Transferring of property ownership from the seller’s name to the buyer’s name is called conveyancing.
It’s usually completed by a solicitor or a licensed conveyancer or alternatively, you can do it yourself.
Now, what’s the difference between a solicitor and licensed conveyancer?
Solicitors can practice in many areas of law including conveyancing whereas conveyancers only specialise in real property related law which is known as conveyancing.
Both solicitors and licensed conveyancers will charge either a fixed fee or an hourly rate with disbursements usually charged separately.
Disbursements are the costs incurred by your solicitor or conveyancer. Typical disbursements include things like search and title fees.
There is also the option to do conveyancing yourself with DIY kits.
However, it’s usually best to leave things in the hands of professionals
While some contracts are fairly routine, others can quickly become complex, time consuming, frustrating and stressful.
While saving some money in the process of buying a property may sound appealing, if something doesn’t go to plan, in most cases, it’s easily rectified by trained and experienced professionals.
Solicitors and licensed conveyancers not only do this on a regular basis, but they also hold professional indemnity and fidelity cover which furthers your security and peace of mind.
If you choose to do your own conveyancing, you will be fully accountable for any mistakes you make which could be more costly.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
