What do Conveyancing Solicitors do?

Conveyancing is a requirement of buying a home. It is a legal requirement and without it you can’t purchase a home. It is possible for a buyer to do the conveyancing themselves but it is wise to hire a professional, a conveyancing solicitor. It may cost more, but it reduces the stress of what is already a stressful process.

But what do conveyancing solicitors actually do?

Conveyancing is essentially the legal side of someone buying a home. A conveyancing solicitor will make sure all the relevant legal requirements are met and taken care of. Below are some of the tasks that they will be involved in.

A conveyancing solicitor will work to obtain a contract containing the conditions of the sale. This will include any specifics about the sale that need to be taken into consideration. This includes any possible problems or restrictions that are out of the ordinary. Things that can be included in this includes any building restrictions and if anyone other than the owner has any rights to use the land, for example if a pubic footpath goes through the land. If the building is listed the information regarding this will be detailed in the conditions of sale contract.

Any relevant enquiries need to be made with the seller’s solicitor. Any information needed about the property being purchased needs to be established. The solicitors act as the go-betweens between their client and the people they are buying from or selling to. This includes obtaining a fixtures and fittings list from the seller detailing anything that will be left in the property and the condition they are in.

One of the most important tasks is to draft a contract of sale. This is the contract that details the actual sale; who is selling the property, who is buying the property, how much it is being purchased for, and any other conditions. This means the sale can take place.

As well as acting as a go-between between the buyer and seller, a conveyancing solicitor also acts as a go-between between their client and the client’s mortgage company. They will arrange for the deposit to be paid by their client to the mortgage company and they will arrange for the purchase amount of the home to be paid to the seller. They will also make sure (if relevant, which it won’t be for first time buyers) the client’s mortgage on their previous home is paid off.

The exchange of contracts is where the property officially changes hands, where the property is passed over from the seller to the buyer. This is arranged by the conveyancing solicitors and is the change of names for the deeds of the property. At this stage the solicitor will also make sure payments are made to the seller, via the mortgage company if relevant.

Other legalities also have to be sorted out, including stamp duty. The stamp duty form needs to be filled out and payments need to be made on behalf of the clients.

The above covers the basics of what conveyancing solicitors do. The fees charged and the payment structure varies from lawyer to lawyer. Some offer a fixed free meaning the client knows beforehand exactly how much they will be paying for this service. This is becoming less common though, with paying as a percentage of the value of the property the most common payment structure. For example, the buyer may pay half of a percent of the value in conveyancing fees, so £1000, for a £200,000 home. The other type of payment structure is to pay an hourly rate depending on the time the solicitors is spending working for that particular client.

Andrew Marshall (c)

Stone King are Conveyancing Solicitors Bath.