Technically, a definition of conveyance can refer to two separate things.
Conveyance is the act of transferring ownership from one party to another. Ie, ‘I need to pay for my Conveyance’.
Conveyance is also the written record of that transaction, forming a legal document and part of the deeds. Ie, ‘Please see attached the conveyance and what it refers to therein’.
Both refer to the transaction of property, either current or in the past but to define conveyance, we must enter into the process slightly. When an amendment to property was completed in the past, a written record was made, this took many forms depending on the amendments made to that deed (now known as the register of a title) and the most common was a conveyance of a property sale.
All deeds are now dematerialized and are no longer in use unless the property is unregistered, which is becoming increasingly rare. All originals were usually held either by the Mortgage company who held a charge over the property (thus, protecting their interest further as you could not sell without your deeds) or the property owner themselves. These days, the best place to obtain this information is directly from the land registry, which should hold electronic copies or will have ‘deduced’ the important information onto the register of title.
Conveyancing Fees – How much should you pay?
The old adage of ‘you pay for what you get could not be more true when applied to conveyancing fees. Whilst the industry does have a standard
Conveyancing fees can vary greatly from bespoke and costly services, to cheap and perhaps not so cheerful solutions. Your choice is going to boil down to the service you expect against the amount you feel you are willing to pay.
Conveyancing fees vary from hundreds to thousands of pounds, but remember, trust your lawyer is more important than a few hundred pounds when you consider that most of the time buying or selling a property could be the biggest financial commitment of your life.
Always do your research on who you are going to select as your legal representative, have a few examples, and find the one that fits your budget. Do not try to save pennies over pounds in regards to your Conveyancing Fees.
Conveyancing Fees: Hidden Costs
A common question in regards to conveyancing fees is ‘Are there any hidden costs. In short, no. Transparency between the client and the lawyer is key in this regard, most firms now offer an available list of their fees on their website for immediate viewing however there will always be the unexpected.
A property expert will charge you for work that falls outside what they could quote for at the time of initial instruction, gifted deposits, indemnity policies, or surplus legal documents may be needed through the transaction which could not be accounted for at the outset so make sure you account for a potential change in your conveyancing fees when comparing quotes. Extra work fees will be made available to you upon request, and usually forms part of the client care details set out at the quote stage so make sure you factor this in when considering your Conveyancing Fees.
Are cheap conveyancing solicitors any good?
Essentially, when looking at any compulsory purchase (like a mechanic or tradesman for example) price is usually the first thing that comes to mind, and looking for cheap conveyancing solicitors when buying or selling is the norm. However, just as you would shop around for the ideal mechanic or builder and potentially be willing to pay more for your preferred specialist, conveyancing does not always seem to hold the same approach.
Cheap conveyancing solicitors are available, often being hundreds of pounds cheaper than their competitors, and whilst the industry does have a standard not all Firms are cut from the same bolt of cloth. The danger is the service level a cheap conveyancing solicitor can provide and if that could ultimately cause the demise of a transaction. Usually, case numbers are higher in firms whose fees are cheaper, resulting in overworked lawyers who simply cannot keep up with the demand for their services.
Cheap Conveyancing Solicitors – The balance
The best thing you can do as a client is a shop around, and find a firm that offers you a service you expect for a price you deem reasonable. Remember, trust is more important than saving pence over the pound and a cheap conveyancing solicitor may cost you more in the long run, especially if their best does not meet your needs.
Whilst cheap conveyancing solicitors may save you a few hundred pounds, most individuals would prefer to spend the extra with a firm of solicitors who can take the time to understand your own needs. Look at reviews, speak with friends and family to see if they can recommend someone, ask the estate agent if they know a reliable lawyer, and then balance that advice against the cost of that service.