DIY Conveyancing - Seller's solicitor won't accept my money

martindow

diy_er wrote: »

So far I have rang 6 Solicitors - NONE of them will just do the ML work.

However, best quote so far is £946.00 with VAT. (this is with a small local Solicitor)

The other thing is searching online theres plenty of conveyancing/Solicitor firms, AND some horror firms when you do a online search with "conveyancing firm name + reviews"

Now I've found a company that is VERY competitive on price its: £429.00 with VAT.

This is a busy company if you check their reviews on trustpilot they score 7.7 out of 10.

There are negative reviews about this company - however the owners are replying to these negative reviews and not with some standard copy&pate BS reply, this firm bends over backwards in regards of sorting out issues, anyone here used one of these type of online firms?

Are you sure you are comparing like with like? Some conveyancers offer low headline prices but you may find extras that are unavoidable.

davidmcn

martindow wrote: »

Are you sure you are comparing like with like? Some conveyancers offer low headline prices but you may find extras that are unavoidable.

For some reason this thread keeps being bumped up, but the previous post was from November.

badger09

davidmcn wrote: »

For some reason this thread keeps being bumped up, but the previous post was from November.

Presumably because people are voting in the poll:cool:

Thrugelmir

Yes

Mods can you lock this thread please! :beer:

robatwork

Yet another OP who lit the blue touch paper and retired a long way away.

Jumblebumble

TBagpuss wrote: »

How can it be fair for you to expect the sellers to add to their costs o you can save a couple of hundred pounds?

One issue is the money-laundering one. Solicitors (like other professionals) have pretty onerous responsibilities when it comes to ensuring that they have carried out proper anti-money-laundering checks and processes. If you con't have a solicitor then your buyers solicitors would have t do all that due diligence for you, as well as for your seller. That means extra time and cost for your seller and their solicitor, and greater risk for the solicitor as they can be personally liable (for things up to and including criminal convictions) is they fail to take proper steps. As a cash buyer you are automatically a higher risk.

The second issue is that dealing with an amateur is almost always going to create more work for the professional. It's bad enough for them when they are dealing with unqualified people at conveyancing farms but dealing with someone who is both unqualified and inexperienced, but who *also* has a personal interest in the transaction, is the stuff of nightmares. So it is a massive headache for the solicitor and likely means higher costs for their client (most conveyancers / solicitors' fixed fee T&Cs will allow them to increase the estimate where the case becomes more complex / difficult)

Then on top of that there are problems with the practicalities - there are very strict rules about when, and for how long, solicitors can hold money. With a mortgage advance the money will be sent back to the mortgage company if completion doesn't happen on the correct date; with money from a private individual there are other issues are issues around getting cleared funds but not holding money for too long, and further, massive, money laundering risks.

The third issue is that Solicitors are able to give undertakings to each other which saves costs
You can't !

MovingForwards

*** This thread is from 2017! ***

Thrugelmir

Yes

Any Mods monitoring this forum?

ChrisK....._3

You don't need to be a solicitor to know they can not refuse your money and to do so is illegal. They can expect you to provide ID to comply with anti money laundering laws. Have you let your seller know about these antics?

HopefulLondoner wrote: »

I'm buying property, and I am lucky enough not to need a mortgage.
My offer has been accepted and I want to do my own conveyancing.
The seller's solicitor has informed me that they will not accept money from me, and will only accept money from a solicitor's account.

How can it be fair for them to add to my costs like this?

ChrisK....._3

Exactly, and I say, totally illegal

societys_child wrote: »

There is the ML side, but I've heard in the past, solicitors don't like the thought of DIY conveyancing, it's like taking the bread out of their poor mouths (A KIND OF CLOSED SHOP ATTITUDE)