Conveyancing is the process of transferring the house from the seller to the buyer. The conveyancing process starts only after the seller and the buyer have agreed to the particular purchase price. A seller and a buyer have to get individual solicitors. However, the conveyancing process depends on upon the efficiency of the solicitor and thus the solicitors fees for selling house has a significant impact on the entire process.
Solicitor Fees for Selling House
The solicitors fees for selling house remain lower as compared to the solicitors for the buyers. The search and taxes are mainly related to the purchaser and not the seller. So, the basic criteria to understand the fees are that it should not be compared with the costs of the solicitor of the buyer. However, that does not mean that solicitor of the seller should not understand and go through the searches. The impact on the system starts right from here. Let’s spell it out with different conditions.
If the Solicitor is paid the minimum
The basic job of the solicitor should be preparing the draft contract, clarifying the solicitor of the buyer, implement the changes if required and assisting the seller in Land of Registry, transfer of the title of the property, signing and exchanging of contract. These are the ideal condition in the conveyancing process. Seller mostly goes for this scheme to save money but that can ultimately harm you as well.
Legal and Planning Obstruction
A seller must be aware of the fact that if any legal and planning obstruction appears in between the conveyancing process then the total conveyancing cost can go upwards. It is, therefore, imperative that you hire a solicitor, not conveyancer so that the same person can look after the property laws as well. It is always better to pay a little extra to the solicitor to have a thorough investigation of the property. This will ensure that the property does not run into legal troubles.
Different Methods of Solicitor Fees
The seller must understand that the fees paid out to the solicitor depend on upon the method or scheme chosen. The most common solicitor fees method is the hourly plan. In this case, a solicitor charges the client hourly. So, if the problem runs into trouble for legal or planning loopholes, the fee is going to increase. The fixed price model is preferable in such scenarios as these can ensure that you do not pay extra. There are different schemes as well for the protection of the seller’s interest like no conveyancing no fee and others just to add the double protection for the solicitors fees for selling the house.
One must ensure that all these aspects are cross checked as these can impact the process and cost of the conveyancing for the seller.