Why doing your own conveyancing could be a costly mistakeAugust 29, 2019
With so many hidden charges involved in moving to a new house or getting a foot on the property ladder, it can be tempting to carry out conveyancing yourself; however, this can end in disaster if you are not familiar with the process.
Conveyancing involves the transfer of the ownership title from one householder to another. It can cost anywhere in the region of £500 to over £1,000 and the process can take several months. It typically begins when an offer is accepted and ends when the purchase of the property has been completed.
Completion of work is best left to professionals
Completion of the necessary work is best left to the professionals, as conveyancing requires an in-depth knowledge of property law. Mistakes can be made during transactions and can be relatively trivial but unsettling, such as carrying out the wrong search and having to pay a double fee. Other more serious errors can occur, such as misinterpreting a search result, completing a purchase and ending up with an unsellable home.
There are two main reasons for instructing a conveyancer to carry out the property transaction: they will be much more experienced in the field and less likely to make an error. If a mistake is made in the process, it will be the fault of the solicitor or conveyancing professional; therefore, they will be liable for any losses incurred. Most importantly, the conveyancer will have appropriate insurance in place to cover those losses.
Complicated and time-consuming for non-professionals
Conveyancing is a complicated and time-consuming process; however, there are cases where individuals have successfully carried out DIY conveyancing.
Homeowners planning on moving or young couples who want to get a foot on the housing ladder can obtain competitive conveyancing quotes from a range of professionals, such as
According to the Independent, the property market is enjoying a mini-boom thanks to Brexit.
A conveyancer will carry out searches with local councils and utility companies that can reveal facts such as whether the area is prone to flooding and whether there are any financial liabilities left over from past owners. The conveyancer will also check the contracts drawn up on behalf of the seller by their professional. Once the process is complete and the fees paid, the conveyancer will register you as the new owner.