Buying and selling property can appear overwhelming. Once you have arranged your sale or purchase you can be flooded with information. How do you make sense of it all?
I have arranged a sale or purchase – what next?
The next stage is to choose and instruct a Solicitor to carry out the legal work involved and let the Agents know who you have instructed.
What will my Solicitor do?
Your Solicitor will look after your legal interests and work closely with everyone to progress matters to a swift and satisfactory conclusion; it is important to make sure you pick wisely! On a sale, your Solicitor will draft paperwork, deal with requests, make sure you do not agree to anything too onerous and that you are released from all liabilities.
On a purchase, your Solicitor will fully investigate the property’s title to make sure there are no issues affecting your use or the value of the property. They should work closely with you to ensure you are fully aware of what you are purchasing, any obligations you may have in the future and that your questions are answered.
How do I choose?
You should choose a Solicitor you can trust to look after your interests. It’s important to ensure you will be provided with great service and will be able to contact the person acting for you. Their receptiveness and willingness to assist when you call for a quote and ask initial questions should be a good indicator.
How much should I pay?
Legal costs vary depending on certain factors. It is important to differentiate between Solicitor’s legal fees and expenses payable to others. You should always ask the Solicitor to confirm their costs and a list of other expenses (preferably by email). Expect legal fees to be between £600 to £1500 plus VAT with bank charge of approx. £30. Expect expenses on a sale for title documents (around £6) and on a purchase for search fees (around £170), Land Registry fees and stamp duty (depending on property price). There could be additional expenses payable on leasehold properties.
As soon as you decide to buy or sell a property, it’s a good idea to contact a Solicitor free of charge to get further information and a specific quote so that you are not rushed into a decision later.
*Article originally published in the LoveEast Magazine January Issue