It may seem like I’m stating the obvious to a group of savvy property investors, but the value of a competent and expert conveyancer working for you can never be overestimated. Indeed if you already have one that you trust implicitly to see your transaction through to a smooth and timely completion, without requiring you to add 5% to your mortgage for the privilege, you should consider yourself blessed. If you are not so fortunate however, or if you are one of the majority that considers and treats conveyancing like an expensive but unavoidable afterthought process, there to simply further drain your finances when you need them most; then read on. This is probably for you.

 

We all know that conveyancing is the legal process that oversees the transfer of property legal title from one holder to another; and that it is coordinated by a solicitor or licenced conveyancer. The process itself hasn’t changed in decades; so why does it (seemingly) seldom go smoothly?

Aside from the endless variables associated with each individual property; one easy target to point the finger at would be the conveyancer acting for either the buyer or the seller – or even both. And all too often this would be a fair assumption. So how can you be sure you are making the right choice when selecting competent legal representation? One solution would be to let somebody do it for you; but who?

The agent will always be able to refer you to somebody. More than likely this will be a local firm. And even more likely, the agent will be taking a handsome referral fee from the firm in question. 95% of agents questioned in a recent survey confirmed they have an existing relationship and referral fee (or a similarly beneficial mutual exchange of business) arrangement in place with one or more firms. So ask yourself; is the agent acting in your interests – or their own? Is the recommended firm any good? They may get the transaction through (which is all the agent wants) but at what cost to your finances – and your sanity – along the way?

Another (lesser known) option would be to use a conveyancing service provider. This is somebody who isn’t tied to a single solicitor or conveyancer, but who will provide competent representation for you based upon your specific needs.  This is also somebody who intimately understands the process to the extent of pre-empting potential issues along the way; and is therefore able to mediate on your behalf during the transaction, between you, your solicitor and the agent. Somebody on hand at all times to guide you through the process, whether you are a first time buyer, or a seasoned property investor. We are all busy people and our time is precious, so why not let somebody else take the strain. Especially if the service is directly free to use.

 

Using a service provider might not be a solution that is immediately considered or apparent. Indeed most people wouldn’t even know that such a service exists. But those that do and have used one before have considerable praise for them. At the very least, its welcome to know that there’s an alternative option to that of the agent referral. Moreover it’s an option that’s there to work for YOU. That’s certainly a worthwhile consideration.

Whatever you decide; there are some golden rules that you should always stick to and the immediate criteria that you should be looking for from any conveyancer must be;

  • Always insist on a fixed quote on the outset. This will ensure that you know what you are paying from the very beginning. And insist on a full breakdown of that fixed quote.
  • Look for a ‘no completion no legal fee’ basis arrangement. This ensures that if your transaction is aborted or falls through, you will not be charged the legal fee. Disbursements already paid may be lost, but your costs end there. Not all solicitors will offer this.
  • It may seem obvious, but see what you are getting for your money. By that I mean don’t always look for the cheapest option. The price will always be an attraction; but all too often, as we know, cost can be a reflection upon service.
  • Always have your conveyancer in line and ready to act before you agree to buy. Have all the preliminary checks completed too – your ID checks for example – and any initial paperwork completed, if applicable. You will be in a far better position to move forward. And it may reduce your timeline to exchange too.

The above notwithstanding, the best way to ensure that you have the best representation during your property transaction is to carry out your own research from the beginning. Take advice from those in the know. But know who has your corner as soon as possible and never treat conveyancing as a last minute afterthought or arrangement. It may cost you more than the hard earned notes in your pocket if you do.

 

Written by Wayne Harris of Reliant Move

 

I want to speak to a conveyancing service provider to find out more