Buying or selling a property is typically one of the biggest financial decisions you will make in your lifetime. As a result, it’s often natural to consider cutting costs and one area that many people consider taking on themselves is the conveyancing process. It’s common to hear individuals ask – can I do my own property conveyancing?
Below, we’ve written a helpful guide that aims to answer this pertinent question, taking you through the conveyancing process, the different risks involved in doing it yourself and the benefits of using a qualified conveyancing solicitor to assist you with the process. Keep reading to learn more.
What is Conveyancing?
In essence, conveyancing is the legal process of transferring ownership of a property from one person to another. It involves a wide range of tasks, including preparing and reviewing legal documents, carrying out searches, and liaising with mortgage lenders.
These tasks require specialist legal knowledge and experience, and are typically overseen by a professional conveyancing solicitor. Now, we’re going to take a closer look at what the conveyancing process involves.
What Does the Conveyancing Process Involve?
The conveyancing process involves legally transferring the ownership of a property from one party to another. It is a complex and detailed process that includes several stages such as conducting property searches, negotiating the terms of the sale, exchanging contracts, transferring funds, and completing the transaction.
A conveyancing solicitor typically handles the conveyancing process and ensures that all legal obligations and requirements are met. The process can take several weeks or even months, depending on the complexity of the transaction and any issues that may arise during the process.
Can I Do My Own Property Conveyancing?
This is a commonly asked question and – while it is technically possible to do your own conveyancing, when there is no lender, it’s not recommended for most people. Property law can be extremely complex and confusing, and mistakes can be costly. One common mistake is failing to spot legal issues that could affect the value of the property or your ability to sell it in the future. A few of the other risks involved in doing it yourself include;
1. A Lack of knowledge: You may not have the legal knowledge and experience required to undertake conveyancing; it is a really complicated process.
2. It’s time-consuming: The conveyancing process can be time-consuming, and you may not have the time to complete it yourself. Working with a solicitor can make it so much easier and stress-free.
3. There is a risk of mistakes: Any mistakes made during the conveyancing process could be costly to rectify. Avoid making mistakes by working with a solicitor.
The Benefits of Using a Conveyancing Solicitor
Using a conveyancing solicitor can offer a range of benefits. Firstly, they have the expertise and experience to ensure that the conveyancing process runs smoothly. They can spot potential issues and address them before they become a problem. They can also advise you on legal matters and help you understand your rights and obligations.
Secondly, a conveyancing solicitor can save you time and stress. They can take care of all the paperwork and legal requirements, leaving you free to focus on other aspects of the property transaction. They can also provide regular updates and communicate with other parties involved in the process, such as mortgage lenders and estate agents.
Another advantage of using a conveyancing solicitor is that they have professional indemnity insurance. This means that if they make a mistake that costs you money, you may be able to claim compensation. If you do your own conveyancing and make a mistake, you could be liable for any costs or losses that result.
It’s also worth considering the time and effort involved in doing your own conveyancing. The process can be time-consuming, especially if you are unfamiliar with the legal requirements. If you have a busy job or family commitments, it may be more efficient to use a conveyancing solicitor.
Overall, while it is possible to do your own conveyancing, it’s not recommended for most people. The risks involved in making mistakes can be significant, and using a conveyancing solicitor can provide peace of mind and save you time and stress.
Searching for Conveyancing Solicitors in London?
Here at Gillhams Solicitors, our experienced property solicitors can guide you through the conveyancing process step by step, making buying and selling properties less stressful. As members of the Law Society’s Conveyancing Quality Scheme, a recognised quality standard for residential conveyancing practices, we ensure that we provide a quality service to our clients.
Please contact us today for guidance and assistance throughout the process. You can reach us on +44 20 8965 4266 or email us at firstname.lastname@example.org and we’ll respond to you shortly.