Before considering embarking on DIY conveyancing, it is important to be aware of a few things. The conveyancing process is more than just completing paperwork. There are often searches and other formal enquiries to be carried out before a transaction can take place safely, if these fail to be completed properly or are not completed, problems can arise at personal cost.
Considerations
If you decide to become a DIY conveyancer, all parties involved may need to verify their identities before an application can be made to register the transaction with the Land Registry. When using a solicitor or conveyancer, this is something they easily take care of. If the transaction involves a mortgage, it is almost certain that the lender will insist that a solicitor or conveyancer is used for the conveyancing. If, whilst doing your own conveyancing, something goes wrong, then normally you will not have any cover, if using a professional, you will be covered and protected by their indemnity insurance. DIY conveyancing will also be more complex if there is a linked transaction, for example, a purchase being funded by a sale or if there is a chain involved.
Cost and time
People who consider DIY conveyancing often think about the amount of money they could save, but it is worth remembering that you will still need to pay for all disbursements and stamp duty land tax. As previously mentioned, if a mortgage is required, most lenders will not lend the money without the appointment of a solicitor or conveyancer to look after their interests, and will charge you for this. The amount of time required is approximately 30 hours, so it is important to consider if the time spent is worth the savings, which is normally in the region of £300-£600 when selling.
Professional conveyancing fees are not always that expensive and savings can be made by shopping around. Many companies can provide instant quotes to give you an idea of the costs involved. Firms such as Sam Conveyancing may offer fixed fee conveyancing and a named specialist to take you through the process from the start to completion. Any conveyancer you select should comply with the Solicitors Code of Conduct published by the Solicitors Regulation.
Although you may be highly efficient at executing the conveyancing process, the transaction will still only be able to proceed at the speed of the slowest party
When should you not attempt DIY conveyancing?
When buying or selling property that is not freehold, for example, leasehold or commonhold. This is because the details of the lease will need to be checked in addition to the other work involved with conveyancing. When buying or selling at auction or buying with a mortgage. As a general rule, the only time to consider DIY conveyancing is when selling a freehold property.
Conclusion
With this in mind, it is important to ensure you know exactly what you are undertaking before starting the process. Those who have done so will often report that the sense of satisfaction can be significant, however, be prepared to do some thorough research and perhaps obtain advice from other DIY conveyancers so you can learn from their mistakes. Be ready to learn as you go and allow time to organise yourself.