Why You Should Choose The Best Conveyancing Solicitor

Buying a property is such a common, albeit expensive, transaction you may wonder whether it is worth paying extra money for a Conveyancing Solicitor. After all, there are plenty of cheaper options available. However, like anything, if you want high-quality advice and service, alongside the peace of mind that the most expensive purchase you are ever likely to make will not result in expensive problems later down the line, it is well worth choosing a Property Law Solicitor who has extensive experience and expertise.

Taking time to understand the property you are buying

One of the advantages of choosing a highly-regarded Conveyancing Solicitor is law firms that charge slightly more for their services do not have to take on a huge number of client matters in order to make a profit. Therefore, they have more time to dedicate to each transaction, mitigating the risk of failing to see potential problems, unnecessary delays in completing the transaction, and conveyancing fraud.

Thorough investigation of the property title

Unexpected property title issues can lead to a minefield of problems for new owners. An experienced Conveyancing Solicitor will take the time to look into:

• Whether there are any rights of way or easements you need to be aware of.
• Any covenants that run with the property.
• The boundaries of the property.
• Any defects in the title.
• Third-party rights affecting the property.

In older properties, missing an issue with the title can be too easy. This is especially true with covenants, which can run with the property for decades (or, in some cases, for hundreds of years). You want to be confident that the person you are entrusting to check the title of a property you are planning to spend six or seven figures on will swiftly spot any red flags that could affect your future enjoyment of the land.

Undertaking the necessary property searches

As a minimum, a good Conveyancing Solicitor will advise you to get a:

• Local land charges search.
• Local authority search.
• Drainage and water enquiries.
• Pre-contract enquiries.
• Index map search.
• Land Charges Department search (unregistered land).

Depending on the location of the property you are buying, you may be advised to obtain other searches related to the environment, mining, or flooding.

A chancel repair liability search may also need to be undertaken. Chancel repair liability arose out of Henry VIII’s dissolution of the monasteries. Before the English Reformation, chancel repairs were paid for out of the parish rector’s tithes (a local tax attached to the land). Monasteries often acquired the land and the chancel repair obligation that went with it. When Henry VIII ordered the dissolution of the Monasteries, it resulted in the dispersal of the lands along with the chancel repair obligations. Today, some homes built on such land remain liable for chancel repairs.

In 2009, a Warwickshire couple were forced to sell their property to pay a chancel repair bill of £230,000 plus £250,000 legal costs. Although the law has changed, an experienced Property Law Solicitor will quickly establish if you the property you are buying is liable for chancel repair and advise you to take out insurance to protect your interests.

Getting the contracts right

Before the contracts are exchanged between the buyer and seller, your Conveyancer must ensure that the searches have been completed and that the seller has answered any questions asked by the purchaser. Again, one of the advantages of paying a little more for a Property Law Solicitor is that they will have fewer transactions that need their attention. This is crucial because once contracts are exchanged the transaction is legally binding it will be too late for you to address any problems. Furthermore, you cannot pull out of the sale without paying the seller compensation. Therefore, you want to be confident that your Conveyancer has not missed anything important.

Ensuring that the sale and purchase agreement is drafted correctly is also an essential part of a Conveyancer’s work. An experienced Conveyancing Solicitor will check all the details are correct and that appropriate due diligence has been carried out before the contracts exchange. They will also negotiate completion dates and check over your mortgage offer and contract.

Minimising the risk of conveyancing fraud

Conveyancing fraud is a real threat. Recent statistics show that the average loss is £47,000 and most victims are under 39 years old, indicating first-time home buyers are more vulnerable.

Conveyancing fraud typically happens when scammers infiltrate a Conveyancer’s bank account and changes the details.

Reputable law firms regulated by the Solicitors Regulation Authority have a duty to be meticulous when it comes to protecting their clients money. Also, because they have fewer transactions to deal with at any one time, they will have gotten to know you and can quickly spot something wrong.

Wrapping up

Purchasing a property is the most significant financial transaction you will likely make. The risks of things going wrong are high and the ramifications of mistakes can last many years and cost thousands of pounds. Is paying less really worth the stress?

To talk to us about your residential property purchase, please call us on (0247) 6641642 or fill in our contact form, and we will get back to you.