Choosing the right property lawyer

Conveyancing, put simply, is the legal process carried out by a suitably qualified professional that conveys, or transfers, a property from one party to another. Get it right and you have a quick and painless transaction - get it wrong and you can experience the disappointment of losing a property, or in extreme cases, significant financial loss, so says UK property portal obligo.co.uk.

The practice of conveyancing itself is generally an administration process carried out by clerks and overseen by a qualified person. However there are two distinct types of conveyancer authorised to convey property in the UK market.

Firstly, there are licensed conveyancers. An individual in one of these firms has passed certain exams and is allowed by the authorities to complete property transactions. There are limitations placed on the conveyancer, and for certain aspects of law they must refer to a solicitor. Some lenders will not accept work carried out by a licensed Conveyancer unless it is approved by a qualified solicitor.

Secondly, there are solicitors or property lawyers. An individual in one of these firms is a person who is qualified as a solicitor and is recognized and regulated by the Law Society. In the context of property, they will have passed certain exams that allow them to deal with property. They have much wider authority than a licensed conveyancer, although that in itself does not make them any better or worse than their lesser qualified counterparts.

A good property conveyancer or lawyer can be the difference between a transaction failing or completing. UK mortgage and property website, obligo.co.uk say  “when choosing a solicitor, conveyancer or property lawyer our advice is to research the market and look out for a recommendation from the other property professionals involved in your transaction, particularly those who have a vested interest in the swift and painless completion of your remortgage, purchase or sale. If the administration process at the firm you choose is not up to scratch you may find minor delays and hold ups that can make the process lengthy and protracted”.

Obligo.co.uk go on to say, “speak to your estate agent or mortgage broker. They will almost certainly have a preferred legal professional that they have a good working relationship with, and remember, your agent is in for a big commission from the seller when you complete your purchase so if you use his lawyer he too will keep on top of the legal process. Also the lawyer recommended from the agent will probably have a good local knowledge of dealing with similar properties in similar areas”

For remortgagers it is vital to have the right lawyer too. On many mortgage deals the lender will have free legal services within the mortgage package that you buy. This is often a great solution as the lawyers appointed by the lender will know the lenders processes in detail thus preventing unnecessary mistakes and delays. However consumers should be warned that in these cases the lawyer is working for the lender, not the borrower, so borrowers will be unable to obtain advice on any matter relating to the remortgage. Remortgage borrowers need not be unnecessarily alarmed by this if the remortgage is straightforward but should consider legal advice if there are any complications.

Where a mortgage is chosen without free legal’s or where an individual  prefers to have their own lawyer or solicitor, consumers are advised make sure consideration is given to recommendations from mortgage providers or other property professionals, and to resist the temptation to buy on price alone - “Saving a few pounds on your solicitor could cost you dearly. You may take too long on your purchase and the seller may back out, or in the case of a remortgage the mortgage offer may expire before completion for example. You need value for money, not necessarily the lowest price” say obligo.co.uk

Consumers can obtain more information about choosing lawyers by visiting

http://www.obligo.co.uk/conveyancing.html

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