Hayley Hellon Feb, 2021
They say it’s always good to have some basic research done before spending money on anything. Let’s take buying tyres for our car as an example. If we were to act as diligent buyers, we would read up about different types, brands and materials of tyres. Price comparison would probably feature prominently in that process, too. Once that’s said and done, you are most likely to end up at a tyre shop with a 4.5+ google review, and you’d ask a rep at the store for the exact tyre brand and model you’d narrowed down. A good salesman at the shop asks you “whether you need a soft compound or hard compound tyre?” You are stunned because that’s something you didn’t research, because, well...you are not a tyre expert.
Forgive this tyre buying process as a bit of a stretched example, but you get the point. You can never completely differentiate when it comes to something you don’t have expertise in. However, you can narrow down what’s important with some light digging. Conveyancing fees, in this case, are something you should pay close attention to, as you might end up paying more than what’s fair. As in many industry-specific processes, conveyancing consists of different phases, which require payment in many cases. If we divide the whole conveyancing process into different parts for better analysis, it would look something like this:
A detailed look at this process will help you understand the different verticals of the actual conveyancing process: Legal, Paralegal, Accounts and Completion tasks. Although the fee structure would not be vastly different, the amount of resources spread across these four stages will have a high impact on the fees.
Even though good things are worth the wait, “the waiting period” can sometimes be unreasonably long...and exhausting. Buying a new home or selling a home for better plans is one of the special moments in your life. The last thing you want is a delay. In a perfect world, we would just pay the agreed upon price and move in. But since everything has a procedure to follow (this is the UK after all!) every buyer or seller needs to wait until the conveyancing process is complete. Essentially, this is a checklist combined with few forms being filled out to get the sale finalised and officiated. Even though it sounds like a standard procedure, the duration to complete this could vary depending on a lot of factors such as the firm’s working style and the individual’s capability to get things done quickly.
No matter how deep we read and try to understand a process, there’s nothing more enlightening than first hand experience. Especially when it comes to something as complex as conveyancing, ideally we would need someone good at it by our side so that the whole process is not another roadblock on the path to owning a new house. You should expect the firm you task with conveyancing to function as a well oiled machine. Human error, or efficiency, come into play, where tasks need to be done exactly right. A rejected conveyancing form can be a headache that stretches out the home buying/selling process. and operating parallely, with a predetermined turn around time and workflow.
There are firms who still follow the old methods, which have comparatively less efficient output, and there are firms who have already evolved into the “smart working class” by using the latest technology. The net result is that the average process completion time is reduced and quality improves.
Matthew MarkhamFeb, 2021
Conveyancing is the legal process involved with buying and selling tangible property, such as residential real estate or land. It involves a number of different aspects, includingRead Article