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Buying or selling a property will probably
be one of the biggest financial transactions of your lifetime
and I'm here in the studio with our property expert,
Rhian Davies, to discuss the process. So firstly, Rhian,
why do people have to use a solicitor to buy or sell a property?
Well, mortgage lenders won't release funds to an individual,
only a solicitor or a licensed conveyancer. For the amount of work involved
conveyancing fees are actually very good value. It's our job to act in your best
interests. What are the steps involved in buying or selling a property,
for example, I've put my house on the market
or, I've put an offer in on another property,
what happens next? We would advise that you approach a solicitor as soon as possible.
Once we're in receipt of your formal instructions,
we can open up a file and start working on the draft paperwork,
and if you were to return your initial paperwork to us as soon as possible
we can shave weeks of the transaction time. Do I have to let the estate agent
know that you're acting for me,
or do you do this? We would always advise that you keep the estate agent
fully informed throughout the transaction because
open communication will ease the stress levels throughout parties in the chain,
but more than that, it'll also show that you're really eager to proceed with the
transaction
and for the same reasons we will endeavour to keep the estate agent
updated throughout. So, Rhian, the million dollar question,
how long does the process take? That is the magic question
and it's honestly one that's quite difficult to answer, because each transaction
will depend on the circumstances
involved in that case. For example, if you have a
freehold purchase and a buyer who's willing to purchase the property
without using mortgage funds, that transaction could be completed in
in a couple of days, but in more usual circumstances
where a mortgage is involved, we'd normally advise around about four to six weeks
from the date the contract papers are issued. Where there's a lease involved
it may take a little bit longer. So, Rhian, how much does it cost
and when does the client have to pay? With regards to the total cost for the
transaction,
and especially in a purchase where there are a couple more disbursements involved,
some conveyancing companies actually may not be as transparent with their estimates
and we would always advise that you compare every quote like-for-like.
What may appear to be a low quotation may actually come with a sting in the tail
when the matter completes.
With additional charges and a few add-ons at the end.
Here at Howell's Solicitors, we'll give you an initial estimate of fees
which will give you an exact breakdown of our legal costs and
third-party disbursements
so that there are no hidden extras or surprises when the matter completes.
I imagine most people are looking for a competitive
fee. Absolutely, and we understand the price is very important. We feel that the
fee we offer for
the expertise and the service level we provide is very competitive.
That makes sense, so what happens
if one of the parties withdraws for any reason? Are the legal fees still payable?
Well most of our work is carried out on a no sale no fee basis,
and what that means is that if your sale or your purchase falls through for any reason,
you won't be charged the conveyancing fee.
The only charge that we can't refund you for is the disbursements, such as your searches
or land registry documents, and that's simply because these are non-refundable to the firm.
As a firm, how do Howell's ensure
that they achieve the best for their clients? We constantly strive to research
exactly what clients want from us and this is no more important than in the
conveyancing process which can be extremely stressful.
And what have your researchers discovered?
Well, ultimately clients want to be kept informed
and have plain language and an easy to follow process, and as such, we we need to present the
transaction
in a straightforward and easy to follow way. Clients want a constant point of
contact.
They want a name that they can refer to and a voice that they are familiar with.
We found out that clients hate automatic systems and
ultimately want the personal touch. So how complicated a process
is it? Clients want simplicity and ease of instructions
and it's our job to present a transaction in a way that is
straightforward as possible
without having any hidden extras or costs at the end. Ultimately,
buying and selling a property is an exciting and happy time for our clients,
and we have to present a transaction in a way that's as stress free as possible.
A large percentage of our retuning clients are happy satisfied customers
and we feel that's a testament to the excellent service that
we provide. Thank you, Rhian, very much for your time.
So if you require any advice on property law,
please contact us or visit our website
on www.howellslegal.co.uk