As a property investor, part of your rights (or privilege) is to choose whether to appoint a solicitor for conveyancing or do it yourself. Although legal experts may not sit well with the idea, you’re actually at liberty to go through the process on your own, granted that you are well versed with every task involved in it.
However, exercising that right to not hire a conveyancing solicitor may not reduce or eliminate the amount of stress that the transaction itself may bring. As a matter of fact, you might find yourself in a very challenging situation as you move along. Before you think about doing it alone, why not get conveyancing quotes to see if you are really saving that much money?
Conveyancing requires hefty knowledge and extensive training at someone in the process. If you want to have a go at DIY conveyancing, you need to familiarise yourself from what happens when you start doing it and the succeeding steps towards completion. There is a chain of responsibilities surrounding this legal aspect of a transaction and you should seek out authoritative information about this in order to see a successful completion.
Theoretically, these are the general tasks involved in the conveyancing part:
Draft a formal contract for the sale/purchase
Conduct surveys and searches to determine issues surrounding the property
Secure and settle the required payments
Fill out the Land Registry Transfer form
Settle tax obligations such as the Stamp Duty
Transfer the title ownership through the Land Registry and pay the corresponding fees
It really looks a little easy by reading it, but once you start doing it, challenges may come ahead as you move along.
Firstly, if you’re buying and your funds are coming from a mortgage, your lender will have to appoint a solicitor to work on the legal aspect of the transaction. Then, the costs of what this solicitor does will be shouldered by you. If you bring in your own conveyancing solicitor and they’re on the mortgage lender’s panel, they can act for them, too, to complete the tasks involved.
Another thing about DIY conveyancing is that the legal experts of the other party may not offer advice since they’re assuming you understood what it takes to go through the process. Land Registry may also not be able to give you legal advice. Hence, when you come across some challenges, you’re probably heading towards a disaster not knowing what to do.
Moreover, documents may not be very easy to obtain although a considerable number of paperwork are available to download via the Land Registry website.
As you move along the conveyancing process, some of the tasks and activities require a solicitor to complete. As a private individual, you may not be authorised to be involved and it, thus requiring you to find a conveyancing solicitor to act on your behalf.
Given that you’re already aware of the stress that a property transaction can give you, is it worth having to do the conveyancing by yourself hoping that you’ll probably save a hefty sum?
And if things got a bit more difficult, the savings you’re so looking forward to may just be spend on hiring a solicitor who should fix things for you – or you may have to shell out a little bit more.
Remember that throughout the transaction, and in conveyancing alone, planning or title registration issues may come along, and only an accredited legal expert may be able to sort it out for you. What makes it more interesting is that if you hire a conveyancing solicitor, they’re likely to be covered by indemnity insurance to cover your loss if they made a mistake; not to mention your right to complain at the Legal Services Ombudsman if they happen to be utterly incompetent.
If you still want to do this by yourself, you’ll be best to find extensive information and some free assistance from trustworthy people and/or firms. The process changes from time to time as well as the compliance regulations. So, you should prepare yourself ahead for this task.
With conveyancing services getting more affordable these days, you’ll be better off hiring a licensed conveyancer to act on your behalf and diligently take you through the entire process more conveniently and make sure that you end up legally owning the property you so wanted to buy.