Lost in Translation

Once you’ve agreed your sale, it falls to your solicitor, working in cooperation with your estate agent, to drive the process through to a successful exchange. This period between accepting an offer and exchange is a minefield. Too many sales fall through due to mistakes, delays and mis-understandings occurring during this time, so choosing the right solicitor to guide you through the pitfalls is crucial. What should you consider when making your choice?

First off, we’d highly recommend using a London-based solicitor over one out of town. Primarily this is because the responsiveness of your solicitor is of utmost importance. You need one that will openly communicate with all parties involved to pro-actively progress your sale, not hold up the process. Country solicitors typically work shorter hours and are slower and less willing to respond than their London counterparts. If we’re agreeing a sale where one of the lawyers is based out of town, we know straight away this may cause delays, so much so that we do everything we can to encourage a switch to a London firm. Of course there are many great solicitors working in the country, but on the whole we find enquiries after 3pm go unanswered, and there’s a far more laid back attitude to getting the job done.

After responsiveness, you need a solicitor that is familiar with the foibles of London property. In particular, if you’re selling or buying a flat they should be familiar with the complexities associated with leasehold and share of freehold tenures.
In these cases your lawyer may need to negotiate amendments to the lease with the freeholder, and having experience here can save long delays. Local lawyers are also clued up on the local council’s process for conducting searches, as well as local planning regulations.

If you’re buying with the same solicitor, it’s also wise to check that they’re on your lender’s panel of approved solicitors. This can be a real gotcha, as using a lawyer that is not approved means either you’ll need to wait until they get approved, think several weeks delay, or have everything they do signed off by yet another lawyer that is approved by the lender. Needless to say, the delay and costs this can add will do nothing to improve the chances of your sale and onward purchase goiong through smoothly.

If we’re agreeing a sale where one of the lawyers is based out of town, we know straight away this may cause delays

Finally, cost. Average fees from London lawyers range from £1500 to £5000 depending on the property value and tenure, and the firm’s size and reputation. It’s easy to see why many – especially first time buyers – are tempted by the cheaper fees available out of town, which can be 25 to 50 per cent cheaper, but come with the risk of the delays mentioned above. When agreeing a price bare in mind disbursements – the cost of local searches, insurances, and other administrative fees – will be extra. Going for a fixed fee is often best, as paying by the hour can very quickly add up. If you’re lucky, you might also find a lawyer willing to agree to ‘no sale, no fee’, which is helpful in ensuring they’re as motivated as you to get the deal done.