Cash buyer - Solicitor?

jarv81178

Hi
does a cash buyer actually need a solicitor in order to purchase a property?

thanks

j

Grizebeck

If you know the process and you understand the risks without legal advice then you can do it yourself

theartfullodger

Walking a high-wire blindfold with no training, no experience and no  safety net would be legal.  But I wouldn't.....

GDB2222

For most standard freehold properties, there's very little to go wrong. 

user1977

If you need to ask the question then you probably need a solicitor.

Strictly speaking, a non-cash buyer doesn't need a solicitor either - but their lender will.

propertyrental

jarv81178 said:

Hi
does a cash buyer actually need a solicitor in order to purchase a property?

thanks

j

'need' meaning what?
Is it legal? Yes.
Is it practical? Yes if you know what you are doing and are prepared to deal with the consequential issues (money laundering checks, reluctant solicitor on the other side...)
Is it a good idea? No, not for you since you've had to ask the question. Which suggests a limited understanding of the process.

https://www.waterstones.com/book/conveyancing-residential-property/alan-stewart/9781847166050

https://www.amazon.co.uk/Process-Conveyancing-Straightforward-Guides-Frances/dp/1847169724/ref=sr_1_6?crid=XQ5TWHFS5XW1&keywords=diy+conveyancing&qid=1679576916&sprefix=diy+convey,aps,116&sr=8-6

diystarter7

user1977 said:

If you need to ask the question then you probably need a solicitor.

Strictly speaking, a non-cash buyer doesn't need a solicitor either - but their lender will.

Hi
@user1977

Can you give me an examples please and FYI, I'm not being akward but a straightforward, chain-free, cash purchase of a property with a title absolute and sellers clear of whe bought/etc/etc, what question would a solicitor need to answer that could not be answered by untitlies/coucil/etc/etc?

Thnaks

Mr.Generous

diystarter7 said:

user1977 said:

If you need to ask the question then you probably need a solicitor.

Strictly speaking, a non-cash buyer doesn't need a solicitor either - but their lender will.

Hi

Can you give me an examples please and FYI, I'm not being akward but a straightforward, chain-free, cash purchase of a property with a title absolute and sellers clear of whe bought/etc/etc, what question would a solicitor need to answer that could not be answered by untitlies/coucil/etc/etc?

Thnaks

My concern would be at the point of handing over the cash. The solicitor acts as an intermediary and would step in with the backing of the law if any attempt was made to keep both the cash and the property.

I've sold a 50% share of a renovation project to my brother who owned the other half, we both used solicitors.

A simple cash purchase agreed a couple of weeks ago for myself is going to cost just under a grand all in for the legals.

Why would I risk the entire purchase price for that? I'd also imagine the seller would be put off a bit too.

diystarter7

Mr.Generous said:

diystarter7 said:

user1977 said:

If you need to ask the question then you probably need a solicitor.

Strictly speaking, a non-cash buyer doesn't need a solicitor either - but their lender will.

Hi

Can you give me an examples please and FYI, I'm not being akward but a straightforward, chain-free, cash purchase of a property with a title absolute and sellers clear of whe bought/etc/etc, what question would a solicitor need to answer that could not be answered by untitlies/coucil/etc/etc?

Thnaks

.

Why would I risk the entire purchase price for that? I'd also imagine the seller would be put off a bit too.

Hi

No one is asking you to risk anyhting as its the OP is seeking help/advice and like you we all have our experiences.

About the seller, they would be put off but I assumed that the seller was on board. But if the seller is not aware, I can see them insisting solicitor used or backing out.

What you said as above, I thought about that in the scheme of things ie the gift we were making it was ot a great deal. However, as we dont work and have loads of free time on our hands and checked everything triple times, it felt good saving over 1k approx.

Things can go wrong as in anything and what you are saying, you make valid points but people do as OP and we've done something similar as per my previous post, People take calculated risks and personally if I felt unsure not got a 100% answer when we processed the paerpwrk ourselves, I would have takne on a solictor but as you know, thankfully it went great.

Take care

EssexHebridean

Not using a solicitor for a straightforward transfer of equity is altogether different to not using a solicitor for a sale or purchase. 

TripleH

Bottom line is if you know what you're doing, can do all the checks yourself, verify the paperwork. You are paying for an independent review by an expert who knows what they are doing, is emotionally unattached to the purchase and can spot potential pitfalls

Law can be quite complex and each area quite specialised. Even qualified solicitors use conveyancers when buying property.

How many properties have you purchased previously?