In the simplest words, conveyancing refers to the legal transfer of a property from one owner to another. Online conveyancing works exactly the same way; the only difference is that the whole process happens online or over the phone and not face-to-face.
This can prove to be advantageous for you, especially as the ongoing pandemic shows no signs of slowing down any time soon. New lockdowns are placed and people are still advised to stay at home as much as possible.
If you are moving home, buying or selling a house, or remortgaging a property, understanding your options will help you throughout the process. To give you a headstart, the sections below will give you a quick introduction to online conveyancing.
What is Online Conveyancing?
Just like traditional conveyancing, this helps you with all the legal aspects and paperwork you need to cover in the process of buying or selling a property. Your online conveyancer will carry out local and property searches as well as draft and exchange the contract. Finally, he or she schedules a date for completion and works out all the remaining requirements before transferring the legal ownership of a property to the buyer.
However, keep in mind that throughout the process, you will not meet with your solicitor face to face. All dialogues happen online or over the phone.
Some of the biggest advantages of partnering with online conveyancers are that they usually offer cheaper prices and that the progress is trackable.
In detail, here are five more benefits you will experience with online conveyancing:
1. Trackable Progress
As mentioned before, one of the biggest upsides of online conveyancing is that progress can be easily accessed and tracked. Since the process is carried out online, some online firms offer a complete service and provide you with your own dashboard. This is where you can track the progress of your conveyancing in real-time. On top of that, the system notifies you of any update.
2. More Affordable Rates
Online conveyancers can offer cheaper prices than traditional conveyancing. This is because they can take on a lot more cases than their traditional counterparts. All in all, this enables them to offer a cheaper quote while providing the same services.
3. ‘No Completion, No Fee’ Policy
When transactions fall through, there is a possibility of you shouldering a fee for something that did not push through. Fortunately, this is not something you need to worry about in online conveyancing. Many online conveyancers do not require you to pay any legal fees until the whole process is completed.
On that note, it is still a smart practice to review the policies before signing with an online conveyancer—this policy may not apply to some transactions.
4. Upfront and Detailed Quote
Another big advantage of online conveyancing is that you do not have to second-guess how much the whole process will cost. Before the ball starts rolling, you will already receive an upfront quote that lists down and expounds every expense. You also get an idea of how much additional services will cost if certain situations requiring them would arise.
5. Faster Transactions
Online conveyancing effectively eliminates the need for you to attend the solicitor’s office in person. This means that you save a lot of time that is otherwise spent on your commute.
Furthermore, making an appointment and exchanging documents are made quicker and easier through the use of messaging apps and email. This speeds up the whole conveyancing process.
What are the Challenges of Online Conveyancing?
While going online is meant to make things easier and more convenient for you, it is not without challenges. If you are thinking of pursuing this method, you can prepare for it better by anticipating the following hurdles:
1. Lack of Personal Touch
If you prefer online communication rather than face-to-face meetings, this will not be a problem for you. However, if you long for that personal touch that is usually provided by traditional conveyancing firms, you must prepare for yourself.
In most cases, you will not get to meet the online conveyancer you are working with in-person. You might also have to deal with a faceless team sometimes. With that said, there are some online firms out there that provide a mixture of online and personal conveyancing experience.
2. Lack of Local Office
Online conveyancers most likely do not have any local office you can visit if you want to speak to them in person. Again, this can spell a big difference especially if you are accustomed to receiving a personal and face-to-face service.
How Do You Find the Right Online Conveyancer?
The first thing that you must determine is whether or not the conveyancer you are speaking with is regulated by the Council for Licensed Conveyancers (CLC), the Solicitors Regulation Authority (SRA), or The Law Society. This holds for both online and traditional conveyancers.
Furthermore, always look for indemnity insurance. If your solicitor has updated indemnity insurance, this is a good indication that they are reliable and trustworthy.
Is Online Conveyancing the Better Choice?
Only you will be able to answer with certainty if online conveyancing is indeed right for you. With that said, there are some factors that you must consider to help you decide.
If you have a busy schedule and your days are mostly packed, going online might be the better option. It will not require you to carve out time from your hectic schedule to personally visit a solicitor’s office every time you have an enquiry.
With online conveyancing, you can track the progress of your project using your personalised dashboard. On top of that, you can simply call or email your conveyancer if you have any question and you will get a prompt reply.
If you fear that going online is not safe, look for the regulations (CLC, SRA, or the Law Society) mentioned earlier. Fully regulated conveyancers have security measures in place to reduce the risk of hackers accessing your personal information
Online conveyancing presents you with a lot of benefits. It allows you to track your progress in real-time, gives you access to cheaper prices, and provides you with an upfront quote. On top of that, this service also helps you proceed with your transactions despite the ongoing pandemic and lockdowns.
The upsides of going online are all desirable, but you must remember that you can only achieve them with the right conveyancer. If you are eyeing some conveyancers to partner with, it is best to first visit their websites and check online reviews before signing a deal. These reviews will help you find the perfect professional who can handle your property transfer best.
If you require instant online conveyancing quotes in the UK, visit our website today. We provide instant quotations using our trusted and accurate Conveyancing Fees calculator. All of our online quotes are provided by SRA Regulated Solicitors and Licensed Conveyancers across the UK.