Novice question please: buying/selling privately vs. through an agent?

[CharminglyOdd]

DP potentially has the chance to buy a house privately but we are uncertain and neither of us have bought a house before so don't really know what we should be considering. The people selling are desperate for as much money as possible but need to sell below Stamp Duty threshold (they need a quick sale).

So we were wondering: what are the cons of buying privately? Is it as simple as us offering and handing over the keys/getting a solicitor to change the names on the deeds?

I promise this is not as dodgy as it sounds! If DP was to offer would it make financial sense for them to accept, would it save them a lot of money?

Any replies appreciated, thank you :)

Btw, DP could buy it outright and quickly.

There's no need for an estate agent to be involved if the seller is happy to sell and you are happy to buy at he agreed price. I would recommend that you instruct a solicitor and a surveyor do that you are sure of what you are getting. The solicitor will conduct various searches to make sure there are no legal issues and a surveyor will look for structural issues. A solicitor will also draw up

Oops, sorry, pressed send accidentally.

A solicitor will also draw up a sale and purchase contract and provide a safe method of transferring money

Selling privately saves the vendors the commission that they would have to pay the estate agency (usually between 1 and 2% of the sale price plus VAT). Sometimes it can save everyone hassle if there is no estate agent involved but I have bought privately 4 times and have found the sellers just don't get things done without an estate agency prodding them a bit. The vendors may also not need to provide an energy performance certificate as they have not marketed the property but these only cost about #70 so not a huge saving.

However you buy, you will need to get someone to do the conveyancing for you (usually a solicitor) - this is a process of checking all the paperwork and making sure that you are correctly registered as the new owner: it is a seemingly endless process, your solicitor will demand certificates for tap valves fitted 15 years ago so you can't sue him/her for neglect further down the line. It is rarely simple - expect it to take at least a couple of months even with willing seller/willing buyer scenario.

The thing that sticks out in your post is that you say that the sellers are "desperate for as much money as possible" - does this mean that they are being realistic about the property's value and how will they feel if you have a survey that throws up problems and you need to renegotiate the price? In normal circumstances, your DP being a cash buyer would mean that he might be able to negotiate a better price but that sounds unlikely here.

Thank you for your replies, really appreciated, especially so late at night :)

So I think in summary it wouldn't save masses of cash but would save them some hassle. The vendors are being realistic about the value - they could get more if they waited but they need a quick sale for personal reasons. We wouldn't seek to negotiate as it is a good price for the property (I know not negotiating sounds bad, it's to do with the wider situation we're all in that I can't go into).