Conveyancing - what you need to know
19th July 2007
Most people buying property do not choose to do their own conveyancing, but pay a solicitor to do this for them. As a developer, there may be other areas where you would want legal advice as well (e.g. terms of leases).
Personal recommendation is the key to finding a quality solicitor. Ask friends, associates and anyone connected with law. Remember that conveyancing is most often done at a distance - so it doesn't matter if the solicitor isn't local to your property.
Cheapest is not always the best. It is worth spending more if you can find a lawyer who is both quick and efficient. The cost of a deal falling through, bad or slow legal advice is much greater than the extra cost of hiring a quick and efficient solicitor. Taking the cheaper option in the short term can wind up costing you a lot more money down the line.
Expect to pay approximately 0.5% of the property price for a London solicitor and slightly less for a quality regional solicitor. Generally, London solicitors are faster and work longer hours than regional ones. However, this does vary, so check.
If absolutely necessary, a top lawyer should be able to conduct searches on a property by hand and exchange contracts within two hours of the vendor accepting the buyer's offer. Consider this when discussing turnaround times with your solicitor.
A licensed conveyancer differs from a solicitor in that their area of expertise is restricted to house-buying. Their fees are broadly the same. Whilst you may prefer to employ someone with such specialist knowledge, do bear in mind that it may pay you in the long run to build up a good relationship with a firm of solicitors who can offer advice on a wider range of issues, such as the drawing up of wills.
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