Leave Your Property Purchase To The Experts
Do you know your chattels from your chancel liability search? Here’s why you should avoid DIY conveyancing and opt for a professional instead.
The cost of buying a property is expensive in the UK and first-time buyers have it particularly tough in 2019, with an average cash sum of £50,000 required once you’ve factored in a deposit, mortgage fees, removal costs, surveys and legal fees. Understandably, many buyers are looking to cut costs, with some foregoing a survey of the property or asking family to help with moving furniture instead of paying a removals firm. Worryingly, some are tempted by the option of DIY conveyancing, carrying out their own searches and legal work before exchanging and completing on a property. Here’s why this is a bad idea and you should hire a professional conveyancer instead!
You Won’t Save Much Money Going DIY
When you hire a professional conveyancer, part of the quoted package will include fees for local searches and a transfer of the Land Registry title. You’ll still need to pay for these even if you carry out your own DIY conveyancing, but professionals carry out these tasks every day, so have the necessary experience to complete the work quickly, and know exactly what they’re looking for in terms of anomalies. Some of the legal terminology is quite archaic and difficult to understand for a novice, so unless you’re willing to consult legal textbooks, then you’ll find that hiring a professional conveyancer is money well spent.
Be aware also that if you’re buying a property worth £300,000 or more, then you’ll be required to pay stamp duty at the completion stage. A professional conveyancer will handle this for you.
Alternatively, if you decide to hire expert conveyancers, then you’ll have peace of mind that they’re working tirelessly in the background to ensure you get an excellent deal on your property – they’ll check information about the length of your property lease, ensure that the land the property stands on is a legal part of the purchase, and will raise any queries you have with the vendor. Professional conveyancers have modern systems which allow you to keep track of how your purchase is progressing at the click of a button. But if you do need to speak to someone directly, then they’ll provide you a rapid response via phone or email.
Fully Qualified With Local Knowledge
When looking for an experienced conveyancer, you should check that they’re fully accredited as part of the Quality Conveyancing Scheme. This is an annual accreditation put together by the Law Society to demonstrate excellence in residential conveyancing transactions. To remain part of the scheme, conveyancers are required to complete mandatory CQS training so that they’re fully equipped with the most current industry knowledge. You’ll also find that your conveyancer has picked up knowledge that is specific to your local area – so your conveyancing solicitors Essex team will have experience in conducting searches in the county, and will be aware of any peculiarities when it comes to chancel liability for example.
Professional Indemnity Insurance
Finally, if you’re still tempted by the idea of carrying out your own conveyancing work, be aware that any mistakes you make as part of the purchase could affect others down the chain. In the event that an error causes a cost to another party, then you may be expected to foot their bills, which could quickly become expensive. When you hire a professional conveyancer, mistakes are much less likely to happen, but in the rare event that anything unforeseen should occur, then you’ll be entirely covered by their professional indemnity insurance.
If you want your property purchase to be straightforward and worry-free, then conveyancing is a skill that is best left to the professionals.