Is DIY Conveyancing a Good Thing?

Moving house is an expensive business. It’s not just the purchase price which has to be considered, it’s the extras like stamp duty and legal fees. It’s not surprising that many homeowners consider DIY conveyancing as a way of cutting their costs.

The first thing to work out is whether a DIY conveyancing approach is really an option. If you are buying the property with a mortgage, then the bank or building society is going to insist that you use a qualified professional for the conveyancing. DIY conveyancing is therefore only possible if you are a cash buyer, buying a freehold property. In complex situation involving properties which aren’t on the Land Register, or where the sellers are embroiled in a divorce, DIY is not appropriate.

Can I Do DIY Conveyancing?

Some of the things you have to think about when deciding whether you might want to do your own conveyancing are:

  • Time – experts estimate that it takes about 30 hours to go through the full process of completing all the paperwork associated with property transfer, over the course of a month or two. For someone who’s never done conveyancing before, it could take a lot longer.
  • Jargon – legal documents can be complex, and packed with Latin and jargon. Unless you’ve already got a lot of experience in reading contracts and know the terminology, you’ll be spending a lot of time on Google. It takes 2 years for a conveyancer to get licensed, which indicates the effort and skill involved.
  • Documents – there is lots of forms and documents which you will need to complete, correctly and in the right order. If you miss deadlines or leave out a key piece of information, this could cause huge delays in the transaction.
  • Savings – often the main motivation to do DIY conveyancing is to save money. However, you’ll still have to pay the search fees, tax and stamp duty and the savings might just not be worth the hassle.
  • Resistance – the other solicitors can be hostile to DIY conveyancers and in the worst-case scenario, might refuse to seal with you.

Searches

One of the main duties of the conveyancer is doing all of the searches to make sure the property is as described, with no nasty surprises. Some searches are essential, others are optional. You’ll also be responsible for checking over the contract and completing things like the fixtures and fittings form. Professional conveyancers have insurance against getting the searches wrong and causing you financial harm. Obviously this is not the case if you’ve done the searches yourself.

Is It Worth It?

In most cases, the answer is probably no. The financial implications if things go wrong are too high risk. This is especially the case for people who have no experience in legal work. The decision might be different for people who are retired solicitors or paralegals, or who can access expert help when needed. It’s probably best to look for other ways in which you can save money in different areas of your house purchase.