There is always a risk when undertaking a task that someone else has trained for years to do. You might have a pair of scissors, but this does not qualify you as a hairdresser. You could do your own conveyancing, but this might not be the most sensible move. Let’s take a look at whether DIY conveyancing is worth the risk.
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Potential risk
If you knew beforehand whether the conveyancing would become complicated, you could make an informed decision. In theory, you could take on your own conveyancing, and some vendors and purchasers do this every year; in reality, the potential hazards they risk for the sake of not paying professional fees could be the stuff of nightmares.
Inexperienced DIY conveyancers are far more likely to find themselves falling into legal holes than experts such as Sam Conveyancing.
Complex process
Buying or selling a house is stressful enough without adding in the pressure of handling your own conveyancing. Buying a home is likely to be the largest financial commitment you make, which means the risk of making an expensive mistake is also raised. The conveyancing associated with buying or selling property can be very time consuming, especially for those who are going through the process for the first time. That can be difficult to juggle alongside other work and family commitments.
When conveyancing goes wrong
If everything went smoothly and you have the time, DIY conveyancing could be worth doing. On the other hand, as mentioned above, things can go wrong – and sometimes in spectacular fashion. If you have taken on the conveyancing yourself, you will need to work out how to get out of the mess.
If you have instructed a professional conveyancer from the outset, you can be secure in the knowledge that they are regulated and will have professional indemnity insurance. If and when something unexpected happens, there is insurance to fall back on; without insurance, you risk the whole process collapsing. This will incur additional costs. If the error is yours and impacts the other party, you also risk a claim against you.
Complications
The law is changing rapidly, as are the regulations. If you are not living and breathing these changes, conveyancing can be a very complicated process. The fees you pay to the best conveyancing solicitors are a very small percentage of the overall cost of the transaction.
You can obtain impartial information about regulated law firms and conveyancing solicitors in your area from the Solicitors Regulation Authority.
The final thing to consider is that not all mortgage lenders will be prepared to accept borrowers doing their own conveyancing.
