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Everything About DIY Conveyancing

Although it can seem like a simple task at first, conveyancing is actually more complex than it looks. It involves more than just filling up and submitting paperwork. If these aren’t done properly, or if they’re not done at all, then big problems can arise after the transaction has happened. This is why many people decide to hire conveyancers to handle the transaction on their behalf, in exchange for a fee. However, many people think hiring a conveyancer is too expensive, or they are simply reluctant to trust someone else with their property. This is where do-it-yourself conveyancing comes in handy. It allows you to do your own conveyancing. While this looks like an easy option, it is important to weigh in the pros and cons before deciding to sell/buy property on your own.

Conveyancing is an area that involves both business and law. There are several business-specific words or jargon used that may be difficult for the rest of us to understand. Make sure you understand all the jargon and their meanings before starting your own conveyancing. Moreover, the process is lengthy and complex. For example, there are several property searches and legal checks, the costs of which can add up to a few hundred dollars. Furthermore, depending on the type of transaction, there can be quite a lot of legal and financial aspects that will need to be covered in the preparation of the documents. These may not be part of the standard forms.

There are a few things you should remember when you do your own conveyancing. If you want to contact the other party, always do it in writing (fax/ email). Moreover, in all correspondence, include their reference to the transaction, the name and address of the vendor and the purchaser (when applicable), and the name of the person in the conveyancer’s office who is handling your transaction. Record all actions such as searches and valuations. However, bear in mind that the other party may be reluctant when dealing with you directly, as they would prefer a solicitor instead. Whether you’re a buyer or a seller, you must know the exact procedure to follow. Conveyancing kits are available to help you through the process and are a must-have for DIY conveyancers. A good kit takes you step-by-step through everything you need to do and offers tips that can help you avoid making serious mistakes. The best part about doing your own conveyancing is that you have total control over your side of the process. Negligence is far less likely to happen, as you are in direct control of the process. To the solicitor/conveyancer your transaction is just another job on their production line. You, on the other hand, have only one conveyancing job to do, and you know the details of your transaction intimately. Knowing how the process works will give you satisfaction and interest, as well as saving you a lot of money!

A good kit costs around a hundred dollars and you still have to pay for all the searches and other formalities. In the end, you may not save as much as you initially expected. Moreover, conveyancing firms have indemnity policies that will protect you if something goes wrong. On the other hand, without a conveyancer you will legally and financially liable in the event of any issues or problems from your side. A conveyancer is more experienced and is less likely to make mistakes. DIY conveyancing is almost impossible if the property has any sort of legal issues. These problems can be very complex and can only be handled by a solicitor. Moreover DIY conveyancing kits only work for freehold properties, and not leasehold ones.
In short DIY conveyancing will save you time, money and allow you to be in complete control of the process. If you are careful, you may find the experience better than hiring a conveyancer.

Posted by on 01/03/2016 in DIY Conveyancing

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