DIY Conveyancing without a Property Lawyer – Bad Idea

Conveyancing can be a complex process involving numerous areas of law. By handling the transaction yourself, your lack of expertise could lead to expensive fines or breach of contract. Do it yourself conveyancing is a bad idea. If you aren’t aware of the word ‘conveyancing’, then allow me to fill you in. Conveyancing is a legal term meaning the process of selling or buying property. If you are considering buying or selling property, and plan to do it yourself, then think again!

Saving money on a move can seem tempting, but is it really an economical decision to go through the conveyancing process yourself? Perhaps it would save a few pounds at the instant, but how many things are you willing to put at risk during the transaction? Following are a few risks that you will have to put up with.

Issues with DIY Conveyancing

• If you make any mistakes with legal documents, you will be personally held liable and could face costly legal and court fees. Conveyancing lawyers have professional indemnity insurance (negligence) to cover them against mistakes.
• If you are buying on a mortgage, the Mortgage Lenders won’t accept a DIY conveyancer to deal with their side of the legal process.
• Conveyancing law always changes and you need to be on top of things to have the current laws in effect.
• If anything goes wrong, you cannot call the “Law Society” or any other professional bodies if anything goes wrong, unlike in the case of a Solicitor.
• Other professionals in the transaction may not take you seriously.
• The other conveyancer could take advantage of you because of the lack of your knowledge.
• Transactions that involve transferring money can be risky without supervision. On the other hand, for solicitors, there are specific Law Society regulations on transferring money.