Do we really need a solicitor to sell a property?

Mrs_Money

May seem like a silly question - do we really need a solicitor to sell a property? This property is not ours- it's an execuor's sale and DH is the executor.
We know all about the property - the potential buyer is a neighbour in the same block - so he knows all about it too (and will no doubt have his own solicitor for searches).
What do we need a solicitor for? Just to take our money?

Should also add that we may not have to use an estate agent (not engaged one yet) - so we are trying to minimise all costs as it is a very small estate.

N79

No, but you will need to be able to handle the land registry forms yourself and also deal with any points or queries that the buyer has. For a simple sale this is definitely "do-able" if you are prepared to take the time to learn about your obligations.

If you !!!! it up without a solicitor then it will be on your own shoulders - there will be no-one to blame and no-one to help sort out any mess.

hazyjo

Am I right in presuming it's a flat? As far as I know, that might make things a little more complicated...

Jx

Mrs_Money

hazyjo wrote: »

Am I right in presuming it's a flat? As far as I know, that might make things a little more complicated...

Jx

Yes, it is a flat in a big block with a management company formed by the flat owners.

N79

In which case the freeholder may effectively force you to use a solicitor - if there is a lease involved then it is not a simple sale.

PaulLuke

To be honest, given the costs involved, I would use a solicitor to handle the sale as they carry insurance to cover the cost of making a mistake - you don't. I wouldn't however, use an estate agent if you have already found a buyer and are happy with the price as you've already done most of what an Estate Agent does (i.e. finds a buyer forr you!!)

Richard_Webster

Have you thought about how contracts are going to be exchanged and how the matter is to be completed?

Solicitors use professional undertakings but we would not accept an undertaking from you as a private individual so e.g. you would have to be prepared to attend the buyer's solicitor's office to prove your ID and to exchange contracts in person (rather than over the phone) and hand over the transfer deed at completion.

Are the buyer's solicitors local? If they are not that is a hassle for you. You could say you are not going to go to them, in which case the solicitors will have to go to you or appoint a local solicitor as an agent to do so. That would all be extra cost and the buyer would probably think that it should be knocked off the sale price as you caused him extra cost by not using a solicitor.

googler

To ensure the property is transferred to the new owner according to the law of the land?

timmyt

It is a legal process so unless you know the law.....

G_M

It is perfectly do-able, if you have good sources of information, are intelligent, have good attention to deal, can follow processes carefully, and are willing to put in the time.

There are many books that will guide you through - often available free form the library. Use Google.

Is there a mortgage on the property, and is it a registered property?

If it's unregistered, it will be very much more difficult.
If there is a mortgage, there is a problem - the mortgage will need to be paid off before completion. As Richard explained above regarding Exchange, solicitors also give 'undertakings' to each other that the mortgage will be paid off using the proceeds from the sale. No buyer's solicitor (or buyer if they also don't have one!) will accept an undertaking from you since they cannot guarantee you will keep your promise. You might run off to S America with all the money leaving the mortgage on the property! So if there's a mortgage, (or unless you can aford to redeem it before Completion) I wouldn't even consider DIY.

Leasehold also adds a complication as explained above.

G_M

business_man wrote: »

You need a solicitor to draft your side of the contract which means after completion liablities. Your contract is your biggest defence in case of any problems that may arise later.

Solicitors use standard contracts. You can buy this from Oyez legal publishing.
Yes, you need to fill in the blanks carefully (make sure you spell your name right! Hard eh?), but this is not rocket science!