Why You Should Avoid Cheap Conveyancing
Buying or selling property is one of the biggest financial decisions any current or prospective homeowner will make in their lifetime. When sourcing a conveyancing solicitor in Ipswich, it’s best not to look for the cheapest option on any necessary legal advice. In this article, we’ll outline the advantages of working with a conveyancer who is moderately priced compared with a cheap no frills conveyancer.
What is Conveyancing?
Conveyancing refers to the process of transferring property ownership from one person to another under a legally binding contract. Though you can complete the conveyancing process yourself, you should always collaborate with a conveyancer with the insurance to protect you against any wrong moves.
The Benefits of Working with a Conveyancer
While it isn’t necessary to seek the services of a conveyancer to complete the sale or purchase of a specific property, doing so can keep you correctly informed at all times and less at risk of making costly mistakes. With a conveyancer on your side, you can more easily:
- Review and draft contracts
- Prepare the right documentation
- Research the property, additional information, and conduct searches to ensure there are no existing issues
- Place your deposit in the right account
- Calculate rates and taxes more accurately
- Provide funds and release mortgages
- Conduct the settlement
- Represent your true interests
Without the help of solicitors, you’ll be held legally responsible for any wrong doings that take place.
The Process of Conveyancing
Conveyancing usually occurs in five straightforward steps.
1. Searching for a Property
When selecting a property, thoroughly inspect it and take note of any existing issues before making an offer and negotiating as needed.
2. Drawing Up a Contract
Your real estate agent will be responsible for this step. Carefully consider the contract before signing it and take the five-day cool-off period afterward to decide whether or not you want to move forward with it. Take note of a termination penalty after these five business days.
3. Other Tasks Before Completion
Before completion, conduct further searches, get your finances in order, and prepare all necessary transfer documents to be delivered to the seller or buyer. After this, the contract is stamped.
If the search results are satisfactory and no extra steps need to be taken, the buyer will pay the balance of the purchase price to the seller. The seller will then hand over the transfer documents along with keys to the property and other registration.
5. After Completion
Once the buyer is the legal owner of the title, the change of ownership is delivered to relevant government departments.
Cheap Conveyancing: Getting What You Pay For
When it comes to conveyancing in Ipswich, high property fees can make reduced legal fees tempting. However, this will usually mean skipping out on important searches, conducting certain steps yourself without guidance, or omitting a few tasks altogether for lack of qualified staff. If any errors take place, you’re at greater risk of being terminated or being sued for unknowingly performing a breach.
No two conveyancing transactions are ever the same, thus, working with a qualified expert can help you avoid an array of legal issues. An undoubtedly important decision, selling or purchasing a home will never come cheap, to begin with. If you’re seeking the help of an Ipswich commercial conveyancing lawyer, you’ve come to the right place. At Springfield Legal, we make it a point to explain your legal rights and make the buying and selling process as streamlined as possible.