Factors behind growing demands of licensed conveyancing firms in the UK
With the ups and downs of the economy in past few years, considerable high activities are taking place in the property transactions. More and more people want to buy property when the prices are down and similarly people want to sell properties when the prices are up and book profit out of it. With so many transactions taking place the chances of land scams and forgery has also increased along with. The fear has definitely brought the licensed conveyancers or solicitors into the limelight. These are the set of people who understand the technicalities and legalities of the entire system and they mitigate the risk involved in the transactions correctly.
Licensed conveyancing firms, as the name suggests, are the government authorized agencies or group of people who are qualified to carry out the legal paper work, stamp duty and land registry transactions. Buyers are not only negotiating for cheaper quotes, but also searching for the firms which are regulated by the Council for Licensed Conveyancers or The Law Society. These are government bodies which list licensed solicitors or conveyancing firms. Recent studies show that the number of buyers opting for licensed conveyancing firms have increased drastically over the last few years. There are various reasons which are driving more people to opt for listed solicitors or firms. One of them is the reliability; the buyer is assured of the paper work being handled by someone who has hands on experience in handling legal matters. So the risk of getting stuck with paperwork is minimal. Next most important factor is the time; licensed solicitors speed up the process as they have tie ups with almost all mortgage companies and are well acquainted with industry people. Other reasons include successful completion of the deal; no hidden charges as all the processes are pretty transparent; timely updated reports of the proceedings are sent to the buyer etc…
Growing cases of gazumping and gazundering are also minimizing with licensed conveyancing firms handling the entire legal transaction. Gazumping is the situation where there is last minute price hike by the seller and gazundering being the case where the buyer offers a lower price due to low property rates in the area. These issues are major causes for unsuccessful deals. Thankfully licensed conveyancing firms are working towards minimizing these issues by taking appropriate measures; one of that is time frame. The faster all the transactions are completed, the smaller the window of opportunity for gazumping and gazundering. This will give both the parties less time to decide to raise their price or lower their offer. In all the entire conveyancing system with licensed companies is helping both buyers and sellers achieve faster and safer deals.
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