own conveyancing when buying from a relative with no mortgage

missminx007

We have been given the opportunity to buy a property for a small amount of money from a relative so there will be no mortgage companies involved. Would doing our own conveyancing be possible and how do I know where to start? The house has been in the family for about 15 years. Can anyone help with what is mandatory and where to begin!

sonastin

Step 1: get hold of a good book to make sure you understand what you're getting into.
Step 2: get some quotes from solicitors to find out what you're saving.
Step 3: Weigh up the work involved against the cost of getting a professional to do it and decide whether you want to take it on.

Things that you should consider:
Solicitors have professional indemnity insurance to pay out if they get it wrong. If you get it wrong, there's nowhere to go.
Is it freehold or leasehold? Dealing with leaseholders complicates the transaction exponentially.
Are you planning to do the conveyancing for both sides or will the vendor be getting advice on this transaction? Another solicitor won't be happy at having to deal with an amateur.
As I understand your post, you're looking to buy this at below market value - do you fully understand the implications with regards to tax (CGT, SDLT, IHT, etc), deprivation of assets (should your relative need care in the coming years), etc?