Phil Spencer’s Conveyancing Solicitor advice has been quoted numerous times in the press and online, particularly with regard to the importance of instructing a Conveyancer at the right time.
Fridaysmove applaud his comments which we explore in more detail below:
Phil Spencer Conveyancing Solicitor advice – Instruct a Solicitor early
More important than anything else, he suggests that home movers should instruct a Conveyancing Solicitor early in the course of the house buying or selling process, but what does this actually mean?
Most property sellers don’t even think about Conveyancing until they shake hands and agree a price with the buyer. In all probability the thought of which Conveyancing Solicitor to instruct hasn’t even crossed the vendors mind until their estate agent asks them who they intend to use.
So what you may ask! Well there are a couple of reasons why this approach may ultimately cost you more money and, more importantly, potentially jeopardise your sale.
Once you have shaken hands with your purchaser you are embarking on a 6-12 week journey of document sourcing and administrative process (the bulk of the Conveyancing process is administrative) and the longer it takes the more likely the sale is to fall through. The more protracted the process, on the more likely your buyer’s (or another buyer in the property chain) circumstances are to change. Job losses, lender jitteriness, chain collapses - all a reality even in a more stable property market - and set to become more common over the next few years.
The truth is that you can only do so much to influence this but then again there is so much you can do. Instructing a Conveyancing Solicitor at the point of going on the market enables them to do a lot of preparatory work (including applying for deeds and title documents) that can often enable them to issue draft contracts of sale within 24-48 hours of the offer being accepted.
Contrast this with the unprepared vendor who will still be phoning around for Cheap Conveyancing Quotes at this stage. Which scenario do you think has the highest chance of leading to a successful completion?
“I don’t want to incur any Solicitors legal costs this early in case I don’t find a buyer” I hear you say? Who can blame you, the whole home moving process is expensive enough without wasting money on unnecessary Solicitors Conveyancing Fees.
However Fridaysmove are just one of many companies offering no sale no fee Conveyancing. So in actual fact if you are unlucky enough not to find a buyer, you don’t incur any fees. No sale, no fee, no brainer!
The second reason is that in the sudden pressure to choose a solicitor you don’t allow yourself the time to shop around. This may leave you choosing a more expensive solicitor.
Phil Spencer Conveyancing advice – get your paperwork together
Phil Spencer also suggests that while the property is being marketed you should collate all of your property's paperwork including any building certificates, guarantees, FENSA certificates, leases, planning documents and so on.
If you are already instructed with a Conveyancing Solicitor then you will receive advice in which documents you need to locate as well as assistance in applying for replacements if your are unable to locate them.
Phil Spencer Conveyancing advice – ask your solicitor to fully explain all costs associated with selling
We couldn’t agree more. How can you budget for this expensive time if you don’t know exactly what costs are involved?
Furthermore your Conveyancer should be able to tell you up front exactly what your conveyancing will cost as well as any associated disbursement costs like Stamp Duty, Land Registry and local authority search costs. If they cannot ask yourself why not. The answer will probably found in the Solicitor's small print or ‘terms of engagement’ where any number of sneaky additional charges may reside.
Phil Spencer Conveyancing advice –keep in weekly contact with your solicitor
Probably the single most important piece of Conveyancing advice from Phil Spencer who says “I believe poor communication is the biggest deal-breaker of them all. "
Sadly Conveyancers are not known as proactive communicators. Often they are overworked, juggling 50 – 100 files (besides yours) at any one time. In the circumstances it is easy to see why out of sight clients end up being out of mind clients.
Phil Spencer advises keeping in weekly contact with your lawyer to keep channels of communication open. We agree although would perhaps recommend that you might communicate even more frequently as a lot can happen in a week in the buying and selling process.
Furthermore you may be able to assist in chasing parties in the transaction who may not consider your move with quite the same sense of urgency as you do.
Phil Spencer's Conveyancing comments are key insights that should give you that added edge when it comes to moving home.
Property expert Phil Spencer is one of the best-known faces on British television, co-presenting the hit Channel 4 series Location, Location, Location and Relocation, Relocation. He has written a number of property books and columns for national newspapers