Instructing a conveyancing solicitor at the right time is crucial to ensure a smooth and efficient property transaction. Many home buyers and sellers are unsure when they should engage a conveyancing solicitor, but doing so too late can result in delays and added stress.
In today’s blog post, we will guide you on when to instruct a conveyancing solicitor and provide tips for a seamless property transaction.
For home sellers
Instruct a conveyancing solicitor before putting your property on the market When you’re planning to sell your property, it’s advisable to instruct a conveyancing solicitor before you put it on the market. This way, they can prepare the necessary paperwork, such as the draft contract and property information forms, in advance. Having these documents ready when a buyer is found will help speed up the transaction and reduce the risk of delays.
For home buyers
Instruct a conveyancing solicitor once you’ve found a property you’re interested in As a buyer, you should instruct a conveyancing solicitor once you’ve found a property you’re interested in and are considering making an offer. This allows the solicitor to begin the necessary property searches and investigations promptly, helping to identify any potential issues early in the process.
When your offer is accepted
Once your offer has been accepted by the seller, it’s crucial to have your conveyancing solicitor in place. They will liaise with the seller’s solicitor, review the draft contract, and begin the conveyancing process in earnest.
What issues may arise from not instructing a conveyancing solicitor early enough?
Failing to instruct a solicitor early enough in the property transaction process can lead to several issues for both buyers and sellers. Here are some potential problems that may arise:
Delays in the transaction process
It takes time for a solicitor to gather and prepare the necessary documents, conduct searches, and address any issues that may arise. Delays can cause frustration and may even jeopardize the transaction if other parties involved become impatient and consider alternative options.
Incomplete or inaccurate documentation
If a solicitor is instructed too late, they may have limited time to prepare the required legal documents. This can lead to incomplete or inaccurate documentation, which can create complications and further delays in the transaction.
Missed issues and risks
One of the primary roles of a conveyancing solicitor is to identify potential issues and risks associated with a property. Instructing a solicitor late in the process can limit their ability to thoroughly investigate the property, potentially leading to missed issues that could have been addressed earlier.
Increased risk of gazumping or gazundering
Instructing a solicitor early can help expedite the transaction process, reducing the risk of gazumping (when a seller accepts a higher offer from another buyer after accepting an initial offer) or gazundering (when a buyer lowers their offer just before the exchange of contracts). Both situations can cause stress and financial loss for the parties involved.
Loss of the property or buyer
If the conveyancing process takes too long due to the late instruction of a solicitor, the seller may risk losing an interested buyer, or the buyer may lose the property to another party who can move more quickly.
Difficulty in coordinating with other professionals
Instructing a solicitor early ensures that they can coordinate effectively with other professionals involved in the transaction, such as estate agents, mortgage brokers, and surveyors. Late instruction can lead to communication challenges and delays in various stages of the transaction process.
Choosing your conveyancing solicitor
- Select a conveyancing solicitor with a strong reputation and experience in handling property transactions in your area. You can ask for recommendations from friends, family, your lender, mortgage broker or Independent Financial Adviser (IFA). Chances are they might know a conveyancing solicitor that is efficient and trustworthy.
- Get quotes from multiple conveyancing solicitors and compare their fees and services to ensure you’re getting the best value for your money.
- Ensure the solicitor you choose has a dedicated conveyancing team, as this is a specialized field that requires specific knowledge and expertise.
- Choose a solicitor who is authorised and regulated by The Solicitors Regulation Authority, as well as accredited by The Law Society as this is a sign of quality and reliability.
Conclusion
Instructing a conveyancing solicitor at the right time is essential for a smooth property transaction. They will help you overcome any challenge that may arise in your residential property endeavour. For sellers, this means engaging a solicitor before putting your property on the market, while for buyers, it’s important to have a solicitor in place once you’ve found a property you’re interested in.
By choosing a reputable and experienced conveyancing solicitor and following our tips, you can help ensure a seamless and stress-free property transaction.
With 5 partners and over 90 staff, based in our Stockport offices, Gorvins Residential specialist legal teams work with private individuals and companies from all walks of life buying, selling, transferring or re-mortgaging their properties.
If you’re looking for a solicitor for buying a house or you need any further guidance on property fraud protection, please give us a call at 0161 930 5350 or e-mail us at enquiries@gorvinsresi.com.
