DIY conveyancing - selling a property

Rosie1980

chalky_white_2 said:

If your tenant requires a mortgage, their solicitor will not be permitted to transfer the mortgage advance as part of the completion funds to you.   They must be remitted to a licensed conveyancer or solicitor. 

Ah good, hopefully you can help me: who is it that does not permit this transfer? As it stands the solicitor is waiting to get acceptance from the buyer's lender, so it seems this may be a preference rather than a legal requirement.

Mickey666

macman said:

If you are selling but not buying, then it's perfectly possible to DIY a freehold property. Given the availability of fixed price conveyancing, I'm not sure I'd want to though. The EA earns far more for doing less.

Hear hear.  I've sold a property without an EA but would never contemplate a DIY conveyance.  I know of three instances where conveyancing went wrong.  One ended up with the purchased property not being able to be registered, ie the 'buyer' ended up with no title and had to move out!  Fortunately they'd used a solicitor who admitted liability and all costs and compensation was paid out of their professional liability insurance, so plenty of stress but no financial loss in the end.

Another was a DIY conveyance that turned into some sort of mess that ended up costing just over £20k to sort out in court.  So plenty of stress AND a financial loss.

Paying a solicitor isn't just getting a job done, it's also buying valuable insurance.  Considering the importance of the task, the cost of conveyancing is peanuts,  In comparison, an EA gets money for old rope - and a lot of it as well!

davidmcn

Rosie1980 said:

chalky_white_2 said:

If your tenant requires a mortgage, their solicitor will not be permitted to transfer the mortgage advance as part of the completion funds to you.   They must be remitted to a licensed conveyancer or solicitor. 

Ah good, hopefully you can help me: who is it that does not permit this transfer? As it stands the solicitor is waiting to get acceptance from the buyer's lender, so it seems this may be a preference rather than a legal requirement.

I doubt lenders dictate any general requirements, it's left to the solicitors to sort out how to deal with completion without the benefit of the usual solicitors' undertakings. 

Rosie1980

Do not waste your money on freeconveyancingadvice.co.uk . The site is a really useful source of information and guidance which you can access for free. But the documents you can access on paying membership are not as good as the Law Society's own, and there is no Contract available to download, despite indications that there is. Finally they do not reply to any questions.