5 Conveyancing Myths You Shouldn’t Believe

Throughout life you may have been taught a lot of things you shouldn’t even believe. Not just in life in general, but even in a rather competitive market like property buying and conveyancing, impressions were left upon you that proved to be plain myths.

For first time home buyers, conveyancing has left an impression in the past that are quite untrue. But having listened to horror stories of one has gone through whilst going through the conveyancing process, you couldn’t help yourself but be vary cautious, sometimes discouraged, about buying your own home.

For others, conveyancing can be a menace – seriously doubting if such process can be carried out without stress at all. Truth is, regardless if it’s complicated or not, conveyancing can be rather convenient and beneficial if done correctly and with an expert working with you on it.

If there were things about conveyancing that you believed to be true in the past, holding off your plans of buying a property, here are 5 of the most popular ones that we urge you not to believe at all.

  1. Grab the cheapest conveyancing deal and you’ll save a lot of money. Not true at all. What goes out of your pocket essentially defines the quality of products and services you’ll get. Sure you don’t want something ultra expensive, but you can’t just settle for less just because. Dirt-cheap conveyancing prices are very often questionable and too good to be true. When checking out deals from conveyancing firms, be on the lookout for what could be hidden from you. Check the print thoroughly and see the breakdown of charges. Don’t give in to a £50-deal on basic fees and get shocked in the end that even photocopies of the paperwork are charged on you.

2. Conveyancers arrange property valuations and building surveys all the time. This happens but not all the time. It all depends on your agreement with the conveyancing firm/solicitor. They may often assist in that but it’s generally not part of the obligations. Surveys and home valuations are typically done following an offer to the seller. In most cases your lender would need a conveyancer to carry out some checks with regard to the property’s value, though. This is why it’s always handy to find a conveyancing solicitor ahead of time and ask what sort of assistance they can provide throughout the process.

3. Conveyancing can drag on forever. No entirely true. It may take long and be complicated at times, especially when situations surrounding the transaction and the property are quite complex, but it shouldn’t take forever – not when an efficient conveyancing firm/solicitor is working on your case. And with the kind of technology that we have these days, fund transfers and handover of documents shouldn’t take weeks. More importantly, if you have instructed a brilliant conveyancer, you’ll be kept in the loop of things and your expectations, timeline wise, will be properly managed.

Barring complex issues, conveyancing should take roughly 8 or 12 weeks till you can collect the keys and move in to your newly bought home. It’s not a definite timeline set by the market, but should happen (or maybe get even quicker) if you have all the documents in place and the tasks are carried out properly.

4. You will never be able to get a hold of your conveyancer anymore. Not true. Whether you’re instructing a local solicitor or an online conveyancing firm, a dedicated expert should be readily available to speak with you. If your conveyancer’s not around, a case manager should be able to discuss your case and provide you updates – and that’s on top of the communication you get via emails and/or SMS. There is no way that your conveyancer should be missing in action. Whilst technology takes over most of the processes, someone’s human touch is (and should always be) present at all times, keeping you in the loop of things.

And even back in the days when things are done without the help of the internet, a local solicitor out on the field or in a client call would generally have someone to assist you and talk to you about your case.

What’s even more convenient these days is that, some online conveyancing firms would also have the facility to let you login to their site and check your case’s progress.

5. There are no more local conveyancers around. No, this can’t happen. Even with conveyancing taking on the internet to make it quick and more convenient, for some, nothing beats the touch of a local solicitor who’s well versed in the ins and outs of the area. True enough, most local conveyancers are more familiar with local regulations in the area where the property is situated. The thing is the choice is always yours here. You can choose a local solicitor if you prefer bringing in documents and talking to them personally.

When choosing online conveyancers though, you need to be on the lookout for the services they offer and the cost they will charge you for. And it’s not just that, always find time to check what people has to say about them and their services. Visit online discussion boards and listen the the people’s feedback.

More importantly, if you’re on a budget, have something to compare. Check out a few conveyancing quotes from various firms and solicitors so you can have a proper reference when working your budget out.

Need help with conveyancing? Check out prices from different conveyancers by clicking on the image below.

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8 Ways to Find Out if Your Conveyancer is Good Enough

The UK conveyancing market has been known for the longest time to be an absolute drag. On top of that, property buyers and sellers have had their share of complaints of the service being too complex and expensive.

Having said that, finding a conveyancer that ensures a seamless, hassle-free, and cost-efficient service can be challenging. But not until the online conveyancing services have become more competitive. These days, you’ll find out worth your time carefully choosing a good conveyancer.

good-conveyancer

To be quite sure of your choice, you should know that a good conveyancing solicitor should be able to do the following for you:

  • Reasonably speed up the process for you.
  • Reduce the risks of the transaction falling through.
  • Ensure a seamless and stress-free conveyancing process as possible.

What’s even better is that we have collected 8 of the best tips to help you through in finding out if you are actually looking at a really good conveyancer to help you with buying or selling a property.

  1. Conveyancing should be their specialisation. Whilst there is no written rule that solicitors should only work on one field in their practice, it is always best that you choose someone well-versed in the field. Their experience in conveyancing should speak for the kind of service you’ll get. You can choose a lawyer who works on all kinds of cases, but you can never be sure of how long the process can drag on in their hands as they need to switch their own minds on to something else every now and then. Solicitors specialising in other legal fields may not be the best conveyancer for you.
  2. You should be informed of who should look after your transaction. When hiring a sizable firm, you should be given a direct line to the conveyancer in charge of your case. More so,there should be a dedicated team of admin and paralegal to get things sorted for you – before the licensed conveyancer verifies everything.
  3. They should at least have a fairly advanced way of communicating with you. More so, there should be an online case tracking system for you to check the status of your case. With the kind of technology that we have these days, it is not uncommon for conveyancers to be able to give you updates via email, SMS, etc.
  4. Conveyancers should at least be able to offer you a no-move-no-fee service. This kind of offer maybe bit vague, as a conveyancer may already have paid for some disbursements whilst working on your case. In this instance, and if the transaction falls through right in the middle of everything, a good conveyancer should at lease waive the basic fees for you.
  5. A good conveyancer offers a fixed fee for their services. Yes, that’s how competitive the conveyancing market has become these days. No more hourly charges for conveyancing – not even percentages of how much the property was bought or sold for! With a fixed amount that you are quoted for their basic fees, you should be able to set your budget properly.
  6. They should be approved by mortgage panels. This one’s a bit crucial especially when you’re buying through a home loan. Your lender will have your conveyancer do some work for them to check on a few legal matters. Hence, if you chose someone not on their approved panel, they will assign someone to work on it at your expense.
  7. A good conveyancer can work beyond the 9-5 working hours. It’s not quite crucial, but it can make things more convenient if you need to instruct them quite quickly during after-hours. It doesn’t necessarily have to be close to midnight, but at least, a good conveyancer can ideally be available to talk and receive instructions a couple of hours after 5 or most of the weekend.
  8. A “Client Care Letter” must be provided to you upfront. As soon as you decide on instructing a conveyancer, they should be able to provide you this, letting you know of the cost breakdown and description of their services. If they’re not in place, you have every reason to be in doubt. And always remember that you will only be committed to their service after you signed and returned the letter to them.

If you’re looking to check out conveyancing prices from different firms, you might as well want to check out our quotes by clicking on the image below.

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The Cost of Moving Homes – From Mortgage to Conveyancing

Are you thinking about moving homes? If you are, you should remember that it’s crucial you consider how much it roughly costs and what you should allocate your budget for.

This comprehensive guide will uncover and take you through the things you need to know about moving home expenses.

When budgeting, it’s important that you have an allocation for extra costs on top of the price of the property itself.

When budgeting, it’s important that you have an allocation for extra costs on top of the price of the property itself.

Moving Homes as a Buyer

Here’s an estimate of how much you may need to set aside for extra costs when buying a house – including but not limited to mortgage, surveys, and conveyancing fees.

Mortgage Costs

When taking out a mortgage, you’ll realise that they come with charges for setting it up, including arrangement fees. However, if you shop around, you may be able to strike good deals without these fees. The only catch is that they may be offering quite a higher interest rate on the loan.

If you haven’t got enough money to pay mortgage fees upfront, you may also arrange for it to me added to the loan – interest also added on top of it.

As soon as you have agreed on an offer with the seller, the mortgage lender will need to carry out a valuation to determine that the property’s value is at par with how much you intend to pay for it. They’ll generally arrange this one for you, but you’ll have to cover the cost – ranging from £200 to £600.

When it comes to lending charges, it is worth noting that if you’re putting down 25% or below for deposit, you may find yourself charged a higher amount.

Check the table below to have an idea how much you may have to pay based on how much the property is being sold to you.

Mortgage Estimated Costs

Surveys

Whilst you’ve already had the valuation covered, it is still best that you get your own survey of the property done – especially if you’re buying a previously owned home. This is to check if there are any problems with its condition.

Home Buyer’s Reports – This covers the general condition of the property which could cost you from £350 to £1,000.

Structural Surveys – This is a more in-depth inspection of the property – generally checking out everything about how the house was built and what needs repair and maintenance. The price of a structural survey varies between £500 and £1,300.

Have a look at the table below for the estimated survey costs you may need to prepare a budget for.

Survey Estimated Costs

Conveyancing Fees

As soon as you’ve got your mortgage application and property survey in place, and you have made a solid agreement with the seller, yo’ll have to instruct a conveyancing solicitor to carry out the legal tasks of transferring the property ownership to your name.

Note that conveyancers at present would generally charge a fixed amount for their services – on top of the costs they will cover for you whilst the transaction is in progress.

Depending on how complex your transaction is, you’re looking at basic fees ranging from £400 and £850.

In terms of registering the property in your name at the Land Registry, you can expect the costs from £90 to £140, depending on how much the property was sold for.

Money transfers between mortgage lenders, conveyancing solicitors, you and the seller, and for searches also come with a price.

More so, if you’re buying a leasehold property, you’ll have to prepare for extra costs as they involve a couple more of other people to deal with. This costs about £140 on the average.

Have a look at this table for your reference on conveyancing costs.

Conveyancing Estimated Costs

However, if you’d like a more comprehensive reference to how much you may need to prepare for to get conveyancing done, feel free to request for a quote by clicking the image below.

Stamp Duty Land Tax

Of course, buying a property does not stop at completing the conveyancing process.

When you think everything is settled, remind yourself to pay your dues at Her Majesty’s Revenue and Customs office. The amount of Stamp Duty Land Tax you’re about to pay will depend on the price range of the property.

Note that this is generally your obligation and may not be covered by your conveyancing solicitor as part of the disbursements.

Here’s a graphic guide of the Stamp Duty rates to help you.

Stamp Duty Rates