It is possible to feel stressed out while purchasing or selling a property, even when everything seems to be moving well throughout the conveyancing process. It is possible for problems with the transaction to arise, which isn’t very pleasant for anyone involved.
Delays in conveyancing may occur for several different causes. Third-party causes, such as the mortgage provider or the local government, may contribute, while others are caused elsewhere in the supply chain. If you are the buyer or seller, you may also be creating delays, albeit unintentionally.
To better understand why this occurs, the following are some typical causes you may encounter:
Taking Time to Engage With The Solicitor
Many potential purchasers or sellers of property believe that there is no need to engage with a solicitor until later in the process. However, that is not the case. It is always beneficial to engage as early as possible so there is plenty of time to instruct a solicitor before the transaction is completed.
As soon as you submit or accept an offer, the estate agent will need to know your lawyer’s name and contact information. If you wait until then to look for a conveyancing solicitor, it may significantly delay the procedure. Getting started on your search as early in the process as possible, right at the start of your trip, is the ideal course of action.
Longer Time to Sign and Return Legal Documents
Whether you are buying or selling a home, the conveyancing process includes signing several papers. All of which must be delivered to the other party’s solicitor as soon as possible. If not, it may slow down the procedure if you do not complete this step on time.
Some of these signatures need witnesses, so it is essential to plan who will serve as your witnesses ahead of time. Ensure that they will be available to react as quickly as possible when you make your request so you can easily find someone available.
Failing To Act Promptly
The majority of property transactions include a chain of buyers and sellers, and any delay at any point in the chain will cause everyone else to be held up as well. However, even if you avoid delays in delivering information and signing papers upon request, others in your chain of command may not be as quick.
Other than to remain patient and stay in touch with your lawyers frequently, there is nothing you can do in this situation. They will do all in their power to urge the other parties to react promptly as well.
Having Inaccuracies on the Mortgage Application Form
Mortgage application paperwork may be lengthy and complicated, and it is possible to make a mistake. Misreporting income or financial history, inputting the incorrect national insurance number, or neglecting to give references when asked are all examples of common mistakes. Errors and inaccuracies in the mortgage application process may cause significant wasted time. In the worst-case scenario, your mortgage application might be denied. You might even be forced to start the whole process over again, increasing the likelihood of the sale falling through.
Loss of Title Documents
The title documents of the property, which prove your ownership of the property, will be required if you are selling a property. If you have misplaced them, your solicitor will need to request the Land Registry for replacement copies. However, if you have held the property for more than thirty years, it is possible that the deeds are no longer in their possession and that they will be required to reconstruct them.
This may be a time-consuming procedure that requires documentation demonstrating that you are the rightful owner. Before placing your home on the market, double-check that you have the title deeds or that you can acquire them to avoid a lengthy wait.
Inability to Acquire a Leasehold Management Package on Time
For leasehold properties, you will be required to acquire a management pack from either the Freeholder or their Management Agent on behalf of the buyer before you can sell the property. If all payments are current and the building insurance policy is in effect, this will certify that no work is planned and that all payments have been received. When dealing with a third-party Management Agent, it may take some time to receive this information. It is thus essential to tell your solicitor from the start whether the property being purchased is a leasehold.
Some factors that contribute to delays in a real estate transaction are beyond the control of your conveyancer. They are usually caused by the intricacy of the property, the length of the chain, or the need to wait for papers from other parties to be received. It is critical to recognise the wide range of problems that may arise and cause delays in the process.
If you need help in selling your property and you want to find a conveyancing solicitor, Conveyancing Store is the answer! Our comparison tool can give you a clear picture of different quotes to make it easy to buy, sell, and remortgage your property. Ask an expert or request a quote today!