DIY home convey saves your money, and thanks to the national conveyancing protocol for the registration of land, conveyancing has become an easy to do transaction in the UK. If succeeded it bring satisfaction for the victory in a buying a home all by yourself. However, not everything goes as planned, then people will be losing a large sum of money. So DIY conveyancing has its advantages and disadvantages as well. Therefore, people should have a little expertise of property conveyancing and the law applies to it. People should read property conveyancing guides to understand each step of property buying. They should also learn how to avoid any pitfalls in the process of property conveyancing.
In this article, I will discuss with you the advantages in the process of conveyancing and the major drawbacks or pitfall to avoid for your home buying.
Pros and Cons of Self conveyancing
To every process, outcomes are uncertain, same is the case in conveyancing. We hire professionals to minimize the uncertainty of the outcomes. However, if people are determined to enjoy the home buying process, they should have a little know-how or previous experience of self-conveyancing, and if that is the case then it certainly will bring your fruits of success. In the following heading, discussed are the advantages of DIY conveyancing.
Advantages of DIY Conveyancing
DIY home convey is recommended in transaction deals where the buyer has cash in or they a buying a leasehold property. However, if the buyer also needed mortgage to buy the property, DIY will be needed thorough understanding of the home buying process. In that case, where a mortgage is needed for home buying, the buyer will be dealing with
- Seller’s conveyancer
- Mortgage company or bank
- Mortgage company’s solicitor (optional for mortgage companies)
- Search service providers
- Estate agents if needed
In addition, buyers are needed to get their land register by the government/state. They will also be paying the stamp duty on the property. Nevertheless, there are still advantages to DIY conveyancing. Listed are the common advantages to conveyancing
- DIY home convey will save you a quite some money. You will avoid paying the money for the services of conveyancer or a solicitor. You will also avoid paying any VAT for their services. Solicitor or property lawyer charges up to £1000, saving such a big amount of money will create a money surplus for future transactions.
- While you have to read in detail all the things concerning the property you are buying i.e. property title, registry title etc. You still will save a lot of time. Solicitors might delay the process because they have several other projects or cases, they will read in detail every case they undertake and after a week provide feedback to the clients. Therefore, straight forward conveyancing transaction in DIY conveyancing will save a lot of time to the buyers.
- A successful transfer of property title to the name of the buyer will build confidence and successful DIY experience to the buyer so that in future they might do it again by their ownself.
Disadvantages of DIY Conveyancing
Listed are the possible disadvantages of DIY home buying:
- Home buying transactions need a large amount of cash. First time home buyers are more prone to the risk of losing money than those who have previous experience of home buying.
- To safeguard their money, mortgage companies appoint a solicitor who has experience in property laws. On the other side, DIY buyers have little or no experience in property laws; Solicitor will help their clients in saving and securing the mortgage with state laws, buyers on the other side have no such option, and they are also required to pay the mortgage no matter how much they lure it from the companies.
- When people read property titles, they might make mistakes, the property might not belong to the seller, or it might have more than one owners.
- Land is not registered in the seller’s name and the land is a disputed territory or it might not be a part of the town boundaries.
In summary, DIY Conveyancing Kent is not a bad idea; buyer should first understand what type of property they are buying, who are the owners of the property, and they also should have some know-how of property laws.