Have you made the decision to do your own conveyancing? DIY conveyancing is a challenging path to to take, especially since you will have a million other things to do when buying or selling a house. Many people get into DIY conveyancing without knowing all the specific details of what you have to do. This article will tell you 5 of the most important things you should understand before you start the process of conveyancing.
- You won’t save much money in the end: The main reason people get into DIY conveyancing is too cut costs and save money. However, in reality, you won’t end up saving much money in the long run. The only money you save are the conveyancer’s fees. You will still have to pay all the taxes and pay the land registry fee yourself. There are other fees you have to pay such as paying for the surveys and various stamp duties. Once you do the calculations, it is easy to see that you will not save much money, just a small amount in conveyancer’s fees. If you are going to take the risk of doing your own conveyancing, make sure it is worth the risk.
- DIY is not easy to do: Conveyancing is a tricky business that is best left to qualified professionals. There are several long procedures that take time and skill to handle. There are a large number of forms that you have to fill up and surveys and building checks that have to be carried out. You will also have to contact a number of local authorities and banks in order to get required signatures or permission for several things. The job requires plenty of paperwork that can take up hours of your time. In many cases, it may be easier to simply hire a professional to take care of these things.
- You will have no legal protection: This may be the most important thing that you have to consider before going ahead with DIY conveyancing. If anything goes wrong in the legal area, you will have no law to protect you or your assets. Most conveyancing firms have laws set in place to protect you from further damage. Solicitors usually have some kind of professional indemnity insurance to protect you from any mistakes they make. However, if you act alone, you are risking yourself and your own property as well as a huge amount of money. Such loss can be disastrous to you and can cause legal implications for you in the future.
- People do not want to deal with amateurs: Many solicitors and buyers or sellers do not want to deal with DIY conveyancers. They prefer working with other professionals and so they may seem reluctant to negotiate with you or may not want to sell or buy their property to or from you. This is because they find it risky when dealing with non-professionals and may not trust you to get things right. However, sometimes, others will try to take advantage of your lack of experience and knowledge. Try to stay aware of such things and proceed with caution.
- You will still have to work after completion: For conveyancer, the job doesn’t end with completion. You will have to go to the land registry to transfer the name of the property. Also, you will have to make sure all the payments have been made to the right people. There are plenty of things you have to do before the process can officially be finished. Together with the practical aspects of moving house, this can be an extremely stressful time for you. Make sure you are ready to take on these challenges if you decide to go for DIY conveyancing.