the paperwork for selling or buying a new property is difficult as you are not aware of the associated current laws and guidelines on property exchange. This may lead to you being scammed especially in the case of buying a property but with a conveyancing solicitor managing all the documents, you can rest assured. Buying a mortgage is not the only cost when buying a property and usefully first time buyers are unaware of other fees such as survey fees, stamp duty, land tax, land registry fee, etc.

One of the most important benefits of a conveyancing solicitor is their ability to negotiate on your behalf. As they go through the contract and do their research of the chosen property, they are well aware of shortcomings if there are any. For example, a property built on a conserving site should be avoided but how would you know that? Your solicitor would be aware as they will be handling all the documents and investigating them. This way you can reduce the final amount of the property you are buying or increase the amount if you are selling with the solicitor’s guidance.