Legally, there is nothing stopping you from carrying out your own conveyancing, however, you should take time to consider whether the apparent cost saving is really worth it, or if you should instruct a professional to carry out the work for you.
What are the benefits of DIY conveyancing?
The list of benefits from DIY conveyancing is unfortunately much shorter than the potential risks involved. If you do your conveyancing yourself, you will:
– Save yourself the legal fees, which are usually between £850 and £1,500.
– Learn a lot about the conveyancing process.
If you carry out your conveyancing yourself, you might also find yourself with a newfound respect for a conveyancing solicitor London, once you fully appreciate how much work is involved in dealing with a property transaction.
What are the risks and disadvantages of DIY conveyancing?
The list of potential risks and disadvantages of DIY conveyancing is almost endless, but the ones it is worth considering are:
– The legal processes are complex and if you get something wrong you do not have an insurance policy to bail you out as a conveyancer would.
– You aren’t carrying out conveyancing transactions all the time, so it will take you longer to complete the tasks you need to, as well as not being fully aware of the tasks you do need to carry out.
– Some mortgage lenders will refuse to lend to you if you are doing your own conveyancing. Apart from it being a hassle for the lender, they also won’t want the risk of lending against a property which has not been properly checked out. Even if the mortgage company is fine with you doing your own conveyancing, they will probably ask you to pay their legal fees for preparing the mortgage documentation.
– Stamp duty calculations are becoming more complex, and conveyancers will often refer to professional tax advisors to ensure their clients are paying the correct amount.
– The whole conveyancing process is changing all the time due to adjustments to legislation and practices, which is difficult to keep up with if you are not a conveyancing solicitor London.
– On top of all the above, there could be added complications to any transaction such as leasehold, auctions, repossessions or access disputes.
HM Land Registry, while providing some guidance to those who wish to try DIY conveyancing, does advise caution before undertaking the conveyancing yourself.
It appears DIY conveyancing is not worth the risk. The money you might save in legal fees is unlikely to make up for the time you will spend, or cover you if things go wrong, and legal fees are not the biggest cost in moving house.