Solicitors For First Time Property Buyers
Since the act of buying a home is intertwined with enough red tape. All parties involved in the transactions that in most instances are three (the buyer, the selling party and the mortgage financier).
You are all asked to work with either licensed conveyancers or conveyancing solicitors to handle the legal work.
As the buying party, you will be paying for two. As you pay your mortgage fees, you will also be required to pay for the financier’s legal fees. That said, however; if you wish to cut down costs, your appointed solicitor can represent you (the buyer) and your mortgage financier.
Besides there are several mortgage deals that distributed having the legal fees paid. To locate a reputable solicitor; ask around for a good, well-known, referral lawyer. Alternatively, you can visit the Law Society database and select a locally based conveyancing residential solicitor and telephone their firms asking for quotes.
Kindly note that typical costs for legal fees can range in between £500 and £1000. That said, you should cautiously choose a conveyancing solicitor to work with since quality lawyers are worth their weight in gold, and they may take away weeks of the home purchase process.
What are The Undertakings Of A Solicitor?
Primarily, your, appointed solicitor acts as a go-between through all contracts and transactions passes. Such property legal ownership transfer, money transfers and dealing with the side representing the seller.
Appointed solicitors conduct a number of properties related searches including:
- Checking the drainage provision
- Inquiring whether there are any issues found and worked on to eliminate them.
- Conducting necessary searches to find out whether there are certain planned major developments that may affect the property
- Ensuring that consents for requisite building are set up in place
In addition; should the property be a leasehold, your appointed solicitor engages the leaseholder. A situation that will add a bit of time and more money into the process.
Who Is a Licensed Conveyancer?
The legal process invoking the transfer of property ownership from one individual to another refers to as the conveyancing process. As a matter of fact, anybody can undertake the conveyancing process. However, a majority of property buyers and seller’s leave the process to be undertaken by professionals due to its difficulty.
A licensed conveyancer is a trained individual and wholly qualified as a specialist in many aspects of the law that deal with property. Their experience, expertise in this sector and your peace of mind are the things that you pay.
Home Information Packs (HIPS)
The government began the introduction of HIPS in England and Wales back in August 2007. The introduction of HIPs was to make the Buy and sell process quicker, simpler and easier to understand.
The sale party issues HIPS to the buyer free of charge. They carry important information regarding the property on sale. They provide info such as:
- Sale Statement
- Evidence of title
- Energy Performance Certificate
- Standard Searches
It also contains additional info detailing whether the property is a leasehold or freehold property.
Theoretically speaking; HIPS was created to reduce the fees charged by solicitors since it minimizes the number of searches undertaken by the side representing the buyer. Practically, however; the mortgage financier foresees potential problems by allowing the seller to conduct the search and mortgage lender demand that the solicitor representing the buyer undertake all necessary searches.
Only time will tell whether HIPS will prove to be effective, is when the government registers that their introduction has helped ease the conveyancing process.
Property Solicitor Quotes For First Time Buyers
Our site provides solicitors for first time property buyers quotes instantly. If you need professional legal help and want to save money, using our quotation form is the best way to do both. Take a couple of minutes of your time, and we will do the rest for you.