Conveyancing; 5 reasons why you need it

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When you find the house of your dreams, the next step is to begin the paperwork process required to secure the property. Conveyance is the process of transferring a property from one owner to another. The necessary paperwork involved can be a stressful ordeal, so a solicitor or conveyance is needed to make sure that the transfer happens while leaving both parties satisfied. Carrying out your own Conveyancing is possible but can be demanding for all involved and might include mistakes that will cost you more in the future.


 

  1. Trust – There needs to be a certain level of trust involved when someone has your future in their hands. This same principle can also be applied to Conveyancing, without trust between Conveyances the system doesn’t work. Effective Conveyancing relies on mutual trust and respect for all parties involved. If there is a mortgage on the property then the communication link is not just with the solicitor and their client, it is also going to include the bank. As a client you need to make sure that you trust your Conveyance enough to know that they have your best interest at heart.
  2. Compulsory insurance – Having a comprehensive insurance is compulsory for Conveyancing solicitors. The scheme dictates that all firms must hold a minimum level indemnity insurance of £2 million to £3 million if it is a limited company. This system insures you if there are any mistakes (negligence) during the Conveyancing process.
  3. Regulations – There are a variety of bodies that are designed to protect customers, but the Solicitors Regulation Authority (SRA) is an independent body that governs the professional conduct of Solicitors. If they receive a complaint about a solicitor, they will conduct an investigation. If they find out that there was wrong doing on the part of the solicitor then the worst thing that they can do is to strip them of their licence to practice law.
  4. Complaints – Most businesses have an internal complaints procedure that they follow and that is the same for law firms. As part of its regulation every law firm must have an internal complaints procedure to address complaints of poor service, mix-up or miscommunications and any other form of negligence.
  5. The Legal Ombudsman – They are an “independent and impartial scheme” which was set up to help resolve legal service disputes.” This can act as a last resort, it came into effect in 2010 and has since been proving last minute resolve for unresolved complaints against law firms. Their site also includes helpful pointers on how to choose the right Conveyancing solicitors, good questions to ask and what to look out for when hiring one.

For a quotation or advice, please contact our Conveyancing Department on conveyancing@attwoodgroup.co.uk or telephone 01375 898872.

 

How to Complete a Transfer of Equity

A transfer of equity typically takes place where a couple who jointly own a property separate, or when a couple transfer a property from one of their names into both names. As long as there is one legal owner and no more than four, as many parties can be involved in the transfer of equity as is necessary. As the name suggests, a transfer of equity is essentially a gift which involves property changing ownership without money or money’s worth being paid to the outgoing owner. This includes the transfer of equity where the individual who parts with the property (or part of the property) receives no payment. Continue reading