Biscoes: Buying or selling property – Do I really need a professional?

Buying or selling property – Do I really need a professional?

As purse strings are being tightened to reclaim the expenses incurred over Christmas, if you are thinking of taking the plunge and buying or selling a property, you may question why you need to pay out for a third party, be it a conveyancer or a solicitor.

You may have heard that conveyancing, the processes involved with buying and selling property, isn’t that hard and that you can save yourself a few pounds by doing it yourself and not involving a professional. However, the complexity of the process should not be underestimated. If there are mortgages involved in your transaction, you will almost certainly need a conveyancing professional to act for you.

Without a professional you are directly exposed to various risks, some of which attract personal liability as, unlike qualified professionals, you will not be protected by professional indemnity insurance.

Professionals use their expertise to carefully guide you through and simplify the process, taking many small but significant steps that can prevent delays, flag any issues and prevent errors or miscommunication. There are now standard checks required on all parties to prevent property fraud; your conveyancer will ensure these are in place.

Conveyancing professionals often have a trusted network that they can put you in touch with, be it mortgage or insurance brokers, surveyors, estate agents etc.

So at the end of the transaction, after liaising with the other side, raising or responding to enquiries and ensuring all necessary search results are in place, your designated professional will make sure all is in order so that neither party falls prey to foul play, confusion or inaccuracies and that taxes and registrations are finalised correctly to protect your investment.

Think of instructing a solicitor or conveyancer as insurance for the one of the most valuable transactions you’ll ever make.

If you would like to speak to a member of our Residential Property Team, please contact us on 01983 533938.