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.
Although there are people who argue that doing conveyancing yourself (otherwsie known as DIY conveyancing) is impossible without the help of conveyancing solicitors, the truth is that logically speaking, it is not. You will have to go through some procedures though, and you will also have to dig into some research work and do a lot of follow-up for the paperwork that you are about to involve yourself in. Nevertheless DIY conveyancing has its own advantages and disadvantages. Just as any other form of employment or business, there are pros and cons for venturing a certain given field as compared to another. Some of the advantages of DIY conveyancing rather than using professional cconveyancing solicitors will be:
1. Saving yourself some money: For the person who is looking to save the last of his coin, the DIY procedure is one that will save you some money. It is true that conveyancing solicitors do offer reasonable packages for their services, but DIY will be more effective for you if you will want to save your last coin on doing the transfer. You will have to handle the charges that come with the transfer those.
2. You get to control everything: It is quite frustrating sometimes to have someone controlling your own affairs. The conveyancing solicitor sometimes do not give the right kind of answers that you so dearly wanted, even if eventually they get the work done. All the same, some people prefer getting first hand information about their businesses. DIY conveyancing offers this option.
Some of the disadvantages of getting yourself involved in while doing this will be:
1. It is rare and brings about issues of trust: Though someone can go ahead and convey for himself, one cannot do it especially when there are mortgage companies involved. Mortgage companies do not accept self representation so this will only work when one is paying out through cash or without mortgages.
2. Time consumption: The complexities involved in the conveying processes make DIY conveyancing a headache for people who do not have enough time to go through documents. The work involved is one that can take you days going through legalities which you probably have a hard time understanding.
3. One misses out on advice: The advice the experienced person will offer you will help you a great deal. The DIY conveyancing process makes you miss out on the advice that you will be given otherwise by some of these solicitors.
Either way, it is important for anyone to make the choice on whether to outsource to conveyancing solicitors or not depending on your own individual circumstances.