When purchasing a property, the legal aspects of the transaction can be daunting. In fact, most people will seek a solicitor or conveyancer to carry out the task for them.
Others, however, may feel that they can save money by doing the work themselves and recoup the fees involved in paying a professional to oversee the purchase.
Although this may seem like an attractive prospect, there are many risks involved.
If you adopt the DIY process, it is important to understand the savings you will make involve the conveyancer’s hourly bill, expenses and VAT. This means you will still have to pay for Land Registry registration and title searches, along with Local Authority searches and Stamp Duty on the purchase.
Many conveyancers will be reluctant to deal with purchasers or sellers representing themselves. There is no legal requirement for them not to do so, but solicitors are controlled by the Law Society, who have their own recommendations on conveyancing.
Whether you are considering looking for conveyancing solicitors Reading or any other part of the UK, you will find information online at sites such as https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-Reading.
Although it may be tempting to reduce costs on your purchase or sale, the conveyancing process can be complex and time-consuming.
You will have to deal with a draft contract, either creating one yourself if you are selling or dealing with the provisional agreement you receive from the sellers’ conveyancer. At the same time, title deed information will be exchanged. Fixtures and fittings included in the sale will also need to be dealt with contemporaneously.
Local Authority searches will also raise issues between the parties. Do not expect too much help from your Local Authority, whether you are the vendor or the purchaser. These searches also often raise issues for the purchaser that need clarification. You will either need to be aware of the queries you need to make as a purchaser or the replies you need to draft as a vendor.
Title confirmation is now more straightforward than in the past, but it still needs to be rigorously checked.
Finally, the consequences of failing to provide the required information in line with the law can prove costly. Professional conveyancers will have insurance cover. As a DIY operator, you are unlikely to have that luxury.