Buying your first property can be an exciting and daunting experience. It is likely to be the biggest and most important purchase that you will make in your lifetime, so it is vital that you get the best legal support during the often-lengthy transaction.
Sometimes, it can be easier second time around as you will understand the process a bit better, and may already know of a trusted conveyancing solicitor that you are happy to use again.
Whether you are buying, selling, re-mortgaging or transferring a property, one of the first things you need to do is research conveyancing solicitors.
My eldest son and his partner have just put in an offer on their first home. Of course, they wanted to do it all themselves but, after being let down by a mortgage broker, they came to us to ask for advice.
Recommendations, reviews & estimates
As with any purchase, it is important to get recommendations, seek out reviews and obtain estimates of costs. The internet makes research so much easier. We used a three-step method to find a conveyancing solicitor.
First, we asked on our social media if anyone could recommend a solicitor that they had used recently. You will hopefully notice that they same company names come up again and again. We had two names from this search, and one recommendation from a work colleague, so now we had narrowed it down to three fairly quickly. Next, we researched reviews for these three companies looking at their websites, Google and TrustPilot.
And finally, we emailed the three companies asking for a quote for first-time buyers for the house purchase price. We would base our decision not only on price but on their efficiency and speed at dealing with our queries.
Comparing quotes for conveyancing solicitors
This is where it got a bit tricky, as all the quotes were laid out differently so it did take a few emails back and forth to find out what was included in their quote and what wasn’t. This in itself was a useful exercise to see how well they responded.
Most solicitor’s estimates might include:
- Their legal fee.
- Search fees.
- Telegraphic Transfer fee.
- Bankruptcy Search fee.
- Money Laundering ID verification.
- Stamp Duty Land Tax Return.
- VAT
You might also see additional fees such as:
- Help to Buy Loan fees.
- Help to Buy ISA bonus fees.
- Dealing with other solicitors concerning matrimonial fees.
- Issuing a Deed/Declaration of Trust for varying shares in the property.
- Fees for dealing with leasehold or managed freehold properties.
- Dealing with unregistered titles.
Although most solicitors will be keen to state that these are only estimates, you can at least find out what fees are expected for your circumstances. One company quote came in over £500 more until we found out that many of the fees didn’t apply to us. Some will offer a fixed quote, and some will even offer no fee due if the exchange doesn’t complete.
Hiring a conveyancing solicitor
Thankfully, it’s been a long time since I’ve had to move home as it was extremely stressful on both occasions. However, thanks to technology coming on in leaps and bounds since then, it can be a far more straightforward process nowadays. So much can be done online and there is often no need to even meet face to face with your solicitor. You don’t even have to hire one from the same town. You might live in the south of England but could have your conveyancing in Manchester.
Once you have found and appointed your conveyancing solicitor, you can pass their details on to the estate agent and your mortgage lender, and hopefully sit back and let them deal with the stress for you.
Happy homebuying!