Do-it-yourself conveyancing can be attractive to people who do not want to deal with solicitors or are tight on money. However, by avoiding licensed conveyancing fees and doing it yourself – you may be opening yourself up to liable penalties if you make a mistake.
There are certain situations where DIY conveyancing can be advantageous, like if the transaction is simple (the property is freehold and registered), no land boundaries need to be changed, or if the buyer is a cash buyer.
There are better and easier ways to save money when buying or selling a house, so DIY conveyancing – should you do it? We’ll be covering the top questions on this topic in this article. Looking for something specific? Check the interactive menu below:
Go to the full page to view and submit the form.
Usually, conveyancing is legally transferring a property’s ownership from one owner to another. DIY conveyancing is when you don’t use a legally trained solicitor or conveyancer during the process and do it yourself.
Conveyancing can often be one of the lengthiest parts of a house sale as the solicitor communicates with third parties like the HM Land Registry and local authorities to receive legal titles. If you decide to do DIY conveyancing, you should ensure that it is only used during simple transactions, not complex ones like a long property chain.
Many estate agents and solicitors will encourage you to use a conveyancing solicitor when undergoing a house sale or purchase. However, this thought process can be seen as needing to catch up as online conveyancing information is becoming increasingly available for people to do themselves. There are many benefits to DIY conveyancing, like:
To minimise the risk of being sued or taken to court, there are specific scenarios in which you should never carry out your conveyancing:
The only time you should be thinking about carrying out DIY conveyancing is if the property you are buying or selling is a registered, freehold house or flat where the other party or yourself is not undergoing a divorce.
Understandably, there are more cons to DIY conveyancing than pros. Conveyancing is a legal career that people train for years to master, so trying it yourself must take some great skill. Here are some cons of DIY conveyancing:
Yes, you can do your own conveyancing, but only if it’s during a simple property transaction, you are buying as a cash-buyer and if you are confident with the lawyer jargon and time that is involved.
If the property is being bought with a mortgage, then the lender will highly recommend that you use a solicitor — sometimes, they won’t allow you to buy with a mortgage if you don’t use a solicitor altogether. The mortgage lenders will recommend a trained solicitor or conveyancer that is a member of their panel to protect their interests.
Yes, you can sell a house without a solicitor, depending on the type of buyer involved in the transaction, if you are comfortable with lawyer jargon and are confident that you can carry out the legal process without opening yourself up to liabilities.
It’s also worth noting that if you make a mistake and are part of a property chain, you will become the ‘problem’ in the chain, and the risk of the buyer pulling out will increase tenfold.
If you sell a property, you need to weigh the pros and cons of hiring a solicitor or doing DIY conveyancing. If you decide to do DIY conveyancing and carry out the process incorrectly, you may be liable to be taken to court and pay more fees than you would with a conveyancer.
During the DIY conveyancing process, if you make a mistake that opens you up to liabilities, then you are personally liable — if you hired a solicitor and made a mistake, then they will have a professional negligence insurance policy which will pay out.
The short answer is no; you do not need a conveyancer to exchange contracts. However, you do need to follow procedural guidance and complete a transfer form. When the exchange of contracts occurs, you will need to ring the other party’s solicitor and make sure that the contracts are the same; if they are not, this may cause serious legal problems for you and the ownership of the property.
Out of all the ways to save money during the house-buying or selling process, conveyancing is a much-debated topic. If you decided to go DIY, you would only be saving yourself from conveyancing fees ranging from £300 to £3,000, depending on the firm. As part of the legal process, you will still have to pay all the Stamp Duty Land Tax and disbursements — which is not cheap.
If you have any other questions, be sure to contact us — we are always willing to help!
Go to the full page to view and submit the form.
Tom is Digital Content Writer passionate about sustainable property & property trends. Regardless of the subject, he will always write blogs of the best calibre. Read more about Tom here.
Want to sell property portfolio in 2024? This is a massive decision that holds significant…
Getting started with Buy-to-Let (BtL) investing can be a thrilling journey towards financial growth, but…
The real estate markets of the United Kingdom and the United States are two dynamic…
Whether you own a business or private land, you will want to restrict who can…
According to the most recent annual report from student accommodation portal StuRents, the number of…
In the dynamic realm of rental properties, landlords and tenants are continually seeking innovative solutions…