“What does a conveyancing solicitor do, aside from managing contracts and overseeing the transfer of the title deeds?” If this is your train of thought, then you may not know much about the role, as there is a lot more to it than you realize.
In theory, anyone can take on the role, although DIY conveyancing is not recommended to those who know little about the legal side to buying a property. There is lots of complicated paperwork and responsibilities that the appointed conveyancer needs to understand and perform, which if not done, could spell disaster for the homeowner down the line.
When should I consult with a conveyancing lawyer?
When you have decided to buy property, once the seller has accepted your offer.
Apart from drawing up legal-binding contracts, your lawyer is there to provide you with legal advice and conduct comprehensive searches on your property and its nearby location, to reveal crucial information about your potential home. Failure to do so results in you, as the new owner, having to claim sole responsibility of problems that may arise in the future.
These include investigating future developments in the area, whether factories are in proximity to where you live that pose as a health hazard, and more.
The role of a buyer’s lawyer vs a seller’s lawyer
The buyer’s lawyer ensures the seller’s lawyer that upon receipt of the purchase price, the property is transferred and all previous rights of the buyers are now null and void. At the same time, the buyer’s lawyer needs to promise the seller’s legal team that the mortgage is paid off, as well as the bank from whom the buyer took the loan.
The conveyancing lawyer for the buyer oversees the transaction of the purchase price, ensuring that these funds cannot be reversed.
Choosing your lawyer
Buying a house is likely one of the most significant commitments and largest financial transactions that you will ever make, so you need to hire the right lawyer.
If you are a first-time homeowner, you will have a lot of questions which a professional legal aid specialized in commercial and property law can answer.
If you are in the market for a lawyer, be sure to shop around; get and compare quotes. Opting for the cheapest quote is not advised: consider why their services are on the lower range, they might not be very good or lack experience.
Remember, you use a lawyer’s services to do the things you do not want to or cannot comprehend yourself. Meaning, it is essential that your legal expert conducts research, so that you do not have to. If you find you are doing this yourself, then you are not being adequately represented nor are you getting your money’s worth.
Communication is also crucial – if your lawyer is not providing you with frequent updates or answering your questions, then he or she is not doing their job correctly.
Buying property is a great personal achievement but can be stressful. Make sure that you are in the right hands with a legal team you can trust.