Conveyancing is the process of buying or selling a property and it is now possible to ‘Do It Yourself’, without any assistance from a legally qualified professional.
DIY conveyancing has become very popular following the financial crisis. Due to the fact that most people are short on money, being able to complete the conveyancing process yourself is a sure way of saving money.
You should be aware of the potential issues you may face if you do decide to not get proper legal advice when completing a sale or purchase of a property. You may leave yourself open to a large bill if things do go wrong.
Issues With DIY Conveyancing
Image by Daniel X. O’Neil
Property law is a complicated and detailed area of law, and lawyers have to undertake a large amount of training before being allowed to practice in this area. If you choose to complete your conveyancing yourself, you will certainly not have the time to be able to get an in depth knowledge.
If you do not have this expertise, it will be extremely difficult to be sure that you have completed everything correctly and if you do get it wrong, it will be your responsibility.
The penalties you may face for making a mistake can be financially devastating and many people in this situation have actually lost their deposit and their new home too. You could even be taken to court as a result of a serious mistake in your conveyancing.
The financial burden on you if you do make a mistake is huge, but by using a solicitor to complete your property purchase and sale, you are covering yourself both legally and financially.
We are all human and mistakes are made, even by solicitors. The big difference is that they actually have an insurance policy in place called professional indemnity insurance, which will pay out in the event they make a mistake, so you are covered legally. You are also covered financially too, because they will pay out to put right any errors they have made, so your deposit and new property will remain secure.
You should think carefully about the risks of DIY conveyancing and decide if it is financial gamble you are willing to take.
If you have any property questions, please call us on 0800 142 2775 or reply to this email and we will be delighted to help you (there is no charge for initial telephone discussions).