cliftyhanger
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| posted on 2/9/22 at 02:52 PM |
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DIY conveyancing
I have seen a freehold lockup garage at auction. Guide price is all about right etc, and I have studied the legal pack.
As the seller has done all the searches etc etc, I think the buyers conveyancing is pretty simple? We recently did our own property transfers etc when
we dostributed my parents estate. so that doesn't scare us.
Is there any reason to pay a solicitor several hundred pounds for fillingin a few forms? or have I missed something?
Expert advice very welcome!
[Edited on 2/9/22 by cliftyhanger]
[Edited on 2/9/22 by cliftyhanger]
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Sanzomat
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| posted on 2/9/22 at 03:02 PM |
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quote:
Originally posted by cliftyhanger
I have seen a freehold lockup garage at auction. Guide price is all about right etc, and I have studied the legal pack.
As the seller has done all the searches etc etc, I think the buyers conveyancing is pretty simple? We recently did our own property transfers etc when
we dostributed my parents estate. so that doesn't scare us.
Is there any reason to pay a solicitor several hundred pounds for fillingin a few forms? or have I missed something?
Expert advice very welcome!
[Edited on 2/9/22 by cliftyhanger]
[Edited on 2/9/22 by cliftyhanger]
Can't comment on the conveyancing side but like you say, can't think of any reason to pay a fortune to a solicitor. You say its freehold -
just triple check there is no ground rent or service charges for shared access road and suchlike and read any covenants carefully. One of the ones I
looked at, the garage itself was freehold but you had to join a shared management company and pay contributions towards maintenance of the forecourt
and road and it was in a seriously bad state so would have needed a lot spending to bring it up to spec.
Don't get your hopes up too high regarding the guide price though. I went to the auction for an ex housing association lock up garage near me
last autumn and the first bid was more than the guide price and it ended up double so as my limit was just over the guide price I didn't even get
a bid in!
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BenB
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| posted on 2/9/22 at 04:37 PM |
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I think sometimes the guide prices are low to attract interest. I recently bought a garage (not at auction) but that was only complicated because it
was leasehold and they had to get agreement to assign the lease to me before the sale went through so I had to have a conditional exchange and it all
got a bit annoying. I'd agreed a fixed price with a solicitor at the beginning so it worked out okay, just took much longer than planned. And
despite having a short lease it still cost a fair wallop but that's just London craziness. I'm still quids in, I'm renting at the
moment and in 15 years I'll have saved in rent what it cost me to buy the garage and I'll still have 30 odd years on the lease left.
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Benzine
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| posted on 2/9/22 at 06:44 PM |
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Guide prices do my head in. Recent example near me for a former waterboard pumping concrete bunker: £20k. Sold for £249k!
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cliftyhanger
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| posted on 2/9/22 at 06:44 PM |
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Legal pack is OK.
The guide is £20K, plus a buyers fee and contribution to sellers fees (£2100)
Other garages in the area are up for circa 25k, so about right, and this is convenient for me.
Still makes the one I bought for 4K 16 years ago look cheap.....
And gutted that I missed a pair of 9ft wide tandem garages, they sold within hours of going on the market. Yes, I have too many cars, just inherited a
Vitesse 1600 convertible and Singer Super 9 saloon from a good friend. Bad form to sell them.....
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garyo
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| posted on 5/9/22 at 08:11 AM |
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It's quite straight forward apparently, but one of the few times when I wouldn't DIY something. Sometimes it's useful to have someone
to sue, and the stakes can be pretty high depending on what you're conveying.
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loggyboy
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| posted on 5/9/22 at 10:29 AM |
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I wouldnt risk it, make a mistake and what would be covered by the PI of the sols would be born by you.
Mistral Motorsport
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nick205
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| posted on 9/9/22 at 08:05 AM |
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I'm always one for not spending out money and taking the DIY route. Conveyancing however I have to agree with "garyo" and
"loggyboy" and say I'd not DIY and pay the money to a professional who has the necessary insurances. If the process went wrong in my
hands the potential risk (costs) outweigh the saving to be made.
My personal views/thoughts BTW.
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