You might be thinking about doing DIY conveyancing to help reduce costs, but is it possible to actually do your own conveyancing? We are going to look at:
- If you are able to do it yourself
- How much you could save
- The advantages and disadvantages
- Who shouldn’t do their own conveyancing
- Tips for if you choose to do it yourself
Is it possible to do your own conveyancing?
You might be surprised to learn that DIY conveyancing is possible in some situations. If you’re willing to do the legwork, you could potentially save a significant amount of money on professional fees. However, generally speaking, DIY conveyancing is only an option if you’re buying or selling a property that is relatively straightforward. If there are any complicating factors, it’s best to leave the task to a professional. Conveyancing can also be complex and time-consuming, so unless you’re confident that you can handle it yourself, it’s usually best to err on the side of caution.
How much would you save by doing it yourself?
There isn’t an exact number for how much you can save as conveyancing fees can vary, but the average costs are between £850 to £1000. This doesn’t include disbursements which you would still have to pay for. Therefore, there is still costs to pay out even if you do choose to do the conveyancing yourself. If you would like to find out more about the costs involved with conveyancing you can read our blog post here.
Advantages of DIY conveyancing
Although DIY conveyancing is not recommended for certain situations there are some advantages to DIY conveyancing which are:
- It is cheaper, as you will save money not paying conveyancing fees.
- You won’t have to wait around for the conveyancer to get things done.
- DIY conveyancing is good for sales that are straightforward, for example a cash sale.
- If you have an interest in the legal side of things then you will get a hands on approach.
Disadvantages of DIY conveyancing
When you do the conveyancing yourself there are disadvantages you need to take into consideration which are:
- If you make a mistake for example doing the wrong search, it could end up costing you more money in the long run as you will have to pay the fee again.
- Professional conveyancers have insurance to cover them from mistakes whereas you won’t have insurance yourself.
- As a seller, without professional legal advice there is the potential to get conned into lowering the house price or conned into parting with money.
- If you are a buyer doing your own conveyancing, the seller may not want to sell to you as they don’t want anything to go wrong with the sale.
- Most mortgage lenders will not let you borrow from them without a legal professional.
- DIY conveyancing could end up with the process taking longer as you don’t have experience.
- If you end up struggling you will have to hire a conveyancer, which could cost you more in the end anyway.
- There are penalties for not meeting deadlines
- There are still disbursements to pay.
- You will probably have to spend time researching into conveyancing which would be time consuming.
Who shouldn’t do their own conveyancing?
There are situations where you shouldn’t do the conveyancing yourself these are:
- If you are selling or buying a property which is not registered with the Land Registry.
- If the people selling the home are getting divorced or separated.
- If the property is something other than a flat or house.
- If the property is leasehold.
- If the buyer wants to buy the home with a mortgage.
Tips for if you choose to do it yourself
Using a conveyancer is highly recommended, but if you are determined to do the conveyancing yourself then here are a few things you can do to help you along the way.
- Be organised and dedicate your time to it as it’s important you get it right.
- Do some research first into conveyancing.
- Have a look at what searches need to be carried out and how you can do them.
- If you are a buyer and doing your own conveyancing, remember to keep in contact with the seller’s conveyancer as they will send you the draft contract and any other legal documents.
- Remember to check over all legal documents before signing anything.
Summary
Overall, DIY conveyancing can save you money, but it’s not for everyone as it can be a complex and time consuming task. Buying or selling a house is a big financial decision and you want to get it right, so hiring a conveyancing is the best idea. You can read about you need to know before choosing a conveyancer in our blog post here. However, if you’re considering taking on the task yourself, be sure to do your research and weigh the pros and cons carefully before making a decision.
