Your house is normally the largest asset you will own in your lifetime.
With that in mind, you would think that a purchaser would want to ensure that they are buying a secure investment. Sadly, we often we have conversations with perspective clients who are interested in little more that the bottom line of the cost of the conveyancing process. We understand the financial pressures in the market, however there are very good reasons to instruct an experienced solicitor when you are moving house or buying an investment property.
So why should you hire a conveyancing solicitor as opposed to doing it yourself or going for the cheapest option on the market?
Hiring a conveyancing solicitor gives you protection and peace of mind. The experience of handling many differing types of transaction gives us the knowledge to identify potential problems before they become real problems.
Conveyancing is a complex process where paperwork has to be filed correctly and in a chronological manner with the relevant authorities. Funds need to be released at the right time. It’s essential this is done correctly.
Conveyancing solicitors will have professional indemnity insurance which covers their clients for any loss incurred in any eventuality. If you do have cause to complain you have the option of referring the complaint to the Solicitors Regulation Authority(SRA).
Money laundering and criminal checks. These need to be carried out in all conveyancing procedures. Solicitors are geared up to be able to do undertake these checks. Would you be able to?
The whole process of moving is immensely stressful. There are a huge number of other things that need to be arranged. The survey, the removers, the estate agents themselves! All of these need to be timetabled and managed properly. Will you have the time to do the conveyancing as well? Errors could derail the whole process.
What exactly are you looking to save? In terms of time, the process will only proceed at the rate of the slowest party; so you may be able to focus 100% of your time on the matter but if the other side is a solicitor they have several jobs on at the same time. In terms of money, you may save a few hundred pounds but the hassle, risk and possible detrimental effect on the other areas of the move are huge. Is it worth it?
Have you looked at other areas of the moving process where there may be bigger and easier savings to be made? Can you move yourself? Find a buyer without having to use an agent? The conveyancing part of the process is the fiddliest, time sensitive and most risky area without having the potential savings to justify doing it yourself.