What is a conveyancer, and how much should you expect to pay? These are questions you may be asking yourself as you prepare to set foot on the property ladder. Stephen Ward, Director of Strategy and External Relations at the Council for Licensed Conveyancers explains
Saving for a deposit can be difficult enough without factoring in other costs, so it can be tempting just to go with the cheapest quote.
Fees vary, with recent research revealing disparities of up to 150% or more, for example, from £1,200 to £3,000-plus for a straightforward purchase under £300,000.
However, it is vital that the legal work required when buying a house is carried out properly to make sure that you know everything you should about what’s likely to be the most expensive purchase of your life.
What does a conveyancer do?
Conveyancing refers to the process of transferring the ownership of a property from one party to another, ensuring that all documentation, contracts and financial arrangements are in order.
The role of a conveyancer is to protect both your interests and those of the bank or building society providing your mortgage.
They should keep you updated and liaise with third parties, such as the estate agent, HM Land Registry and the seller’s conveyancer, so the transaction progresses as smoothly and swiftly as possible.
Your conveyancers will also point out to you any risks or drawbacks with the home that you are intending to buy, so that you can make a fully informed decision before finally committing to the deal.
Conveyancers carry out essential searches which typically include:
- Local authority searches to identify, for example, any restrictions or issues with planning
- Environmental searches to check for risks such as a history of flooding or contaminated land
- Land Registry searches to ensure that the title deeds are accurate and are up to date.
If you are buying a leasehold property, the conveyancer will make sure you understand and are willing to accept the terms of that lease and ongoing costs associated with leasehold properties.
Conveyancers will also arrange payment of your Stamp Duty Land Tax (SDLT) – for first time buyers this currently only applies to property purchases over £300,000 (so if the price is £310,000, you would pay SDLT on £10,000).
What does being licensed mean?
Licensed conveyancers are specialist property lawyers who are regulated by the CLC and who are experts in conveyancing.
To qualify as a CLC-licensed conveyancer, individuals must complete two diplomas – which take a minimum of 18 months – and at least 1,200 hours of practical experience in a law firm or similar environment, in order to become fully qualified property lawyers.
Individuals who are regulated by the CLC must renew their licence to practice annually, which requires them to keep their professional skills and knowledge up to date.
Crucially, if your conveyancer is licensed then it means you will also be protected in the unfortunate event that their actions result in you suffering any financial losses.
Choosing the right conveyancer
When instructing a conveyancer, it’s important to do your homework to find the right one.
Shop around for quotes from practices that have experience in handling similar properties and ask each one for a breakdown of costs as well as information on any potential additional charges upfront. Any reputable practice should be happy to provide this.
Ask family and friends for their recommendations and check out what previous clients have said about providers on sites such as Trustpilot and ReallyMoving.com.
Practices regulated by the CLC should have our secure badge displayed in a prominent position on their website which, when clicked on, will direct you to their profile on the website of the CLC.
For more information, including a list of CLC-regulated conveyancers, visit our website at clc-uk.org
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.
