Duncan Horton, Shared Ownership Manager, and Bill Dhariwal, Solicitor and Director, at Lawcomm Solicitors, share insights into the questions first time buyers should pose to a conveyancer before embarking on the conveyancing process.
Challenges for First Time Buyers
For first time buyers, the property purchase journey can be daunting and confusing, especially when dealing with new builds or shared ownership properties. This involves navigating various Government schemes, financing options, and tight deadlines.
The Conveyancing Process
One crucial aspect for first time buyers is obtaining a quote from a solicitor, responsible for completing the legal aspects of property purchase, known as conveyancing. This legal process, whether handled by a conveyancing solicitor, legal executive, or licensed conveyancer, aims to register the first time buyer as the legal owner of their new home.
Understanding the Conveyancing Quote
The conveyancing quote outlines the legal fees and expenses associated with the conveyancing process. First time buyers must be vigilant when considering these quotes.
What is the Difference Between a Conveyancing Quote and an Estimate?
Understanding the distinction between a quote and an estimate is vital. A quote is tailored to a specific client, with the solicitor adhering to agreed costings. Conversely, an estimate is an approximation, subject to potential increases based on the complexity of the transaction.
Information Required for a Conveyancing Quote
To receive a conveyancing quote, information about the property, such as its freehold or leasehold status, whether it is new build or shared ownership, and the purchase price, is essential. Most firms, including Lawcomm, offer a conveyancing quote section on their websites.
Disbursements: Additional Expenses
Apart from solicitor fees, the conveyancing quote details disbursements or additional expenses. These may include search fees, bank fees, anti-money laundering fees, bankruptcy searches, Land Registry fees, and Stamp Duty.
Comparing Conveyancing Quotes
Comparing conveyancing quotes requires careful consideration. First time buyers should focus on final costs, experience, and recommendations. Checking for hidden fees and understanding the small print is crucial for budgeting.
Benefits of a “No Move No Fee” Policy
Lawcomm Solicitors offer a “no move no fee policy,” ensuring that if a transaction doesn’t complete, first time buyers won’t be charged for legal fees, only for incurred expenses. This policy, though not universal, is a significant advantage.
Validity and Expiry of Conveyancing Quotes
Most conveyancing quotes remain valid for 30 days. First time buyers can request extensions and should obtain new quotes if property details change.
Conclusion
In conclusion, the information provided aims to assist first time buyers in requesting and evaluating conveyancing quotes. Bill Dhariwal (Solicitor and Director) and Duncan Horton (Shared Ownership Manager) are available at Lawcomm Solicitors for free conveyancing estimates.
For a free conveyancing estimate, visit Lawcomm Solicitors’ website or contact them at 01489 864 100 or via email at advice@lawcomm.co.uk.
Read the full magazine for comprehensive insights into first time home buying at First Time Buyer Magazine.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
