Property solicitors, also known as Conveyancers, manage the conveyancing process for the purchase or sale of a property. It is not obligatory to user a property solicitor, when making a purchase or sale of a property. Therefore, many people decide that not using a property lawyer could prove cheaper. However, there are many advantages to using a solicitor. In fact, for people who do not understand property law, it may just cost them more, if they venture into the darkness alone and unsupported.
Property lawyers, act on behalf of the buyer or seller that hires them. They can perform several tasks on behalf of their client. These tasks include drawing up and assessing contracts. Property lawyers can also take part in conducting local searches and dealing with the Land Registry of a property. They can manage the stamp duty charges and payments. They can also manage the collection and transfer of funds as well as provide legal advice and recommendations.
There are different ways in which lawyers charge their clients. Some simply charge a fixed fee and therefore the client knows where they stand financially. However, other charge a fee based on a percentage on the value of the concerned property. Extra fees may also turn up to cover the cost of paperwork or specific complicated work that requires more detailed attention and time than expected by the lawyer.
Because of the different methods of payment, buyers and sellers alike are advised to research prices and get at least 3 different quotes, before selecting a lawyer. In addition to the varied methods of charging clients, the fees can also be diverse; ranging from 500 UK pounds to 1500 UK pounds. In addition to the fees of the lawyer, clients will also be charged for any costs incurred by the lawyer when acting on their client's behalf. These costs could include postage costs and VAT and are referred to as disbursements.
Solicitors can be involved in a range of activities ranging from obtaining the deeds to a bought property, to preparing and sending legal information and contracts for sales. Settlement figures for a mortgage or housing loan can also be requested. The solicitor will also liaise with any relevant parties so as to negotiate for a date of moving, also known as the completion phase. The property lawyer is also involved in the exchange of contracts. They receive the deposit as a down-payment and make the transfer to the seller. They also organise final accounts and prepare a final settlement for the approval of the client. Even after completion, the solicitor is involved. They pay off the mortgage and notify HM Lan Registry. And finally, they hand over deed and any balance of money to their client.
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