Why am I being asked for a conveyancer whilst buying or selling my home?

Alright, let’s demystify conveyancing. Whether you’re buying or selling property, you’ve probably heard this term tossed around, but what’s it really about? We’re here to break it down for you in simple terms, so you can navigate your property journey like a pro.

So, What’s Conveyancing?

Think of conveyancing as the legal behind-the-scenes action when buying or selling a home. It kicks off when your offer gets the green light and wraps up when you finally get the keys to your new place. This process ensures everything’s legit and that both sides are covered legally.

A conveyancer—either a solicitor or a licensed conveyancer—handles the heavy lifting for you. Here’s what they do:

• Property Searches: They dig into the property’s background to spot any red flags, like planning issues, flood risks, or legal restrictions.

• Managing Contracts: They craft, review, and tweak the sale contract so that all terms are fair and square.

• Handling Finances: They manage the money side of things, from deposits to final payments, and deal with Stamp Duty Land Tax (SDLT) if needed.

• Ensuring Legal Compliance: They make sure all the legal boxes are ticked, including transferring the title deeds and registering the property with the Land Registry.

Why Do You Need a Conveyancer?

Navigating property transactions is like walking a legal tightrope—one misstep and things can go sideways. Here’s why having a conveyancer in your corner is crucial:

• Legal Protection: They ensure everything’s legally sound, protecting you from risks like unpaid local taxes or restrictive covenants that could mess with your plans.

• Thorough Property Searches: They check for issues that could affect your purchase decision, such as flood risks or future developments that might impact your enjoyment of the property.

• Contract Expertise: They’ll scrutinise the sale contract to make sure it’s fair and includes any necessary escape clauses (like if you can’t secure a mortgage).

• Smooth Financial Transactions: Handling large sums of money securely is essential. Conveyancers ensure all payments are made correctly and on time, including Stamp Duty.

• Land Registry Compliance: After the sale, they register the property in your name, making sure your ownership is officially recognised.

Do You Always Need a Conveyancer?

While it is technically possible to do your own conveyancing, the risks of making a mistake are high, and even a small error can have significant consequences, such as delays, additional costs, or even the collapse of the sale.

Moreover, many mortgage lenders require you to use a professional conveyancer as part of the loan agreement. This is because lenders want to ensure that the property is legally sound and free from issues that could affect its value or marketability. Without a conveyancer, you might find it challenging to get your mortgage approved.

Additionally, conveyancers provide essential liability cover. If an error occurs during the transaction, such as a missed legal obligation or an unreported defect in the property, the conveyancer’s insurance will typically cover any resulting financial loss. Without this protection, you could be personally liable for any mistakes, which could be costly and stressful.