both solicitors (who are regulated by the Solicitors Regulation Authority) and licensed conveyancers (who are regulated by the Council for Licensed Conveyancers) are fully regulated and insured to handle property transactions and they will have almost identical conveyancing practices. the main difference may be the price. conveyancers specialise in property and (mainly residential) but solicitors are qualified lawyers trained in many aspects of law (and can therefore be more costly).
if there is a more complex situation then some clients choose solicitors so they can get legal assistance beyond the property transaction, however in most cases, a conveyancer will be able to handle even the most complex property from start to finish.
conveyancing is simply the transfer of ownership one party to another. It ensures checks that establish if the transaction is legal and, for the buyer, that there are no hidden issues with the property. as a buyer this ensures you are buying the property that you think you are!
mortgage lenders will only deal with certain conveyancers and solicitors – those on their ‘panel’ – who in turn usually pay the lender for the privilege. if the conveyancer you have chosen is not on the panel then you may have to pay for the bank’s representation fees which varies from bank to bank.
the unclear answer here is…. it depends. there is no practical reason why you would need to in terms of avoiding any delays, to get better service or for better communication. make sure you ask your estate agent if they get a commission on the recommendation and if so, how much it is. not all agents take a commission but times are hard for estate agents so make sure you are not making this important choice on the back of a recommendation that is financially motivated. some smaller agents may not be interested in earning referral fees, preferring to recommend a conveyancer who they know will offer a great, smooth service.
if you are buying your first property then you should not feel obliged to use your estate agent’s preferred conveyancer / solicitor to ensure that you secure your property.
03 Sep 2018
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elephant conveyancing is a trading name owned and operated by EHL Group Limited. A full list of partners is available upon request.
Work is directed to panel firms. All panel firms are regulated by either the CLC or SRA and will contract with you directly. All panel firms trade as elephant conveyancing under licence EHL Group Limited.