It is possible to do your own conveyancing if there is no mortgage involved, however it isn’t advisable. The conveyancing process is complex and should only be done by people who fully understand the legal procedure of transferring ownership from one party to another.
The main reason why people choose to do their own conveyancing is to save money. Through doing it yourself you could save between £400-£1,000 in legal fees. Even by doing the legal paperwork yourself, you are still required to pay for third party disbursements and Stamp Duty Land Tax.
It is, however, important to note that by doing your own conveyancing, you will not be covered by professional negligence insurance, in the same way that a registered conveyancer or property solicitor would be. This means that should anything go wrong with your conveyancing, you will be personally liable.
Be aware that if you are buying with a mortgage, the mortgage lender prohibits you from doing your own conveyancing and will appoint a solicitor to handle the transaction. You will be charged for their service.
Using a property solicitor to handle your sale or purchase brings with it many benefits including:
Your solicitor will look over important documentation including the details of the mortgage, review the findings from surveys and raise enquiries on the paperwork received – such as requesting missing paperwork and certificates, consents and planning permissions. All of which may influence your decision to go ahead with the purchase or to change your offer.
There are certain scenarios when DIY conveyancing is definitely not recommended and these include:
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