Vendor wants to do own conveyancing... problem?

[Monkeymummy1]

Our vendor wants to do his own conveyancing. Apparently this is rare. My solicitor has said this is possible but it's really risky for us (i.e. transfering a deposit directly to the vendor on exchange for example). He also said it will increase the fees we have to pay to him because it will be more work for him. And also, our mortgage company might refuse to lend if the vendor doesn't appoint a solicitor. Has anyone dealt with this? It feels a bit dodgy to me.

Does the vendor (or his wife is he has one) have any conveyancing experience? Might be his wife has been a legal secretary and knows what it all entails.

With regards to the mortgage company, call them now and ask them if they'd be happy to release funds in this instance. That way you know the answer on this point now.

Don't see why not. Selling so much easier than buying.

The answer is for your sol to hold the deposit to his order in line with contractual provisions released at completion.

Then your mortgagee should not give two hoots.

It shouldn't be more work for your solicitor as its up to the buyer's solicitor to do 99% of the work anyway!

Ask him exactly what more work it will involve for him, then get a quote from another solicitor.

Can you ask the estate agent to ask the vendor informally why he is doing his own? Might be that he is a solicitor/legal exec/experienced in doing it already.

If he has a mortgage at the moment and you are also getying a mortgage i don't see how it's possible. Your solicitor gets an undertaking from the seller's solicitor to use the sale proceeds to pay off the current mortgage. An undertaking means the solicitor is legally boundto pay off the mortgage and you can sue them if they don't (and as solicitors have insurance you're covered).

Otherwise you are just taking the seller's word for it that they will redeem the mortgage. Your mortgage lender wouldn't accept this position even if you do.

10 things... yes, that is exactly what my solicitor said. Only he speaks a mile a minute (do they teach that in law school?!) so I didn't really catch it all.

I think the vendor does have legal experience but the issue seems to be that he doesn't have an independent solicitor to deal with his mortgage and my mortgage, so I'm not sure that him knowing what he's doing is enough. My solicitor was saying other things about extra fees around risk assessments and money laundering checks and fraud.

I'm not sure there would be much more work for your solicitor to do, but yes he would need to do some money laundering checks on the seller (maybe £20 ish). Your solicitor can insist on having the signed land registry forms before completion (held to the seller's order until the money has gone through) but the main problem is your lender. I'd get your solicitor to speak to your lender. Also if there is an agent speak to them, after all the seller will have this problem with most buyers (cash buyers aren't that common). If he insists he won't pay a solicitor could you offer to go halves? You shouldn't have to of course, but if you desperately want the house??

The Seller may not have a mortgage which is probably why, with some experience, they think they will represent themselves and why not to be honest. As a seller this is literally answering the enquiries and signing the contract and transfer if no mortgage and then just man hours responding to enquiries etc. If the seller is a lawyer or ex lawyer I think I would get comfortable if I was your sol. If it is someone just giving it a whirl for the hell of it then no I would be very reluctant!

The extra money laundering checks are not the end of the world for your sol but they are a faff.