Do I Need a Solicitor When Purchasing with a Mortgage? - MCS

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6th October 2021

Do I Need a Solicitor When Purchasing with a Mortgage?

Can You Purchase a Property With a Mortgage Without a Solicitor?

Technically, the answer to this question is Yes. However, you may want to question the intentions behind your DIY conveyancing. The process can be lengthy, complicated and subject to far more delays. It would be recommended by the majority of parties involved, to instruct a professional solicitor to complete this process. There are also risks to your mortgage application if the process is completed without a licensed solicitor.

 

What does a conveyancer actually do?

Before considering taking on the challenge yourself, its a good idea to understand what a solicitor actually does behind the scenes. You might find that it’s a lot more work than you anticipated. If any part of the conveyancing process is completed incorrectly or certain tasks aren’t completed at all, you’ll run into plenty of complicated legal issues.

  • Completing legal and financial checks

A solicitor typically carries out numerous checks when a property is purchased with a mortgage. These checks are in favour of both the lender and the buyer. Their purpose is to ensure the financial security of the buyer, the legitimacy of the property and seller as well as any issues that could become relevant in the future.

The Local Authority Search is an example of one of the essential conveyancing checks. Information is revealed about the property. This can include restrictions on the land, planning decisions or compulsory purchase orders. Any number of issues could be highlighted that may interfere with the buyer’s ability to live in or afford the property.

It is essential to have professional local knowledge to assess the results of this search. When performing the conveyancing yourself, there are pivotal details that could be missed. A solicitor would identify any threats to your ability to enjoy the property as well as to the mortgage.

  • Drafting and negotiating contracts

When purchasing a property, the seller’s solicitor will send you the initial draft of an exchange contract. This occurs shortly after an offer is agreed. Usually, this would allow plenty of time for the solicitor to gather information from conveyancing checks and any home surveys you have ordered. The information relating to conditional clauses or negotiations of price would be drafted into the contract to be discussed with the seller and their solicitor.

Performing these tasks by yourself could become extremely difficult. Not only would you have to understand and keep track of the relevant information, but you would also be sparring with a professionally trained solicitor. Without the appropriate training and qualifications, this interaction could become defeating. You may not be able to understand the appropriate legal terms and compromises. You may face a far worse deal on the property than if you had an accredited solicitor fighting for your interests.

  • Confirm completion of the sale

On completion, you typically become engrossed in the move into your new property. Moving house can be an especially busy time, without considering the admin that also has to be completed. This is something that a solicitor would normally do behind the scenes. Payment of Stamp Duty Land Tax and the retrieval of Land Registry certificates occur without your attention. You simply receive notification of completion and the process is finished. Performing these tasks on your own may become tedious and painful to complete when you just want to enjoy your new home.

 

In reflection, you could complete your own conveyancing. However, consider the additional stress and delay to the purchase process this may cause. Without even considering the influence of your mortgage yet, you will likely be far better off working with a solicitor. For all the money it could save you, it would cost more in stress and time to complete the purchase.

For more information on the Conveyancing Process, check out or dedicated blog post. This could provide some valuable insight into how difficult and lengthy the procedure can be.

 

Will a lender allow you to purchase a property with a mortgage, without a solicitor?

As discussed, you can complete your own conveyancing, with difficulty. You are not obligated to use a solicitor but they would make the purchase process far simpler. Nonetheless, should you choose to complete this process yourself, consider the influence of the mortgage lender and their requests regarding mortgages and solicitors.

During conveyancing, many of the checks are completed for the security of the mortgage lender. A solicitor will perform identity checks as well as bankruptcy and credit checks. Whilst this is something that the mortgage lender may also complete themselves, it is valuable information from a licensed solicitor. Providing this information yourself can be polluted by bias. This is the first issue that may be highlighted when attempting to purchase a property without a solicitor.

Your mortgage lender may also be concerned by the absence of a solicitor because of your competence. Conveyancing solicitors have extensive legal training and expertise. They are able to digest the information appropriately and complete legal processes with ease. The same cannot be said for an inexperienced buyer. Unless you are a conveyancer by profession, the mortgage lender may have serious trouble trusting your ability to complete the process correctly.

If you do make errors in the conveyancing process, there is no legal cover to protect you or the lender. Therefore, any financial losses as a result of your work are a risk to the lender. For this reason, they are highly likely to reject your mortgage application. Lenders tend to complete lengthy risk assessments before approving an application for a mortgage. A risky conveyancing procedure would not be the most attractive item on your application.

 

How to find an Affordable Professional Conveyancing Solicitor

Now that you are aware of the troubles you are likely to face without a solicitor, My Conveyancing Specialist are able to help secure your mortgage by pairing you with our network of solicitors.

If your reason for avoiding solicitors was because of their expensive fees, My Conveyancing Specialist could be the solution you need. As an online conveyancing service provider, we are able to present to you a convenient and far more affordable solicitor. We differ from high street solicitors in our efficient and convenience of service. With faster services comes more affordable rates. Get your free no obligation quote today to experience the simplicity of conveyancing.

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