Buyer's Mortgage Company say I can't do my own conveyancing

sacherlover

I learned how to do my own conveyancing back in 1986. No, I'm not a Licenced Conveyancer or Solicitor - but I can and have done my own conveyancing.

I have bought and sold Leasehold and Freehold properties numerous times since 1986 and because I don't buy with a mortgage this has never been an issue.

Today, my Buyer's Solicitor have told me I need to use a Solicitor because my Buyer is getting a mortgage with Halifax (part of Lloyds Banking Group). Apparently Lloyds will not allow the other party to 'act for themselves' i.e. do their own conveyancing.

Has anyone else come across this?

Thanks.

AdrianC

sacherlover wrote: »

Today, my Buyer's Solicitor have told me I need to use a Solicitor because my Buyer is getting a mortgage with Halifax (part of Lloyds Banking Group). Apparently Lloyds will not allow the other party to 'act for themselves' i.e. do their own conveyancing.

You have two choices.

1. Persuade your buyer to get their mortgage from somebody else.
2. Hire a solicitor.

I know what my reaction would be to option 1, if I were in your buyer's shoes.

ReadingTim

Which would you prefer to do - buy this house, or do you own conveyancing?

Suggest you consider the bigger picture/take the long view on this one.

sacherlover

Hi Tim,

I'm selling my property - not buying it.

00ec25

yes it is normal where a mortgage is required for the lender to "require" the conveyancing to be done by a solicitor/licensed conveyancer

post#2 sums up your position....

AnotherJoe

Many complications including identity checks, insurance against issues arising, money laundering, have arisen since you learned to DIY.
Those times are past, get a solicitor.

Richard_Webster

I assume OP has no mortgage otherwise the present mortgage lender would require a solicitor to act for it so you would have pay for that anyway.

G_M

00ec25 wrote: »

yes it is normal where a mortgage is required for the lender to "require" the conveyancing to be done by a solicitor/licensed conveyancer

Naturally the buyer will need a solicitor to satisfy his lender.


OP is selling. Like the OP I have sold unmortgaged properties in the past, including to buyers who were borrowing, and have DIYd.


But times are changing. As Joe says

Many complications including identity checks, insurance against issues arising, money laundering, have arisen since you learned to DIY.

You might get away with paying a local solicitor (or even the buyer's solicitor, to do ID and money laundering checks, but I suspect the cost would eat significantly into the savings you make by DIYing the rest.....