Using the services of a property solicitor is important, because purchasing or selling a property is such a big commitment, and it can also be very stressful to both buyer and seller. Although doing it yourself is an option; it is better to have someone to help you during the process. There are two different kinds of professionals who can help you out with your conveyancing. You can either hire a Conveyancer or a property solicitor.
There are differences between the conveyancer and the property solicitor, so when hiring one of those make sure you chose the one who fits better for your situation.
The property solicitor is a qualified lawyer with a vast knowledge and experience, who can offer full legal services; he or she must be a member of the Birmingham Law Society. Some of the property solicitors, usually the big companies, hire Conveyancers to do their conveyancing.
However, keep in mind that property solicitors are more expensive than Conveyancers.
They have less legal knowledge comparing to property solicitors, but they are more specialised in the property managing segment. When choosing one, make sure he or she is a member of the Council For Licensed Conveyancers.
Benefits of Hiring a Property Solicitor
Having a professional doing all the legal documentations, and fees and inspections, that have to be done to complete a conveyancing transaction is already a great benefit for itself. However, sometimes you most likely be facing difficulties in some operations, or maybe a lease extension could be part of the purchase; perhaps there’s a dispute over the limits of the property, or even sellers using more than one property solicitor.
Those are all things that could be part of your conveyancing experience, and having a property solicitor is the best call, they are more legally prepared to deal with all of the cases above and others you could come across. If there are any issues outside the property law, they would be ready to deal with it.
Finding a Solicitor is not hard; you may find them at the Birmingham Law Society’s website (birminghamlawsociety.co.uk). However, the site does not give you enough background about the Solicitors. There are also plenty of other web pages which can find and compare Solicitor’s quotes for you, but their services may not free.
The most recommended option to find good property solicitors is talking to other people. Neighbours, family members, friends, anyone you might know who have already used a property solicitors services.
You can find free quotations from online sites, but it is not likely contain exact costs. The services are based on the sales price, usually 1% to 3% of the sale plus 20% VAT.
A small research was done with a random Conveyancing Company, and supposed you are selling or purchasing a property for £256,000; this is your estimated cost:
The Solicitor fee would be around £429.00, acting for mortgage lender fee of £60.00, and a VAT of £97.80. A total sale conveyancing fee (Incl VAT) of £586.80, which is approximately %0.43 of the property selling price.
The purchase Solicitor fee of may reach up to £1,182.00, acting for mortgage lender fee of £60.00, and a VAT of £248.40. A total Purchase Conveyancing fee (Incl VAT) of £1,490.40, which is something around %1.7 of the property-buying price.
Keep in mind this quote is only an example, and the numbers here displayed do not reflect what is out there; it could be more than less than that. Make sure you do a proper research before choosing your property solicitor.
Also, making sure you are up to date with the news about Birmingham houses prices, the average homes prices for B17 8 area have risen a lot in the last 20 years. Houses bought in 1995 for £45,000, for example, are now worth approximately £285,000. Whether you are selling or buying, the best is to search a lot about the area before getting anything done.