House Buyers UK: Should You Use Your Own Solicitor?
Selling a home is a major decision no matter what the circumstances. When you purchase a home, you do so with specific goals in mind. This can encompass anything from raising a family and establishing your career before you move on to building equity and making an investment in your future. As we are all well aware, sometimes life does not play out as we plan, and we need to adjust. It may become necessary to alter our plans and sell more quickly than we expected. It happens.
Whether you are facing divorce, potential repossession, the necessity of having to pay for care, the need to relocate for work, etc., sometimes your timeline does not allow for a lot of wiggle room. In other words: you need to sell, and it must be sooner rather than later.
In this case, working with a regulated cash property buyer can allow you to accelerate the home sale process while ensuring that you have cash in hand to fund your future endeavours. You likely have many questions in regards to working with house buyers in the UK– and one of them should be if you should use your own solicitor. Let’s explore.
House Buyers UK: How Does It Work?
Generally, when you opt to work with cash house buyers in the UK, you simply fill out a quick internet form. Within 24 hours, you will receive an initial offer, or an “offer in principle.” From there, the company assigns valuation experts to assess the property. Pending the results, they will make a formal offer.
At no stage are you obligated to accept offers. You have the control and freedom to weigh the offers and determine what is best for you. On a related note: do not work with a company that requires you to sign restrictive contracts barring you from working with other cash house buyers for a certain period. This can leave you with few options if they do not serve you well. There should be no hidden agenda – and certainly no hidden fees.
That said, if you find the formal offer agreeable and accept, the company will instruct a RICS survey. The offer is contingent upon these results. Now, does this mean that if there is an issue that is uncovered, they will rescind their offer?
This only very rarely happens. In fact, virtually all houses have value, even if they are not in good condition. The odds that your home will not be purchased by a reputable cash buyer are slim. In some cases, they may reduce their offer. But again, it is entirely up to you whether you will accept or decline. In most instances, these buyers offer between 75% – 80% of market value. Keep in mind that you do not have to pay for valuations, surveys, estate agents – and solicitors.
This brings us to the main question: should you use your own solicitor?
Often, cash house buyers UK include the services of solicitors at no cost to you. This is part of their process, and they have honed it to streamlined precision. An experienced, reputable company will instruct the best solicitors, and they work closely on many transactions. There is trust between them, and that extends to their service to you.
You are certainly free to use your own solicitor. If you feel more comfortable and confident doing so, please do. Some companies will even provide you with funds to cover some of these costs (£500 or so is a great help towards this expense).
Using the solicitors provided as part of your customer experience, however, can significantly reduce your costs as you seek to sell your house. It also streamlines the process. If you don’t have a solicitor on speed dial, so to speak, then finding one with whom you are comfortable can be a challenge.
By going through the property buyer, you are still getting expert – and impartial – legal assistance for the myriad of technicalities involved in a house sale. These are professionals who are fully certified and regulated by the Solicitors Regulation Authority (SRA). When you find a reputable cash house buyer in the UK, you can be confident that they work with equally upstanding solicitors.
Should you use your own solicitor when working with cash house buyers UK? It is up to you. You are in control. Make the decision that is most sensible for your situation.
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