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What risks are there if I don’t have professional legal advice when buying or selling a home?

There's a growing DIY mentality regarding practically everything these days. We watch videos on social media channels from supposed experts that offer their opinion of how they were able to get a great deal here or negotiate a better offer there. These can sometimes be motivational, but more often than not, it comes without the foundational experience needed to offer advice or their opinion.  

There's a growing DIY mentality regarding practically everything these days. We watch videos on social media channels from supposed experts that offer their opinion of how they were able to get a great deal here or negotiate a better offer there. These can sometimes be motivational, but more often than not, it comes without the foundational experience needed to offer advice or their opinion.  

Simply put, the sixty-second video doesn't tell you enough. There are many factors to consider as we enter into a legal playing field and large purchases such as buying or selling property.

Another issue is that the advice is often situational and doesn't consider all possible factors. So, for example, it could be property advice outside the U.K. and not have all the relevant facts.

With higher-priced assets, be more cautious

Getting advice for some types of financial matters can come from word of mouth, yet it's another thing when it comes to buying a home. This requires experience and training and should always be done with a professional eye. When purchasing or selling a home, there are always a lot of tasks and items that go into this one huge transaction, and handling it on your own is not the best route to take.

The actual sale process for your home is something you can do yourself. There are enough tools out there to put your property online and manage potential buyers with some scheduling know-how. You can also research local market rates that can help you negotiate the price. However, we would still recommend that you use a professional negotiator such as an experienced estate agent. You can also study how to increase the value of your home when you want to sell, such as through kitchen renovations or improving your curbside appeal.

From the buyer's side, you can use similar tools. You can find the home you want on your own and use that same market data to help with your side of the negotiations. If you've bought and sold homes (or any kind of property) before, you can also know what to look for, for example a property that may need repairs or remodelling. You may then be able to negotiate the price in your favour.  

Some things are still better off with experts

So, if you want to avoid an estate agent's fee, just understand that the price comes at the cost of your own time and energy, so consider that when making your decision.

There are some spots where DIY isn't a great option, even if you have expertise in legal matters. This is when it comes to finalising the sale of the home, and you need to review all the documentation, registration, titles, deeds and every other document that is associated with the sale of a house.

There is a lot of legal documentation that needs to be properly reviewed and vetted and, in many cases, can look quite different from region to region and town to town. Working with experts with an extensive track record of handling home sale transactions in the past is essential. This is not an element that you can simply learn through watching videos online and requires hands-on experience in the field.

If you're on the buyer's side, you want to ensure that all documents related to the home are in order. First, you want to be able to confirm that the seller is the actual owner and able to sell the property. Then you'll want to be able to have the documents recorded into the local land registry with you as the new owner. There are, of course, many other steps in the process of buying.  Most importantly your mortgage Lender will expect their charge to be registered at Land Registry and for the title to be perfected by legal experts.  Therefore if you require a mortgage to purchase your property you will need to have a legal adviser in place who will not only act for you but will also represent your Lender and protect their interests.

For the seller side, you would have to prepare the contracts and deal with any enquiries from the buyer's side. You'll also have to gather all the necessary copies and proof of ownership from the land registry by yourself. If there’s still a mortgage on the property, you’ll also have to contact the mortgage provider for the title deed documents. Again, there is a lot more to it in terms of paperwork.  Some of the queries raised will be of a legal nature and this is best handled by a legal adviser

Without having this professional intermediary gathering and preparing documents while at the same time drafting the sale contract, you risk missing out on a streamlined process and, more importantly, without a deep knowledge and understanding of what it is you’re doing, serious mistakes can be made.

When it comes to just how large the cost is associated with a home, it's always a good idea to ensure those papers are right the first time because if it happens after the fact, there's a huge risk.  

Put yourself in safe hands with Arrow Conveyancing. We’re friendly, reliable and very experienced. Call us to discuss your purchase or sale.

Contact the experts, Arrow Conveyancing Ltd, for more information about conveyancing and buying and selling your property.

Choose Arrow Conveyancing for:

Fast, efficient transactions

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Arrow Conveyancing Ltd.

Call: 0116 266 5394   Email: hello@arrowconveyancing.co.uk

Disclaimer

The materials on this website do not constitute legal advice and are provided for general information only. Whether express or implied, no warranty is given concerning such materials. We shall not be liable for any technical, editorial, typographical, or other errors or omissions within the information provided on this website, nor shall we be responsible for the content of any web images or information linked to this website.

The information contained in this article does not constitute financial advice or recommendation and should not be considered as such. Arrow conveyancing does not offer financial advice and is not regulated by the Financial Conduct Authority (FCA), the authors of this article are not financial advisors and are therefore not authorised to offer financial advice.

Published on :  

December 13, 2022

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