Conveyancing is an important and necessary process required by property owners and to be property owners when they buy or sell their desired property. It is a legal requirement that is a must in many countries like UK, Australia. For those, who have an idea about what conveyancing is, this guide is for them to let them know on how can they do their own conveyancing by themselves. Usually, conveyancing can be done by going to a conveyancing solicitor. But unfortunately, it is not always possible to get the best service from them or even if it is, then sometimes, conveyancer fee can be out of your budget. Therefore, in those situations, it is best to do your conveyancing.
What Is The Basic of DIY Conveyancing?
Before you even start of doing DIY conveyancing, it is best to mention again that the cost that you will be able to save will be the fee of the conveyancer and any VAT on that fee. Therefore, the document processing costs and charges will not lower if you do it buy yourself. However, DIY conveyancing is a different yet a great experience so it is something that you should consider.
In DIY conveyancing, the basic fee payments are the following: paying a stamp duty fee for properties that are lower than 125,000 pounds. Paying a fee to the land registry when you are buying a property and need the title to be transferred to your name. Moreover, surveying the property before conveyancing is something that you should consider too. This is because you might or might not actually know what the condition of the property actually is. Thus, it will be better to know that. This is important because the property might require fixes that you might not be able to perceive when you see the property at first.
Other costs of conveyancing
For those buying a property with the help of a mortgage, you will find that the money lender will appoint a conveyancing solicitor by themselves. Unfortunately, you will have to go with that conveyancer as the mortgager is giving you the mortgage and you have to listen to their suggestion. This will cause you to pay the conveyancers fees. Thus, this time, DIY conveyancing will not work.
A very important issue that you must be aware of is that if there are any legal complications while doing conveyancing, then you might be in trouble. This is because you will be to blame for your own fault. Conveyancing solicitors have an insurance that protects them from such incidences where if they commit a wrong in conveyancing then their insurance will back them up.
Necessary documentation steps to follow
When doing conveyancing by yourself it is important to make sure that you give your contact details to the conveyancing solicitor of the other party who is exchanging for the property with you. This is because that conveyancing solicitor will able to identify you and mark you as a person who is doing his or her conveyancing by themselves. Also, the other party’s conveyancing solicitor should send you a draft contract for approving, attached with a copy of that conveyancer’s client’s registered title of the property and plan. The conveyancing solicitor of the other party may send other information to you like property information form, list of fixes and fixtures, and details of other items included in the sale of the property.
However, the drawback to all of these is that there are certain law firms who do not want to deal with someone who is doing their conveyancing by themselves. This is because such solicitors believe that doing such complicated paperwork with someone who does not have a license and prior experience is troublesome.
Therefore, if such thing happens, do not be disheartened instead refer to the Law Society’s advice on this issue to them. After doing so, they should carry on with the paper works with you. DIY conveyancing is an option to consider for yourself, but, in most cases, for property dealing in the UK – it is best consider going to an experienced conveyancing solicitor. Such conveyancing solicitor is Nigel Broadhead Mynard Conveyancing Solicitor dealing for properties around the UK at great prices.