Tuesday, January 7, 2014

Role of Solicitor in Quick Property Sales

Selling a property is a very simple process nowadays. The use of internet has made the process very quick. All that a seller needs to do is list his property on some site and the buyers will visit poster’s website to check his property, and the rest follows from there. In such quick and simple steps of selling property, solicitors or conveyancers have a very important role to play. 

Role of the Solicitor:

A solicitor can help in understanding the property reports and market data, to determine the price of the property. Although this is the job of an agent, but, most people who choose to opt for quick property sale options online, do not like to hire an agent. Such people may be unable to compare the market data. But the real work of the solicitor starts once a negotiation has been done between the buyer and the seller. 

Once they have had an oral agreement, it is then time to set it all in writing. For the conveyancing process to begin, the solicitor of both the parties needs to be informed. The seller’s solicitor obtains the title deeds and all necessary documents from the seller, or the mortgage company if the situation so requires. Once that is done, the exchange of contract is the next step. 

In case the person is selling and buying a property at the same time, the solicitor has to make sure that the exchanges of contracts take place at the same time. The solicitor is responsible for drawing up the contracts and all legal documents, and the authentication of all papers. Once the deposit amount is paid to the seller at the time of exchange of contracts, the date within which the completion of the entire process of sale is to be completed is decided by the parties via their solicitors. 

To complete the process, the remaining amount is to be paid, and stamp duty that is due to the Inland Revenue is to be sent, for the transfer of the key. The solicitor can then register this sale at the Land Registry to complete the process. 

Finding the right solicitor:

In order for the smooth and successful completion of the process of sale of a property, it is important to find the right solicitor. Not all solicitors have the expertise in matters of real estate, and that should be kept I mind. It is best to avoid the solicitor suggested by the agent, if any, as the agent will possibly suggest someone with a general skill and no special expertise in respect to property related matters, and may even look for his own commission from the solicitor, which will naturally lead to a high fee to the solicitor. 

It is a good idea to go down personally to pay visits to law forms and talk to them in this regard. It is best to visit at least three firms to get a fair idea about the whole situation. There are particular firms that concentrate only on the providing conveyancing solicitors. Sometimes, solicitors may charge very high for their service. The average fee for the general services of a conveyancing solicitor should be around 500 pounds, with the Value Added Tax included in this amount. This may vary by a little. 

However, additional cost is charged based on the extra services provided by the solicitor. It is important to understand the services of a solicitor and the services being provided, to understand whether the fee being charged is appropriate or not.

While the process of selling property is a fairly simple one where buyers visit poster’s website and proceed with the process of buying the property, conveyancing solicitors are very important in the process of completion of quick property sales. But, it is important to do some background research before hiring a solicitor.

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