Conveyancing is a legal process of transferring the ownership of the property from one person to another. Though the concept of conveyancing is quite simple but the fact that it is a legal process does create a lot of complexities. A person can carry out the process of conveyancing himself or can hire some property solicitors to do the job, knowing that their fees can be very high. The reason why many people prefer property solicitors for conveyancing procedure is their competency and efficiency with which they complete the job. Hence for well-organized work and to save both money and time, taking the services of property solicitors is a better option.
The conveyancing transaction comprises three stages – before completion, before contract and after completion. The buyer must ensure that he obtains a good identification to the land through property solicitors. This implies that he needs to make certain that the seller is the primary owner of the land and that he has the power to sell it with no re-sale problems arising at a later stage. The process of conveyancing certifies that the buyer of the property gets a good identification along with all the rights of the property.
In many countries conveyancing is done with the assistance of a licensed conveyancing solicitor or conveyancing property solicitors. The conveyancing fee quoted by the property solicitors is based on the kind of property. After accessing the location, they may present their conveyancing fees. Generally they quote their fees considering the usual process that both the buyer and seller settle on a price and the support they give to the buyer in organizing the survey to execute the pre-contract searches. The time the conveyancing transaction may take depends upon certain factors such as personal, legal, social and even financial. Since there is no official binding agreement between both the parties, either of them can choose to come out of the conveyancing transaction prior to the exchange of the agreement.
Since it is known that the conveyancing fees quoted by the property solicitors depend upon the type of property, this property can be of three kinds; leasehold property, freehold property or unregistered property. Freehold property implies that the owner of the property has complete authority over his land. In such a case, if he sells his land to someone, no problems will crop up at a later stage regarding the sale of property. It means property solicitors have fewer work to do and hence less conveyancing fees for the client.
Leasehold property implies that the owner owns the land for only a certain period of time known as ‘lease period’. Once this time is over, his rights automatically transfer to the original owner. In such a case, if one purchases such a land, he needs to be attentive of the lease period. Hence more work is required on the part of property solicitors, thus more conveyancing fees for the client.
In the case of unregistered property, which is not registered with the local authorities, one can face problems later if he tries to sell the land. Hence the property solicitors are required to carry out a wide scale of searches and it could cost those more. As a result, conveyancing fees are maximum here.
