Choosing a solicitor

The legal process of transferring the ownership of a property is called conveyancing. In theory, it’s possible to manage the legal side of things yourself (you’d need to be a really organised sort of person). But the truth is that many lenders and sellers will insist you use a solicitor or conveyancing firm. Ideally, you should hire a solicitor as soon as you know you’re going to make an offer – in conveyancing, as a rule, the faster things go, the more smoothly they go. There are three stages to get through:

One: Pre-Contract

The draft contract of sale is received and any negotiations are ironed out. At this stage, the formal mortgage offer is received.

Two: Exchange of Contracts

The contract of sale is signed and you pay a deposit. At this point, you can’t change your mind, and you are now safe from gazumping. Once contracts have been exchanged, you are legally bound to purchase the property, so at this point make sure:

You have the deposit ready
Your mortgage offer is in place
The surveys are satisfactory
You have life insurance and property insurance set up (for more about this bit, take a look at our home insurance section)
The contract terms have been approved all round
A completion date has been agreed

Three: Completion

At this point, you pay the balance of the house price and receive the transfer document and title deeds – and the keys to your new home!

So, in a nutshell, what does the solicitor do?

Obtains the deeds that prove the property legally belongs to the person you are buying it from
Researches the property’s legal boundaries
Prepares an enquiry form that makes it clear which fixtures and fittings are included in the purchase price, and asks the seller whether they are aware of any defects to the property that you should be made aware of
Advises you about accepting the draft contract of sale prepared by the seller’s solicitor
Carries out local authority searches to check for any planned developments that could affect the property’s value
Agrees a date for completing the sale

There’s no doubt that the conveyancing process can be a long-winded and complicated business – in some cases (not always, thank goodness!) it can take 12 weeks or even more for the sale to go through.

*Interesting Fact: In future, it’s likely that conveyancing will be done online instead of face to face or over the phone. E-conveyancing is already partially available and the government plans to make fast, paperless conveyancing a reality.

Choosing the right solicitor

Like everything else, it’s worth shopping around. Get several quotes, but don’t necessarily go for the cheapest solicitor. Buying a home can be really stressful so choose an experienced solicitor you think you’ll get on with. And you can check that the firms you speak to are licensed to practice by contacting the Council for Licensed Conveyancers.

*What Mortgage website “From House to Mouse” November 2007