People who go for DIY conveyancing want to save on charges and time of the transaction. This may be disadvantageous when compared to hiring conveyancing solicitors. In the process, there are issues that arise and one will need the assistance of property solicitor.
There are cases where DIY conveyancing will not apply or it is impractical. When buying a home with a mortgage plan, the lender always asks for representation by a conveyancing solicitors. Mostly one solicitor represents both and the buyer offsets the legal fees. This conveyancing will also not be applicable where the seller has a mortgage plan as he does not have the DS1/END1 that removes the lender fee from the land registry. Without a redemption fund, the lender holds on to the discharge document.
DIY conveyancing is not possible where there are obligations to be performed after completion of the of the transaction that will affect the other party. Leasehold, new buildings or unregistered purchases are extremely difficult to handle. As a seller, there is no big deal as the conveyancing solicitor of the buyer is responsible for the searches.
A second thought should be considered when dealing with a conveyancing deal within a deadline like when buying repossessed property. If the deadline is not met, the process becomes more expensive.
DIY conveyancing is beneficial when making cash purchase, no mortgages and buying freehold registered properties.
Risks involved with DIY conveyancing
• Conducting the wrong searches makes one pay more as they have to repeat the process
• Misinterpretation of the search can lead one to buy property that was not for resale
Two main reasons that will make one consider working with solicitor are:
• They are much experienced thus make minimal errors
• The conveyance will have insurance to cover any loss resulting from an error and no charge would be demanded.
Benefits of DIY conveyancing
1. Many transactions have become straight forward since the registration of land law was enacted
2. The conveyancing solicitors take longer to deal with your case, due to their caseloads. It may take 5 days to handle the transaction
3. With DIY conveyancing, one feels they are in control of the transaction
DIY conveyancing is very rewarding but should not be made to look easy. It can also be time consuming and expensive if there is a problem. If you find yourself in a difficult position, consult with conveyances as soon as possible.