Solicitors are crucial when buying a home, they are the ones that ultimately transfer the deeds for the property and hold the funds. But they also perform a host of other crucial functions.
Solicitor vs Conveyancer
A solicitor is a qualified legal professional who is responsible for preparing legal documents, representing and defending a client's legal interests.
A licensed conveyancer is similar but they are specialised in property and they often work within large law firms to offer property services on their behalf.
Solicitors are usually more expensive than conveyancers as they are qualified lawyers so they can offer a full range of services.
As this is one of the biggest decisions in your life the main thing is to be comfortable with your legal representative so choosing between a conveyancer comes down to the relationship. Most people in the UK are happy to use a conveyancer to deal with the buying and selling process.
You hire a solicitor when you begin buying a property. Finding a solicitor before you have found your home is advised as it means you will not be rushed into finding one and can make an informed decision.
What do they do
For the buyer, a solicitor will review the legal title to see if there are any issues that could affect you buying the property, reselling it to someone else in the future or from registering a charge over the title.
There are a number of potential issues that may arise during the process and the solicitor's job is to find these by reviewing the information provided by the buyer, the sellers solicitor and government details.
This includes reviewing the title and deeds, inspecting property searches and assessing the buyers personal circumstances, proof of funds and proof of ID.
How do you find the right one
Firstly check Zump pro’s area to find recommended professionals in your area. These have all been vetted by Zump and their work, communication and price are all highly rated.
If you can’t find the right one search online and ask a Zump advisor or friends and family for recommendations. Always speak to multiple people before making your final decision.
Solicitors can charge in different ways.
A percentage of the property price
An hourly fixed rate
Or a fixed fee
Legal fees are typically between £850-£1,500 including VAT at 20%
Typical charges include
Land registry fees
Stamp Duty, Land Tax, Land Transaction Tax and Buildings and Land Transaction Tax.
Postage and Courier Services
Some solicitors charge if you use a Help To Buy, Lifetime ISA or are buying a shared ownership property.
Solicitors and conveyancers are crucial to buying a home. They will handle all the legal aspects of buying or selling a property for you. Advise you on any issues that may arise, make sure you understand all the legal jargon and they should keep you updated regularly and support you through the buying and selling process.