Conveyancing is an essential part of any property transaction, as it involves the legal transfer of property ownership from one party to another. While some people may be tempted to handle conveyancing themselves to save on legal fees, doing so can be fraught with risks. This article will explore why it can be risky to carry out conveyancing yourself and how hiring a professional conveyancer could save you time, stress and potentially a lot of money.
The Complexity of Legal Requirements
Conveyancing is not as straightforward as it may seem. The process involves numerous legal requirements, including drafting contracts, conducting property searches and ensuring compliance with local regulations. A simple oversight can lead to significant legal issues down the track. For example, you may fail to identify restrictive covenants or easements that could impact how you use the property.
Professional conveyancers or solicitors are well-versed in the legal intricacies of property law. They know how to navigate these complexities to ensure that every aspect of the transaction complies with the law. If you choose to do your own conveyancing, you may not have the expertise to identify potential legal pitfalls, which could result in costly legal disputes later on.
Risk of Errors & Omissions
One of the main reasons why it can be risky to carry out conveyancing yourself is the possibility of making errors or omissions. Conveyancing involves a lot of paperwork, and even a minor mistake could delay the transaction or, worse, lead to the deal falling through entirely. For instance, incorrectly filling out a legal document or missing a deadline could result in financial penalties or the loss of a property sale. A professional conveyancer will have the experience and knowledge to avoid these errors. They’ll be familiar with the necessary forms and deadlines, ensuring that everything is completed accurately and on time.
Lack of Access to Essential Resources
Conveyancing involves conducting various searches to ensure there are no issues with the property that could affect its value or future use. These searches include local council searches, land registry checks and environmental searches, among others. While you can access some of this information as an individual, professional conveyancers often have faster and more efficient access to these resources and information.
Professional conveyancers also have established relationships with other industry professionals, such as surveyors and mortgage lenders, which can help streamline the process. If you’re not familiar with these processes or don’t have access to the same resources, you may find yourself facing delays or missing critical information, which could jeopardise the transaction.
Potential for Financial Loss
One of the most significant risks of handling conveyancing yourself is the potential for financial loss. Property transactions often involve large sums of money, and any mistake could have severe financial consequences. For instance, failing to identify an issue with the property’s title could lead to you purchasing a property with a legal dispute attached to it. In such cases, rectifying the issue could cost you thousands of dollars in legal fees.
Professional conveyancers carry out thorough checks to ensure you’re protected from such risks. They also provide advice on any potential issues before you commit to the purchase, allowing you to make informed decisions. By cutting corners and doing your own conveyancing, you could expose yourself to significant financial risks that far outweigh the cost of hiring a professional.
Legal Protection & Peace of Mind
By hiring a professional conveyancer, you not only benefit from their expertise, but also gain peace of mind knowing that your transaction is legally sound. Conveyancers are bound by strict regulations and must adhere to a professional code of conduct. They’re also insured, meaning that if something does go wrong, you’ll be protected. On the other hand, if you choose to do your own conveyancing and something goes wrong, you have limited legal recourse. The risks are simply too high for most people, especially given the complexity of property law and the potential for costly mistakes.
