Do you know what Conveyancing is?

- Wed 20 Mar 2024

Following a recent survey by the HomeOwners Alliance, only 40% of adults were aware of what conveyancing is, which led us to think that we should be part of the solution and informing more people about the role conveyancing plays in the house buying/selling process.

At Bradleys Estate Agents, we offer the Complete Property Service, offering the best local property related services, including mortgages, property management, new homes, surveys and no sale, no fee conveyancing.

Here is a brief overview of conveyancing to help you understand the importance of conveyancing:

What is Conveyancing?

Conveyancing is the legal process of transferring property ownership from the seller to the buyer. It encompasses various stages, starting from accepting an offer and concluding when the keys are handed over to the buyer. Whether you’re selling or buying, a conveyancer or solicitor typically handles the legal aspects of property transactions.

Advantages for Sellers: Why Instruct a Conveyancer?

  1. Expertise and Legal Compliance: Conveyancers ensure all legal obligations are met during the sale. Their knowledge of property law helps navigate potential pitfalls and ensures a smooth process.
  2. Efficiency: By instructing a conveyancer early in the process, sellers can expedite the transaction. Choosing a solicitor at the point at which they place their home up for sale, will also appeal to a buyer knowing they are legally prepared, meaning a buyer can move in notably quicker.
  3. Questionnaires and Documentation: Conveyancers guide sellers through completing detailed property questionnaires. These forms provide essential information about the property, boundaries, disputes, and proposed developments. All of this information will need to be accurate before presenting to the buyer’s conveyancer.
  4. Cost-Effective: If you can secure a no sale, no fee conveyancing service, this means sellers only pay the basic legal fees if the transaction successfully completes. This feature protects against hefty legal costs in case of a collapsed sale.

Why Buyers Should Consider No Purchase, No Legal Fee Conveyancing

  1. Risk Mitigation: Approximately 1 in 3 property purchases fall through. No sale, no fee conveyancing ensures buyers don’t pay the basic legal fees if the transaction fails. Buyers will have to pay for disbursements which are unlikely to be covered in such arrangements.
  2. Cost Savings: Traditional conveyancing fees can range from £850 to £1,500. A collapsed transaction costs an average of £2,700. Opting for no sale, no fee conveyancing can save buyers significant money.
  3. Peace of Mind: Knowing that legal fees are contingent on a successful completion provides peace of mind during the buying process.

In summary, whether you’re selling or buying, conveyancing plays a crucial role in ensuring a successful property transaction. Consider the advantages of instructing a conveyancer and explore no sale, no fee options to protect your interests. When selling or buying one, if not the most valuable asset, it is important to source a quality conveyancer.

If you would like to receive a no obligation quotation to buy or sell a property, please contact your local Bradleys office, or complete the online form.