DIY Conveyancing?

juno1

Hi,
I am remortgaging my house to buy a small house in the city in which I now have a job. I have a book on diy conveyancing and wonder how other people have got on with this?
I have got my own surveys in the past when buying a property and nothng seems more complicated than that.
Thanks for any comments,
Juno1

Leon_W

Don't do it.

For the sake of a few hundred quid (+ VAT) the repercussions could be enormous if you get it wrong.

If you are buying with a mortgage the lender wouldn't even consider you doing your own conveyancing anyway.

Nice as the idea is of saving a few bob, doing my own conveyancing is stretching the Money Saving principle a little too far !

juno1

I was hoping to hear from people who have tried doing this. Is there anyone out there in this position?
Thanks,
Juno1

jobbingmusician

Yes, I did it myself about 20 years ago, when I was young and foolish.

THe actual work isn't worth the money you save (and I saved even more in those days, before conveyancing companies existed).

The knowledge that you've done it yourself, and the self-confidence this engenders, is priceless.

IIRC (and it was an awful long time ago) there was nothing complicated about it, just an awful lot of admin. I guess that might be easier with modern technology - although some things, like doing your own searches IN PERSON (chat up the local staff) probably haven't changed.

Good luck if you decide to go ahead!

Rachman_2

I am a solicitor - I would not dream of doing it myself.

Plus, if it's mortgaged, you've got no hope. It costs peanuts - why not pay someone to do it.... you get their expertise for less than the cost per hour of the teenage YTS who changes the oil on your car....

david29dpo

my partner is a solicitor and over the years i have learned a lot of what can be involved. some freehold houses can be quite simple, leasehold flats can be a nightmare. there is simply to much at stake trying to do this yourself and lenders will not entertain sending money to you. for what the average solicitor charges, and it is a cut trout market, it is money well spent.

rjm2k1

There was a post a couple of days ago (maybe on this site, but can't remember), where someone had done this and they'd screwed it up, I think that everyone in the chain had exchanged but them, nothing wrong with the property, just a procedural error. Don't do it!

lynzpower

I am more and more convinvced that I should have done my own conveyancing when selling this flat. I dont think its complicated at all - mind you this is a no-chain transaction so thats why Id feel so confident. I read loads of "dont do it!" s on here, and I wish Id ignored all those and just gone for it!

silvercar

with all respect Lynz, selling should be easier than buying. Bottom line on selling is not to hand over keys until you have the money. With a remortgage and a purchase your putting your own money at risk. Plus, if a lender won't release funds to you as an individual you would have to pay a solicitor for that part of the transaction.

lynzpower

silvercar wrote:

with all respect Lynz, selling should be easier than buying. Bottom line on selling is not to hand over keys until you have the money. With a remortgage and a purchase your putting your own money at risk. Plus, if a lender won't release funds to you as an individual you would have to pay a solicitor for that part of the transaction.

I agree, I dont think I would have contemplated it if I was buying as well!

jobbingmusician

IIRC the general advice was against DIY conveyancing on leasehold properties anyway, when I did mine - so no need to feel guilty!