Conveyancing in London can be quite expensive. Buying and selling property will not only cost you your savings and money, but also your time, your emotional and physical strength, and, sometimes, your patience and positivity.
Despite the strong UK corporate law that protects property buyers and sellers alike, the property transfer process might still seem intimidating to first-time buyers.
If you are among the first timers in the London conveyancing scene, it doesn’t hurt to do your homework and research about what to expect during the months when you’ll be undergoing the process.
Setting Expectations: Preventive Measures to Possible Setbacks while Conveyancing in London
We listed below possible setbacks that you might encounter while transferring or receiving ownership of a property in London. We also included preventive actions to help you avoid these bumps in the roads, as well as solutions in case these potholes are unavoidable.
When it comes to property, applying extra effort in preparation can come a long way.
Setback #1: You cannot find the right conveyancer for you
One of the first things you have to secure when acquiring or transferring properties is conveyancer. The name of your conveyancer or property solicitor is the first thing you’ll be asked to supply when you put up an offer for a property. It’s important to choose your solicitor or conveyancer carefully because they’ll be tasked with your contracts, dealing with Land Registry, funds transfer, and legal advice.
The number of corporate lawyers in London that offer conveyancing services may seem too overwhelming, especially if it’s your first time. Don’t worry, however, you can narrow your choices down by asking for recommendations from your friends and family, or consulting with your lender, mortgage broker. You may also consider online conveyancing, which is a growing area when it comes to property. It is also a cheaper option. Remember, however, that trust is an important aspect of conveyancing, so choose your options carefully.
Another preventive measure in ensuring the quality of service of your chosen conveyancer, make sure that they are members of the Council of Licensed Conveyancers; solicitors must be members of the Law Society of England and Wales or Law Society of Scotland, and also of the Law Society’s Conveyancing Quality Scheme. These checks can assure you that you’re getting the right service when conveyancing in London.
Setback #2: Uncommunicative Conveyancers
Having a solicitor or conveyancer who is uncommunicative or hard to reach can be stressful. As a client, you’d expect him or her to always be within reach and available for consultation, questions, or request for updates. To avoid these, it is important to lay down or level expectations between you, the client, and your conveyancer, the service provider.
Here are some items you may discuss with your conveyancer:
• The best ways and times to reach them (Is it through email or mobile? Can you call them at night?)
• If they have a system that helps you track the progress of your purchase
• If they have vacations planned during the times they’ll be needed
• More importantly, who will step in if they are sick or unavailable for long periods of time
These are rules or guides that should be set down with London corporate lawyers importantly to make sure that you get the best service through the whole conveyance process.
Setback #3: Seller dropping out
Although rare, there are cases when sellers suddenly back out from the transaction. The reasons vary: they changed their minds, or they received a higher offer for the property. While this can be unavoidable and unprecedented, you may discuss with your seller the possibility of securing a portion of your legal fees to compensate for your inconvenience.
Although the UK corporate law does not obligate them, you can still discuss these terms with the seller before you transact.
Setbacks when it comes to legal processes like conveyancing in London can be unprecedented and unavoidable. However, it pays to make preparations and set up measures to protect your interests and needs early on. Your future self will thank you.