If the prospect of buying or selling any property frightens or daunts you, you should know that you are not alone. Although the procedures and terms may seem confusing, they are actually quite simple. Firstly, any transaction of property requires conveyancing. You cannot buy your first home or any other property without going through conveyancing, which is the legal process involving the transfer of property ownership titles from one person to another.
What does conveyancing cost?
The cost of conveyancing services depend on the value of the property you are buying. However, the conveyancing required for the average property purchase generally costs around £850. You will be charged for the conveyancers’ time, calls and letters, as well as the fees for the council searches and registration with the Land Registry. Online conveyancing is generally much cheaper, and can even cost just £500. Many Conveyancers offer a no-completion, no-fee service which means you owe nothing if the deal collapses. Certain solicitors will also allow you to agree a fee upfront. However, if complications arise you may have to pay extra to cover those costs.
You can also do your own conveyancing. Although it saves some money, it also a complicated and time consuming process that requires skills and experience. If you feel you are comfortable dealing with legal jargon and are willing to take on large amounts of paperwork then DIY conveyancing is a possible option. However, before you decide to do your own conveyancing, you should examine the advantages and disadvantages very carefully and see if it is worth the risk.
Pros of DIY Conveyancing:
- Save Money – The biggest advantage may seem like the money you save. Cost is vital to most people, especially when buying a home. If you do the work yourself you may save some money on solicitors fees, however, you will still need to pay the other costs and fees associated with buying a house. If you are buying with a mortgage then you may still have to pay some legal fees – so the reality is that you may end up saving very little or nothing at the end of the process.
- Save Time – If you are willing to commit your spare time to DIY conveyancing, then your transaction will benefit from having your utmost attention as well as all tasks being completed as soon as they surface. Also you will have a greater incentive to give it the best of your efforts. However, because there are many parties involved in the process, it certain that the transaction will only proceed at the speed of the slowest party.
Cons of DIY Conveyancing:
- No Protection – If anything goes wrong on the legal side, you will be personally accountable. If you have a solicitor, they will have professional indemnity insurance against errors on their part. Any loss that occurs will be much greater.
- Greater Risk – There is a much higher risk of things going disastrously wrong with DIY conveyancing. You may find yourself involved in costly legal disputes over boundaries, discover problems with the property and other issues.
- Potential Rejection – The other party involved may not be pleased with you doing your own conveyancing, and may even reject your offer on this basis. It may create a lack of confidence or faith in the other people. You may find that it scares of any potential buyers or sellers.
In short, if you do it right, DIY conveyancing will save you time and money and get you a great deal. If you get it wrong, you will have to pay for the loss yourself. Bad conveyancing can cost you your home or a huge amount of money. Getting a conveyancer will save you a lot of stress and tension. Furthermore, they have the experience to handle things if they get complicated. They best conveyancer will make your transaction an interesting, exciting experience.