Doing Conveyancing on Your Own can be Disastrous

Doing conveyancing on your own is quite rewarding in terms of saving costs associated with the process. However, this is normally a complex process as it involves numerous legal procedures and understanding of various documents before signing. Unless you have sufficient information regarding the procedures, it is recommended that you hire an expert or an agency to handle your property conveyance.

First, let’s begin with defining what conveyancing is. Conveyancing is a legal transfer of a property, normally immovable, from the seller to the buyer. The process normally involves agreeing on the terms and conditions as stipulated on the sales contract, verification of the ownership documents, searching of property in local authority records, validation of imposable taxes and rates, requisition of title transfer and settlement of purchase. There may be other activities that may be involved; it all depends on the type of property being conveyed and the regulations from the local authorities governing the zone in which the property is found.

It is important to understand that even if you can choose to do conveyancing on your own, there are some things you are not allowed by the law to do. One situation that will not allow you to conduct your own conveyance on a property is where the buyer is obtaining a property with a mortgage. This is because the mortgage lender will require representation. Normally, it is a solicitor who acts between the person buying the property and the mortgage lender. Even if the buyer can opt to have no representation, the lender can have a solicitor, but the cost involved will finally be passed on to the person acquiring the property.

It may also be difficult to conduct conveyancing on your own if the property owner has a mortgage on it. This is because, it is practically impossible to have the seller’s necessary mortgage forms removed from the HM land registry. Such an action can not be effected since the mortgage provider can not give a discharge document until it has received redemption fees.

Doing conveyancing yourself is only possible on properties that do not have outstanding mortgages on them and registered freehold properties that are being sold on cash means. However, even on such properties, it is recommended that you first seek sufficient advice from relevant authorities and experts. Otherwise, you may find yourself loosing your money or getting sued for violation of property laws.