Moving home is stressful and there are many questions and things to find out. One of these is whether or not you need a solicitor to move house. Here we have all the information you need to know…
Whether you own a home or invest in real estate, selling up and moving to a new property is very common, especially with the reduction in stamp duty and the boost in house prices. However, this generally means involving a solicitor to take care of the legal side of things, and a law expert can cost anywhere in the range of £500 to £2,000.
Do you need one? You’d be mad if the thought didn’t cross your mind considering the money involved. Most people hire a solicitor anyway because it’s the “right” thing to do. But, if you’re determined to reduce the costs, here are four alternatives.
Get A Licensed Conveyancer Instead
Conveyancers and solicitors are similar in many ways, so hiring one means there should be fewer issues from a legal perspective. If you’re wondering why it’s worth opting for a conveyancer, it’s the price. Solicitors are usually more expensive, even if it’s only by a little amount on the face of things. However, you can obtain conveyancing quotes by using comparison websites that find the cheapest options. Solicitors tend not to do this since they can charge a flat fee across the board. As always, it’s essential to do your research before signing on the dotted line.
Pay Off The Mortgage
It’s not illegal to sell a home without a solicitor. Still, this won’t stop the parties involved from pushing for one if they feel as if their investment is at risk. For instance, a bank probably won’t allow you to swerve legal counsel because they want their money back. It’s called “mortgage redemption.” Of course, you don’t have to worry about this if you own the property outright. Whether you pay off the loan depends on how much is left on the balance, but if you think it’s the most affordable option, you can pay it off early.
Do It Yourself
Here is a selection of the jobs solicitors do during a house sale:
- Obtain your title deeds and support you in filling in necessary questionnaires
- Prepare and distribute a contract for sale
- Pay off the remainder of the mortgage
- Hand over the deeds
As a result, you need to be prepared to do all of the above, and more, if you decide to sell your home yourself. However, please be aware that sometimes it’s more hassle than it’s worth. For instance, you might want to hire an expert if the property is a leasehold or not registered with the Land Registry.
Get Insurance
Probably the biggest concern is the fact that you can be sued if anything goes wrong. Therefore, comprehensive insurance is essential to give you peace of mind. Otherwise, the money you save on solicitor’s fees will be trebled by the amount of compensation you have to payout. Insurance provides a safety net should anything go wrong.
Should You Do It?
It’s worth it if you prefer a conveyancer to a solicitor – they are experts and cost less – but if you want to go it alone, you should consider the risk carefully. After all, there’s a lot of exposure.
