Anyone Done their own Conveyancing?

catfish50

noodle wrote: »

Which lender are we talking about? The buyers lender, or mine? Does mine need a solicitor if I am only selling?

If I have discharged my mortgage before I sell, then I won't have a lender at all, so presumably there is no undertaking to be undertaken?

Correct. If there's no mortgage or other charge on your property, you won't have to pay for a lender's solicitor. The balance of the purchase money will be paid to you. Whereas, if there's a mortgage, the balance is paid to the lender's solicitor and s/he pays off the mortgage and sends you what's left.

noodle

catfish50 wrote: »

Correct. If there's no mortgage or other charge on your property, you won't have to pay for a lender's solicitor. The balance of the purchase money will be paid to you. Whereas, if there's a mortgage, the balance is paid to the lender's solicitor and s/he pays off the mortgage and sends you what's left.

Ta, but if I do still have a mortgage is my lender going to insist on engaging a solicitor purely to distribute the funds? It would seem a waste of money.. don't they trust me? The CHEEK!

catfish50

noodle wrote: »

Ta, but if I do still have a mortgage is my lender going to insist on engaging a solicitor purely to distribute the funds?

I forget exactly what the lender's solicitor does, besides paying off the mortgage.

It would seem a waste of money.. don't they trust me? The CHEEK!

Could that be why they keep the deeds?

powerwin

Thrugelmir wrote: »

Are you a cash buyer or are you buying with a mortgage?

When I buy, I would be doing so with a mortgage.

Rgds

masca

Hi. I was just about to embark upon doing my own conveyancing, but I will now be instructing a solicitor. Reason? I have just been informed by the Estate Agent that the Vendor's solicitor is going to charge the Vendor an addition £300 for extra work/ID checks that she will allegedly have to carry out due to me, the Purchaser, acting for myself!!! :mad: The cheek!!! Anyway, clearly I can't expect the Vendor to pay this (I wouldn't be best pleased in his position) and I'm certainly not going to pay his solicitor when I can instruct my own for not much more than the £300 being charged. So yet again, solicitors and the tax-man (VAT) win! You have to laugh...

Evilm

Its not worth it. Pay the fees and get a professional to do it.

dkmax_2

masca wrote: »

I have just been informed by the Estate Agent that the Vendor's solicitor is going to charge the Vendor an addition £300 for extra work/ID checks that she will allegedly have to carry out due to me, the Purchaser, acting for myself!!! :mad: ..

Solicitors are regarded as trusted parties - if you take your one out of the equation then someone else is going to have to vouch for you. Presumably you are a cash buyer as the majority of lenders would not countenance this. Some lenders insist on a minimum number of "regulated principals" in the conveyancing practice as a further safeguard.