Buying a IP without DIY

Apparently in the UK it's really popular to buy your own house, like you would a car.

What is the process and has anyone here game enough to do it?:cool:
 
Oh sorry I didn't make it clear... What i meant was doing all the legal stuff yourself.

Doing a Title search and pest inspection for example
 
You mean to do your own conveyancing. Yep, many people do it. I'm not that game and I don't want all the running around.
 
Have thought about it - is very tempting as the current solicitor I am using is a knob who doesn't know the first thing about contracts IMHO, wouldn't recommend him to anyone. Could definitely do it myself (mind you the law degree helps ;) ) but I like the fact that if I pay someone else to do it I am covered by their professional indemnity insurance if it goes south, plus there is a fair amount of work involved and the $1000 spent to pay someone else to do it for me is somply added to the LOC and recouped through taxes.
 
I think the conveyancer really earns their money, the amount of work they do, as compared with the Sales Agent who gets thousands of dollars more, have their advertising paid by the customer, and they strut around like god's gift! A friend of ours caught our sales agent in our recliner rocker, fully outstretched, talking on his mobile during our open inspection. And continued to do so while people were walking around.
 
stamp duty
bank fees
mortgage insurance
usually some equalisation of rates and fees (conveyancer handles this)
various searches that are usually wrapped into the conveyancer's fee, but not always

Can add to tens of thousands of dollars.
 
I've already purchased my 1st investment property about 4 years ago but i didn't pay much attention to the process as my parents helped me out with the purchase. Now being older and wiser I've taken a liltle more interest in my finances aswell as my families.

I'm planning to buy my 2nd investment property sometime this year and I have been looking around my local area.

Is it really only $350 to $1000? that's cheap! i read in this forum, a current topic that convaycing land cost $1500
 
And in SA we dont use lawyers for most property purchases. However our State Govt sucks us dry for stamp duty on purchases and land tax on second properties.
 
I am admitted as a solicitor in NSW and have done about 5 of my own conveyances, both before and since I did law but I havent done one since 2003 and will probably pay for them to be done in future (except if I buy Canberra property as the conveyances here are so dead simple).

I never do my own pest and building inspections either (even though I am a registered architect in Victoria).
However, its great having these skills as i can oversee the work of others and know straight away if something has been missed.

There are booklets sold by some law book companies giving you straightforward info to enable you to do your own conveyance...however, be especially careful if its a strata, i wouldn't do one of thiose to save myself.
 
It most definitely isn't that common in the UK to do your own conveyancing.

Most sales of family homes there involve a chain, which creates more stress than you can imagine.

They also have very archaic titles, none of the nice computerised title reports we get here. Back in my days as a junior auditor in the UK I spend many hours very gently unfolding musty old title deeds that were hundreds (1600-1700s) of years old, crapping myself that I'd rip them while trying to read olde worlde English.

When spending many years' salary on a house purchase, I can never understand the temptation to shave $500 on the legal side? It's far, far easier to shave $500 off the purchase price instead.
 
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