'Do It Yourself' Conveyancing has become increasingly popular in recent years, with people across the country choosing to save a few pennies by handling their property transaction without independent legal assistance. So are there any reasons why should you bother to instruct a conveyancing solicitor? Is DIY conveyancing really a good idea? Or is it money saving exercise fraught with danger?
In this article we take a look at these questions, helping you to decide whether or not you would like to instruct a conveyancing solicitor to assist with your sale or purchase.
Why instruct a conveyancing solicitor?
There are many advantages to instructing a conveyancing solicitor. We take a look at three of the most important reasons:-
1. Ease and convenience
The conveyancing process can be a long and complicated one, often characterised by reams of paperwork, on-going negotiations and intricate legal technicalities. Understanding the procedure alone can be difficult, let alone setting aside the time to actually handle the transaction from start to finish.
That is why it is best to instruct an experienced professional to do it for you. A conveyancing solicitor will undertake everything on your behalf: from preparing a home report to paying off your outstanding loan, a legal expert is there is to handle each and every stage, guiding you through the process and providing legal advice should you need it. Many solicitors also provide an estate agency service, making them a one-stop shop for all your needs.
2. Peace of mind
Tackling a property transaction of your own accord undoubtedly comes with a significant degree of stress. Not only is it complex and time-consuming, there is also a great deal of responsibility involved. Indeed, for many people their house is their biggest asset. There is a large amount of money at stake, and you do not want to make a mistake when either selling or purchasing such an asset.
However, if you are not familiar with the legal aspects and loopholes of conveyancing, making an error is a very real possibility. This could lead to endless complications; you may sign a contract that is not favourable, end up with less property that you thought or even jeopardise the transaction completely. With a solicitor on your side, you need not worry about any of these potential problems. A legal expert will be able to identify any pitfalls, ensuring your best interests are maintained at all times.
3. Financial protection
Lastly, you may believe that DIY conveyancing saves you money, as you will not have to pay any solicitors fees. Nevertheless, this is only true if your transaction runs without difficulty. If you make a mistake, you will be personally liable, something which could put you in dire financial straits. You may have to pay the other side compensation, you may lose your deposit or you may initiate an abortive transaction. You therefore have a lot to lose.
By instructing a solicitor, you are handing over such responsibility and thus limiting your liability. So while DIY conveyancing may save a few a pennies in the short-term, it could prove extremely costly in the long-run.
Looking for a conveyancing solicitor in Dundee or Edinburgh?
If you would like to sell or purchase a property in Scotland, Blackadders can help. For more information about the comprehensive service we offer, contact us today on 01382 229 222 (Dundee) or 0131 222 8000 (Edinburgh) and speak to one of our residential property solicitors. Alternatively fill in the online enquiry to the right.