Buying a home is probably the most expensive purchase you’ll ever make. It’s therefore unsurprising that many people are tempted to save money by taking on conveyancing themselves.
If you feel you are comfortable dealing with legal jargon and are willing to take on large amounts of paperwork then DIY conveyancing could be a possible option. However it is advisable to think about this very carefully before taking on the role of a licensed conveyer.
If you’re considering taking on DIY conveyancing, read on as we guide you through the pros and cons.
Save Money – Cost is important to most people, especially when buying a home. By doing 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 end up paying some legal fees – so the reality is that you may end up saving 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. However, there are many parties involved in the process and it is inevitable that the transaction will only proceed at the speed of the slowest party.
Bear in mind that the DIY conveyancer usually runs into difficulty and many homebuyers avoid undertaking conveyancing themselves for the following reasons:
No Protection – If anything goes wrong on the legal side, you will be personally responsible. If you have a solicitor, they will have professional indemnity insurance against errors on their part.
Serious 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 that there is a new road planned to be built opposite your home, or even that the seller did not have the legal right to sell the home in the first place.
Potential Rejection – The other people involved may not be happy with you doing your own conveyancing, and may even reject your offer on this basis.
DIY conveyancing is like doing anything yourself – get it right and you could save yourself money and time; get it wrong, and be prepared for it to be a costly mistake.
Its no exaggeration that poor quality conveyancing can result in buyers losing their homes and a great deal of money, so ask yourself whether DIY conveyancing is really worth it.
The last thing you need is to place additional pressure on yourself during a house move. Let a professional conveyancing solicitor take the strain and the responsibility off your shoulders.