It is possible to do your own conveyancing, but unless you’re some high flying conveyancing lawyer we wouldn’t recommend it.
With so many risks, the potential for disaster is huge unless you really know you’re stuff.
However, some people still choose to have a go themselves, so we’re weighing up the pro’s and cons of DIY conveyancing.
What are the advantages of DIY conveyancing?
- Save yourself some cash
First and foremost, doing your own conveyancing can save you a bit of money in the short term. Despite most conveyancing providers offering reasonable prices on their legal fees, DIY conveyancing could be an attractive prospect to those looking to save as much money as possible.
- The element of control…
Ask anyone who’s been through the conveyancing process and the one thing they’ll all agree on is how frustrating it was waiting for other people to get back to them. With DIY conveyancing, you’ll probably still have to wait for the other side’s solicitor to get a move on, but at least you’ll get information directly, rather than second-hand.
Are there any drawbacks to DIY conveyancing?
- You can only do it in rare cases!
Unfortunately, mortgage lenders will not deal with people representing themselves, so the only way you can do DIY conveyancing is if you’re buying a property with cash or selling a home without a mortgage to redeem.
If someone else has an interest in the conveyance i.e. mortgage lender, then you need to find yourself a good conveyancing lawyer to act on your behalf.
If in doubt, it’s always best to seek a bit of legal advice before embarking on DIY conveyancing.
- It takes a lot of time and effort…
For expert conveyancing lawyers the complexities of the conveyancing process come as second nature. However, if you’re unfamiliar with the intricacies and the jargon then conveyancing can quickly turn into a nightmare. If you enjoy filling in tonnes of forms and have a spare 30-40 hours to dedicate to trawling through complicated legalities then DIY conveyancing is probably for you!
- You miss out on all that legal experience and advice!
Conveyancing providers (the good ones, anyway!) are experts in their field, and have the knowledge and expertise to deal with any situation that arises.
Conveyancing lawyers are there to advise you on every aspect of your conveyancing, from carrying out searches to running through contracts with a fine tooth comb and sorting out Stamp Duty Land Tax returns.
- Conveyancing ain’t easy!
It might sound like a bit of a cliché, but conveyancing really is a complicated process. And, with so much money at stake, the slightest mistake could have dire financial consequences.
All reputable conveyancing firms will carry hefty professional indemnity insurance, so if a case goes wrong then they’re covered against any eventuality.
If you’re acting on your own, however, the buck stops with you. YOU are personally liable for any errors in paper work or contractual representation.
So, with the alternative being potentially sued for millions of pounds, why take the risk with DIY conveyancing at all?
As long as you do your research, there are plenty of good conveyancing firms around who can give you great value for money and take most of the stress and responsibility of the conveyancing process away from you.