1/6/2024 0 Comments Icash proof of trust‘In theory, you can do your own conveyancing the problem is that the solicitor acting for the other party (the buyer or seller) would not deal with you due to regulatory concerns, so this makes completing the relevant legal work impossible without a solicitor,’ says David. You’ll need to do all the checks on the property, searches, pay stamp duty tax, as well put together contracts and liaise between all the other buyer’s and seller’s solicitors in the chain. Factor in solicitor fees for buying a house when calculating overall expenditure. Regardless of whether you pay with cash or a mortgage, you still need to employ a solicitor or conveyancer to complete all the legal processes for your house purchase. Do I need a solicitor if I buy with cash? However, David warns that if the market is aggressive, you’re less likely to get a deal: ‘In the current market, where houses are often selling for higher than their asking price due to high levels of demand, the cash buyer is not in such a strong position as they are in during a quieter market,’ he says. Traditionally, cash buyers tend to offer less than the asking price as the money is assured which means the sale is less likely to fall through, as well as the potential for a quick sale. However, David Jabbari CEO of UK conveyancers Muve (opens in new tab) warns cash buyers shouldn’t automatically assume a quick sale: ‘Being able to move more quickly is not necessarily an advantage if the property is part of a chain, as you’re dependent on the timescale of your seller’s schedules,’ he says.Īnother benefit is that in owning your own property outright, you remove the risk that your home will be repossessed by a mortgage lender should you struggle to meet your monthly repayments, which makes you more secure financially.
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