While most people realise that there is a lengthy legal procedure when buying and selling property, many are unaware of the actual legal process and who is responsible for actions at which stage.
(PRWeb UK) July 28, 2010
Research reveals misunderstanding about the legal requirements when buying a home
- A third (37%) of Britons surveyed did not know what the term conveyancing means
- Over half (54%) wrongly believe conveyancers arrange a house survey
- 1 in 5 (19%) thought that an estate agent could carry out the conyeyancing
- A quarter (24%) believed the conveyancer would negotiate the price of the property for them
More than a third (37%) of respondents did not know what the term ‘conveyancing’ meant. This rises to 57% of those who were currently renting and half (51%) of adults living with parents. Surprisingly, this also accounts for a quarter (23%) of homeowners who have actually been through the process.
A quarter of all respondents wrongly believed that a surveyor could carry out the process instead of a conveyancing solicitor and one in five (19%) believed it could be done by an estate agent.
The majority of confusion appears to lie between the concept of surveys and searches. While 60% correctly answered that it was the conveyancing solicitors role to carry out searches, over half (54%) wrongly believed they were also in charge of surveys, which are commissioned by the mortgage provider to confirm the value or the buyer to determine the condition of the property.
Top 5 activities respondents mistakenly believe are carried out by conveyancing solicitors:
1. Arrange a survey (54%)
2. Negotiate the price of a property (16%)
3. Negotiate mortgage rate with broker (11%)
4. Recommend a removals firm (4%)
5. Arrange your will (4%)
Due to the greater complexity of leasehold conveyancing, the process is more costly than it is with freehold property. However, more than three quarters (81%) were unaware of the price discrepancy between freehold and leasehold.
In a bid to cut through the confusion, reallymoving.com is launching a free step-by-step guide to offer comprehensive advice on each stage of the process, from initial instruction to full information on conveyancing fees. The guide available free to download from the website.
Rosemary Rogers, Director, reallymoving.com comments:
“While most people realise that there is a lengthy legal procedure when buying and selling property, many are unaware of the actual legal process and who is responsible for actions at which stage. Although you might expect this from non-homeowners, our survey shows that this lack of understanding extends to those who have already bought a property.
“It is important that people know who to chase and when, to make sure their sale is progressing, as well as a breakdown of costs involved. The conveyancing market is very competitive so it is possible to get a good deal for your move if you shop around for quotes to get exactly what you need, if not you may end up overpaying for a service.”
reallymoving.com’s step-by-step guide to conveyancing helps to steer home movers through each stage of the process. Visitors to the website can receive instant conveyancing quotes from conveyancing solicitors directly to their inbox, saving time and money right at the beginning of the process.
Notes to editors
reallymoving.com surveyed 900 people in June 2010.
reallymoving.com was launched in November 1999, and has become the UK's leading provider of free instant online quotes for home-moving services. The site provides instant quotes for a variety of services including domestic removals, surveys, conveyancing solicitors and Scottish Home Reports and a choice between local and national service providers.
For more information visit http://www.reallymoving.com and http://www.reallymoving.com/cat/3/Conveyancing.aspx
For further press information please contact The Wriglesworth Consultancy, 020 7427 1400
Suman Hughes – Senior Account Manager – s(dot)hughes(at)wriglesworth(dot)com
Rob Bartlett – Account Executive – r(dot)bartlett(at)wriglesworth(dot)com