When you purchase a business or sell one, you need to have certain things done legally. While it can be possible to do it yourself, you stand to lose out in some way without the benefit of advice from lawyers & solicitors or a professional conveyancer who is legally trained in the job.
For a start, if you are working business hours what time will you have to do all the things that must be done in business hours? Having a professional do all the legwork necessary can only be a blessing.
So, which should you get; conveyancer or lawyer? Contrary to what many people think, it is not necessarily cheaper to use a conveyancer instead of a solicitor. Each one has their own fee structure. Some may work for themselves and so possibly charge less, while others work for a large firm and must charge what is dictated by the board of the company that employs them.
Naturally enough, Conveyancers are trained to do the work of conveyancing, so they can draw up legal documents and explain the legal jargon to you if you don’t understand it. They know what searches should be done and will represent you with the lender when it comes time to pay the seller.
However, while a conveyancer is trained in all they must do, a lawyer or solicitor is also trained in everything to do with conveyancing – and more besides. If a legal question should arise, you have the expertise right to hand to know exactly how to handle it. Getting advice from a legal angle can often be of extreme importance. If you are dealing with a conveyancer only, you’ll have to then find a lawyer who you trust, who is not working for the other side and explain everything to them before getting advice. This can cost time, which is often of the essence.
If you were using a solicitor or lawyer to start with, they would know all the details and have the answer ready even before they told you the problem. Thus a great deal of time would be saved and the deal would either be called off or saved, as the case may be. Either way you stand to save money, but it can also save a lot of stress and bother, depending on the circumstances.
For instance, if you quite liked two businesses, but decided on one only to find there was an insurmountable problem at the last moment, losing time could cost you the chance to grab the second one of your choice. It could then take months longer to find another one suitable. The same scenario could be played out with a home you were buying. That is why using a lawyer is really the best way forward.