Can I do my own conveyancing?
This answer a really simple one. Can you carry out the legal side of buying or selling a property yourself? In short, yes.
But if you really want to take on a really challenging task, why not try DIY conveyancing. A small number of purchasers and vendors are full hard enough to try this every year – to save a few hundred pounds of conveyancing solicitors’ fees. But is it a false economy?
There are plenty of traps for the unwary if you try to buy or sell your property – especially if you are buying a leasehold flat. And the nightmare scenario must be if both buyer and seller both plan on doing their own conveyancing.
Not only is the whole conveyancing process stressful, but it also legally quite complex. Given that buying your own property is perhaps the biggest financial transaction, you will ever make, getting it wrong could prove the most expensive mistake you make. It is also surprisingly time-consuming, even if you know what you’re doing – and will prove incredibly hard to fit in if you are also working full-time.
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DIY conveyancing and your mortgage lender
Finally, did you realise that many mortgage companies will simply refuse to lend you any money if you’re doing your own conveyancing.
Why? Firstly, they don’t want the hassle, but secondly they can’t risk lending you money for a property that is not properly checked out and transferred. Even if your mortgage company does not object to you doing your own conveyancing, they will probably still insist that you pay the cost of its legal fees in preparation of the mortgage document itself. If you know anything about conveyancing process, you probably realise that normally lenders allow the purchasers property lawyer to carry out this task on their behalf.
What happens if something goes wrong?
If you instruct a solicitor to purchase or sell property for you, you can do so in the comfort that every regulated law firm must carry a minimum of £2 million professional indemnity insurance.
That means if a mistake is made, there’s a big insurance policy there to cover you. If you decide to carry out the conveyancing yourself, you’re on your own. If you get something wrong, there’s no insurance policy to back you up – and it’s not just your own purchase or sale that puts you at risk. You could be negligent in your work and mislead the other side – and risk an expensive claim from them.
Stamp duty?
Once upon a time the calculation of stamp duty is to be very simple. But with recent governments amendments of the stamp duty system, it’s now common for many people buying a property to pay a substantial amount of stamp duty. Sensible solicitors, like us, are well aware of the risks – that’s why we work closely with specialist stamp duty tax advisers and refer any case into them that look as if they could be a reduction from the standard rate.
Conveyancing is getting more complicated
In the last 10 to 15 years there’s been numerous changes in law practice and regulation. As a result the conveyancing process is getting increasingly complicated. And that makes it harder for someone who isn’t carrying out conveyancing transactions day in day out to cover all the eventualities.
And that just refers to your average standard conveyancing transaction. Once you throw in additional factors like repossessions, leasehold property, auctions, or shared ownership purchases, it gets more complicated still.
DIY conveyancing – is it really worth the savings?
All in all – you can see why not many people are prepared to take the risks of DIY conveyancing – when the fees of your property solicitors are only a small part of the whole cost of conveyancing (remember stamp duty, the cost of moving itself, and not least estate agents fees), but the one you cannot possibly risk getting wrong.
Don’t take any unnecessary risks. Our Conveyancing Lawyers understand that buying and selling your home can be very stressful.
Looking for Experienced Conveyancing Solicitors? Call Freephone 0800 1404544 now
Don’t take any unnecessary risks. Our Conveyancing Lawyers understand that buying and selling your home can be very stressful.
Our experienced property team handle house and flat sales in Wiltshire, Hampshire and Dorset and throughout England and Wales – from our offices in Salisbury, Fordingbridge, Andover and Amesbury – providing expert legal advice so you know exactly what you are buying.
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