DIY Conveyancing and selling

Bloblik

Hi,
We are selling a property and doing our own Conveyancing (if that is the right term for a seller).

There is a mortgage on the property and from my reading of this post:

forums.moneysavingexpert.com/showthread.php?t=1704885

it appears a solicitor is required to deal with the mortgage company ("it is an offence for any unqualified person to "prepare a contract for sale or a transfer, conveyance or mortgage relating to land in expectation of fee, gain or reward"), I am yet to read a book on DIY Conveyancing (which I will) - but could some one confirm whether as a seller we need a solicitor - if we act on our behalf - without 'expectation of a fee, gain or reward').
Any other relevant advice would be of interest.
Thanks

martinsurrey

Bloblik wrote: »

"prepare a contract for sale or a transfer, conveyance or mortgage relating to land in expectation of fee, gain or reward)
Thanks

for gain or reward is key, you are doing your own so no fee gain or reward, so its not an offence.

kingstreet

FWIW the purchaser's solicitor will not pass the full purchase monies to you if there's a mortgage to be repaid.

G_M

Bloblik wrote: »

Hi,
We are selling a property and doing our own Conveyancing (if that is the right term for a seller).
If you need to ask this I wonder if you you know enough to attempt DIY!

There is a mortgage on the property and from my reading of this post:

forums.moneysavingexpert.com/showthread.php?t=1704885

it appears a solicitor is required to deal with the mortgage company ("it is an offence for any unqualified person to "prepare a contract for sale or a transfer, conveyance or mortgage relating to land in expectation of fee, gain or reward"),
this means you cannot do it for a friend and charge a fee unless you are a solicitor. You can do it for yourself, or do it free for a friend.
I am yet to read a book on DIY Conveyancing (which I will) - but could some one confirm whether as a seller we need a solicitor -
No. But see below
if we act on our behalf - without 'expectation of a fee, gain or reward').
Any other relevant advice would be of interest.
Thanks

If you have a mortgage, you will usually have to pay this off before you receive the Completion funds.

When solicitors are involved, the seller's solicitor gives the buyer's solicitor a "solicitors undertaking" that the mortgage will be removed after the cash has been handed over on completion. The buyer trusts the seller's solicitor to do this.

However, they will not trust you, as an "undertaking" (promise) from you is meaningless. You might swan off to South America with the sale money without paying off your mortgage, leaving the buyer with your mortgage in place!

If you have enough savings stashed away to pay off the mortgage in advance - fine.

Richard_Webster

The point has already been made about professional undertakings in relation to clearing off a mortgage, but it is also relevant to the exchange of contracts and completion.

A solicitor will have to exchange contracts in person with the seller and check his ID and will have to attend completion in person to obtain the deeds and documents in return for the funds. This is again because normally another solicitor can rely on professional undertakings concerning this.

If were acting for a buyer who had an unrepresented seller I would either require the seller to come to my office or if I had to go to the seller then I would suggest to the buyer client that he should seek a price reduction to reflect my extra costs and time in travelling etc.

Bloblik

Thanks for the replies, so where a mortgage is concerned a solicitor needs to be instructed by me (the seller) to handle the sale.
Where a mortgage is not involved - I, the seller would need to make myself present at the buyers solicitors office - to identify myself, and hand over the deeds (and other documents ???) upon exchange of the funds ... I assume a call to my bank would confirm funds present in my account ??
Thanks

G_M

Bloblik wrote: »

Thanks for the replies, so where a mortgage is concerned a solicitor needs to be instructed by me (the seller) to handle the sale.
Where a mortgage is not involved - I, the seller would need to make myself present at the buyers solicitors office - to identify myself, and hand over the deeds (and other documents ???) upon exchange of the funds ... I assume a call to my bank would confirm funds present in my account ??
Thanks

That is broadly correct.

However before embarking on DIY conveyancing, get a good book, read and check you understand the entire process, identify the issues (eg as those above) and only then make the decision as to whether to DIY or employ a solicitor.

You do not want to get half-way through and find either you have hit a brick wall, or that you simply are out of your depth.

I do not wish to put you off - I have done this several times, and for the right individual, and given the right circumstances, I am an advocate. But for the wrong individual, or in the wrong circumstances, don't do it.

In particular:

* mortage? Think again.
* Leasehold? Reflect!
* Unregistered property?....!
* Title contains complex covenants? :eek:

Bloblik

Yes I agree, now I am aware it could be quite difficult with there being a mortgage, I will pay the money for someone to handle it, these people who we are selling the house through do conveyancing for £249+ VAT:

www housesimple.co.uk/more_info.asp?current_id=88

So not a huge cost, hopefully it does what it says on the packet ...

G_M

Bloblik wrote: »

Yes I agree, now I am aware it could be quite difficult with there being a mortgage, I will pay the money for someone to handle it, these people who we are selling the house through do conveyancing for £249+ VAT:

www housesimple.co.uk/more_info.asp?current_id=88

So not a huge cost, hopefully it does what it says on the packet ...

Have you checked the small print? Read the Terms of Business carefully.Many of the cheaper online conveyancers advertise a low rate, but then when he bill comes there are all sorts of 'extras'.

Read this.

ACG

I have nothing of any use to enter into this thread, this post is more because im a bit of a nosey git, but why are you doing this yourself?

Im not having a go or anything like that, and i dont mind having a go at certain things myself but this is something that is quite technical and if i was a buyer it would put me off purchasing your property or selling to you as the whole process can be stressful enough as it is.

G_M

ACG wrote: »

I have nothing of any use to enter into this thread, this post is more because im a bit of a nosey git, but why are you doing this yourself?

Im not having a go or anything like that, and i dont mind having a go at certain things myself but this is something that is quite technical and if i was a buyer it would put me off purchasing your property or selling to you as the whole process can be stressful enough as it is.

I cannot answer for the OP, but when I've done it in the past:

* I save money (note: this forum is called.....?)
* I learn a lot about a property I'm buying. Far more than by letting professionals do it all for me
* I get huge satisfaction for doing a challanging job well for myself ( the same applies when I succeed in fixing a leaking tap myself, suing a tenant myself, or... well... just about anything that I feel up to doing for myself)

I have indeed encountered some reservations initially from solicitors acting for the other side, but never from a seller (or buyer) themselves. My golden rules dealing with the other conveyancer is

* never ask them for advice!
* never show any doubts about what you are doing
* anticipate issues and offer a solution that will not put them out (eg never ask them to attend in person - I always offer to attend their office, even where the convention is for the other party to travel.

Frankly, they soon realise that I turn around papers/queries etc far faster than they do - they are dealing with 20 properties simultaneously. I'm just doing one.

Yes - it is technical. But given the caveats I listed in my earlier post, it is not beyond someone who

* has a decent education
* is literate
* can apply attention to detail
* has the time required to read, research learn
* can follow processes
* has access to resources/information