Solicitors fees for selling a house 2016 will usually include all of the searches and checks that need to be carried out for legal reasons. Although conveyancing can be done on a ‘DIY’ basis, it is often better to pay for a solicitor’s services, as it will mean less stress and less work for you.
Conveyancing solicitors may mention ‘contract race’. What is this, and how can it help (or hinder) you house sale?
Contract race occurs when the seller is ready to push forward with their conveyancing with more than one buyer and they are keen to pay solicitor fees for selling a house. The seller gets in touch with everyone who has made an offer and agrees that the first person to exchange contracts will ‘win’ the property. It is not an easy process for the solicitor to deal with and it is potentially unfair for many people involved, but it will ensure that the exchange happens quickly.
If you are a buyer in a contract race, then it is essential that your solicitor is aware of the situation and they must work quickly to secure the property. Until the exchange occurs, both parties – buyer and seller – are free to leave the contract race at any time without incurring any penalties. The drafted contracts will be sent to all of the potential buyers’ solicitors and the first conveyancer to respond and exchange will obtain the house for their client. In the past, this process was often known as ‘gazumping’. Contract races have risks for all sides and unless exchanging quickly is essential, they should ideally be avoided.
Solicitors fees for selling a house 2016 will include many new items that were not needed in the past.
Conveyancing is changing for the better.
Visit Conveyancing Index at https://www.conveyancingindex.co.uk to find out how much you could save on your conveyancing fees and contact us on 0203 874 2020 if you have any questions.