Conveyancing confusion causing chaos

Published 02nd Aug 2010

According to new research, us Brits are suffering from a worrying new affliction - confusion - we are scratching our heads and shrugging our shoulders over the basics of conveyancing, (the legal process of transferring property ownership) so just what can be done about it?...

What we are all well aware of is the importance of the legal aspect of buying and selling a home. Not understanding what we are signing up to - or signing over to new buyers - can cause absolute mayhem with your bank balance -and land you in serious trouble too.

Shockingly, the national consumer survey carried out by home-moving quote provider reallymoving.com, has revealed that vast numbers of us don't even know what the term ‘conveyancing' means. Scary...

Of those of us currently renting, 57 per cent don't understand what the term means, alongside 51 per cent of those still living with parents not knowing either. Surprisingly, this also accounts for a quarter (23 per cent) 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 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 per cent correctly answered that it was the conveyancing solicitor's role to carry out searches, 54 per cent 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:

Arrange a survey (54 per cent)

Negotiate the price of a property (16 per cent)

Negotiate mortgage rate with broker (11 per cent)

Recommend a removals firm (four per cent)

Arrange your will (four per cent)

Due to the greater complexity of leasehold conveyancing, the process is more costly than it is with freehold property. However, more than three quarters were unaware of the price discrepancy between freehold and leasehold.

In a bid to cut through the confusion, a step-by-step guide to offer comprehensive advice on each stage of the conveyancing process, is available free to download from the website reallymoving.com.

Director Rosemary Rogers, says, "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," she added.

Source: ' TMC '

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