Conveyancing, is the legal process carried out by a suitably qualified professional that conveys, or transfers, a property from one part to another, or put simply, the person that ensures the legal completion of a sale from one person to another.
That description however is not really the whole picture. The qualified person is either a licenced conveyancer, or more commonly a solicitor, also known as a property lawyer.
Both of these are able to deal with a whole host transactions including, sales and purchases of property, mortgages, remortgages, and transfers of equity. This list is certainly not an exhaustive one, but should give you an idea of what tasks are regularly undertaken by a licenced conveyancer or solicitor.
- Choosing the right licenced conveyancer or solicitor
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Choosing a conveyancer or solicitor is a very important part of any property or mortgage transaction. Choosing the wrong one can spell disaster as the level of service differs widely from firm to firm. Generally most property conveyancers will get the job done, but some work faster than others.
Conveyancing is generally an administration process carried out by clerks and overseen by a qualified person. If the administration process at the firm you choose is not upto scratch you may find minor delays and hold ups will slowly wear you down.
A good property conveyancer or lawyer can be the difference between a transaction failing or completing. Our advice when choosing a solicitor, conveyancer or property lawyer is to take advice and recommendation from the other property professionals involved in your transaction, particularly those who have a vested interest in the swift and painless completion of your remortgage, purchase or sale.
By all means speak to your estate agent. They will almost certainly have a preferred legal professional that they have a a good working relationship with and remember, your agent is in for a big commission from the seller when you complete your purchase so if you use his lawyer he too will chase the lawyer. Also the lawyer, who will probably be get lots of clients from the agent will be out to impress the agent to make sure the agent keeps sending him work.
If you are remortgaging it is vital to have the right lawyer too. On many occasions the lender will have free legal services within the mortgage package that you buy. This is often a great solution as the lawyers the lender appoints will know the lenders processes well preventing mistakes and delays. However be warned that the lawyer is working for the lender, not you, so you will not be able to get their advice on any matter relating to the remortgage, although you ned not be too alarmed by that if your remortgage is straightforward. If you have chosen a product without legals or prefer to have your own lawyer or solicitor then make sure you consider a recommendation from your mortgage provider or other property professional.
A final word of caution.Do not choose a lawyer based solely on price. Saving a few pounds on your solicitor could cost you dearly. You may take too long on your purchase and the seller may back out, or in the case of a remortgage the mortgage offer may expire before completion for example. You need value for money, not nessesarily the lowest price.
- What is the difference between a Licenced Conveyancer and a Solicitor?
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A licenced conveyancer is an individual who has passed certain exams and is allowed by the authorities to complete property transactions. There are limitations placed on the conveyancer, and for certain aspects of law they must refer to a solicitor. Some lenders will not accept work carried out by a licenced Conveyancer unless it is approved by a qualified solicitor.
A solicitor or property lawyer is a person who is qualified as a solicitor and is recognized and regulated by the Law Society. In the context of property, they will have passed certain exams that allow them to deal with property. They much wider authority than a Licenced conveyancer, although that in itself does not make them any better or worse than their lesser qualified counterparts.
