DIY conveyancing- will my circumstance make this straightforward?

nicksthename

I really the wouldn't go this route...surely the risk of messing up re the reward is just too imbalanced?

Edtough

Thanks for the advice guys and girls. Just to clarify, this potential flat would be bought with cash, not because it's "cash only" but because I don't need a mortgage.

I can see the awkwardness of a leasehold with a converted house for example, but a purpose built flat in a block must have less potential issues?

Hmm maybe I'll get a proffesional for leasehold properties then, for reasons highlighted above. If I were getting a freehold house, I think I would definitely give it a go.

Doozergirl

Leasehold is always more complicated than freehold and you will find that often solicitors charge more for that very reason.

Freehold with absolute title is fairly straightforward. If it's free of covenants and easements etc then that's it.

Leasehold involves two titles. One for the freehold and one for the leasehold. There are two parties with obligations to each other, as well as the flat having obligations to the other leaseholders. If leases prescribes one thing but something else is happening, it doesn't take much for a flat to become un-mortgageable. Lease lengths, management companies, accounts being lodged correctly, service charges being apportioned correctly blah blah blah. have they been paid by the previous owners? Any upcoming works planned? How is it being paid for? Make sure that any outstanding fees are covered by the sale moneys... The list goes on and on. And on.

greenface

reading the guide you have ordered wont hurt you. It will help you if not this time then maybe another and you may help someone else. Knowing what the hell there on about is always a good thing and cuts down the BU11sh1t

Richard_Webster

As others have said the very fact that a leasehold flat is in an auction at all makes you ask the question about what is wrong. If you do not understand flat leases and all the issues surrounding them you could pay a lot of money for something that you will difficult to sell in the future. There are so many points that could arise that reading a book is unlikely to be enough in this sort of case.

DIY buying an ordinary registered freehold maybe but not a leasehold flat at auction!!!!!

Some people who go to auctions have more money than sense and sellers hope they can unload a dodgy property that way.

Edtough

Richard_Webster wrote: »

As others have said the very fact that a leasehold flat is in an auction at all makes you ask the question about what is wrong.

Because it's a repossesion normally, or needs major restoration.

I bought a 2 bedroom maisonette in May 2009 that had gone to auction and needed total restoration (used conveyancers). Restored it myself personally, and am now looking to do another one but considering doing the conveyancing myself.

I may take the advice though; I'll DIY it if I get a freehold, but for leasehold I'll go with the pros.

terryw

Edtough wrote: »

I may take the advice though; I'll DIY it if I get a freehold, but for leasehold I'll go with the pros.

Good idea Ed.

Please come back here if and when you decide to DIY. There are loads of peeps who have done it before and will be happy to assist or at least offer support.

It would be nice to see a "diary" of a DIYer on MSE.

bw

Added as an afterthought -

For what it is worth, some forty years ago when I did my first DIY transfer of property, I read the one DIY manual first, and then cheekily asked the solicitor who had carried out my very first purchase for my file! This was sent to me as of course it the client's property as he has paid for it.

Ed might consider this to assist on his next purchase which hopefully might not have the potential complications of the current purchase.

G_M

Richard_Webster wrote: »

DIY buying an ordinary registered freehold maybe but not a leasehold flat at auction!!!!!

So nice to find a solicitor with an open mind, Richard - this IS a moneysaving forum after all.

Some solicitors (no names!) would simply chant an unambiguous "Use a professional for a professional service" or similar.

DIY is certainly not right for everyone, irrespective of how straightforward the Title, just as some people would (should) never contemplate their own car maintenance or investment selection. But it can be done where Title is freehold, registered and unencombered, by people with the right skills.

And it is not just moneysaving but highly educational and satisfying too.