The process of buying or selling a property can be quite a complicated and time-consuming endeavour. It involves a lot of moving pieces as well as a lot of people involved in the process. This begs the question, “At what point do you need to hire the services of conveyancing solicitors?” Let’s break down the nitty-gritty on the conveyancing process and determine the exact moment where conveyancers enter the property buying/selling arena.
Conveyancing Process Explained
Conveyancing is the process of legally transferring property ownership from a seller to a buyer. This is usually done by licensed conveyancing agents or conveyancing solicitors that conduct the process for both parties. If you want to understand how conveyancing works, you need to look at what happens on both sides of the transaction: the buyer’s and seller’s perspectives during the process.
For sellers, the conveyancing process starts as soon as they put their property on the market. Once the seller has put up their property in a real estate listing, a solicitor’s duties already begin. However, the seller could also opt to start the process once a buyer has made an offer.
For buyers, the conveyancing process starts the moment they decide to buy a property. However, similar to the seller, the process can be delayed and could start after they’ve made an offer to buy a particular property. At whichever point the buyer or the seller decides to hire and instruct a solicitor, they need to consider the time it takes to complete the entire transaction. Remember, property selling involves a lot of stages that depend on their solicitors’ and agents’ involvement.
Since both buyers and sellers have some flexibility on when they can hire a conveyancing solicitor, the question remains unanswered. Does a buyer or seller need a conveyancer before making or accepting an offer? And if yes, why?
Hiring a Conveyancer Before Making an Offer (For Buyers)
For buyers, the answer is pretty straightforward; yes, you need to hire a conveyancer before making an offer to buy a house. In fact, it would probably be better to have a conveyancer working with you even before you have found the home you wanted to buy.
There are several reasons why this is the more optimal choice, one of which is that a conveyancer can advise you on things that a real estate agent may overlook. Remember, when you’re working with conveyancing agents and solicitors, you have access to their unique legal perspective that no agent or broker can provide. Your conveyancing solicitor can easily look for any loopholes in the legal documents and ensure that you’re making an informed decision before making any offers. Here are a few more reasons why you should hire a conveyancer as soon as possible:
They Can Speed Up the Buying Process - The buying process on its own is a lengthy and daunting process even without a conveyancer involved. If you want to lessen the stress of buying and just make things go a lot smoother, you’ll need the help of a reliable conveyancer. By working with your conveyancer during the early stages of the buying process, they can do research and draft contracts quicker, allowing you to buy the property in as little time as possible.
You’ll Have an Edge Over Other Buyers - When you find the dream home or property you want to buy, there will always be other interested parties that will be competing with you to buy the property. Working with a conveyancing solicitor will not only give you an edge over the other buyers, but it will also show just how committed you are to buying the property. The seller will recognize this and will be more inclined to accept your offer compared to the other buyers who don’t have a conveyancer to back them up.
More Time to Cross-Reference Legal Documents - The work of a conveyancer mainly focuses on the legal aspect of the transaction of buying and selling houses. If you’re a buyer unfamiliar with that aspect, your conveyancer is there to fill you in and help you make sense of all the legal concepts you might encounter. Your conveyancer will also process all the paperwork and cross-reference the identity of the seller as well as draft contracts and negotiations. When it’s finally time to make an offer, they will also oversee the exchange of contracts with the seller’s conveyancer.
Hiring a Conveyancer Before Accepting an Offer (For Sellers)
If you’re a seller, you will also benefit more from hiring a conveyancer early on in the process. Once you’ve put your property on the market, you should hire a conveyancer right after you hire a real estate agent to manage your listing. This is actually a crucial step that a lot of sellers tend to forget or just neglect outright. While there are conveyancing fees and costs involving hiring a solicitor, they are a necessary expense. Here’s what you get when you hire a conveyancer before accepting any offers:
Speeding Up the Selling Process - Many people think that conveyancers slow the process down since you’re involving another middle man in the transaction. The truth is, the process of buying and selling properties is quite long regardless of who is involved in it. Conveyancers actually speed up the process because they are already used to it. They can help you when accepting offers and ensure that you are armed with all the necessary information to drive the sale of your property.
Making Sure the Deal Pushes Through - Don’t expect the first offer you receive to be successful. It’s still very much likely to fall through due to a number of reasons. Since the process is long and tiring for both parties, there’s the possibility of the buyer changing their mind and backing out of the deal. It is the job of a conveyancing solicitor to help you start the process as soon as you accept an offer from a buyer. They can make sure that all contracts are understood and signed and keep everything professional and smooth-sailing. This saves time and helps you reduce the chances of the sale falling through.
The legal process of buying or selling land known as conveyancing is what separates the property market from other industries. It is an essential part of any real estate transaction, making sure that both the buyers and sellers are satisfied with the deal they initiated. For both buyers and sellers, it’s important to know when to seek the services of a licensed conveyancer and instruct them in initiating the process. This guide serves to answer the question of when’s the right time to hire a professional and let them oversee the deal for you.
If you’re planning to make a worthwhile investment by buying or selling a property, work with fully regulated conveyancing professionals. We at Conveyancing Calculator can help you with that. We offer instant online conveyancing quotes as well as help you find a reliable solicitor to work with. Our conveyancing solicitors are always happy to provide assistance when you need them. Contact us today to get a quote and find a solicitor you can trust!