Sarah is here to help house buyers and sellers get to grips with the conveyancing process. This month, she highlights the most common reasons for delays and explains how to avoid them…
There are myriad reasons why conveyancing can stall, but some crop up more often than others. However, if you are proactive and try to provide all relevant information to your solicitor at the outset, it will help your transaction progress more swiftly.
Here are some of the most common causes of delays:
Disagreements between buyers and sellers
The thing that seems to bring the conveyancing process to a grinding halt most often are parties who cannot agree on certain matters, such as what is to be included, or dates for exchange and completion.
To help the transaction progress, it is important you are prepared to compromise on issues, particularly if there is a large chain involved. This is something you should be aware of when you enter into a sale or purchase.
A problem with the property
The second most common issue is a problem arising with the property. For example, the survey could reveal some kind of defect that the purchaser wants the seller to deal with before they proceed.
Having to carry out remedial works can be costly and cause a time delay, so it may be more appropriate to negotiate some sort of allowance, or a different purchase price, to enable the transaction to complete and the work to take place at a later date.
Missing or incomplete paperwork
There is a lot of paperwork involved in a conveyancing transaction, so it is important to complete it correctly at the outset, rather than it having to be sent again at a later stage, which can cause an unnecessary delay.
Your solicitor needs all original, signed paperwork in place before the matter can proceed. Therefore, if you have any queries, such as where you need to sign or who can act as a witness, it may be appropriate to visit their office and sign it there or ask for further instructions to ensure it is executed correctly.
Funding is delayed
The involvement of any third party can cause a delay, for example, any price renegotiations would need referring to the buyer’s mortgage lender for approval. Likewise gifted deposits have to be referred and additional documentation may be required. Funding can also be slow to arrive if the buyer is using a Help to Buy ISA or Lifetime ISA, as notice needs to be given for these accounts to be closed.
Even if you are a cash buyer, your solicitor will still need to see proof of funds before a property purchase can proceed. It is a good idea to get your funding in place as soon as possible, so any issues can be ironed out in the early stages of the transaction and delays can be avoided.
Issues arising from the title or searches
It is not uncommon for a defect to be discovered in the property’s title, which your solicitor will look to deal with on your behalf.
Issues may also arise that need further investigation once searches have been carried out, for example, they may reveal a mine shaft located on or near the property or a sewer or drain that has been built over.
It is important sellers forward all the information they have about the property to their solicitor at the outset of a transaction, so it can be passed on to your buyer’s solicitor.
If you are purchasing a house, please ensure you make your solicitor aware of any alterations or extensions you think have been made or additional parcels of land you are looking to purchase. We need to ensure they are included in the initial contract pack received from the seller’s solicitor, again to prevent a delay at a later stage.
If you would like advice on selling or purchasing a property, don’t hesitate to contact me or my conveyancing colleagues on (0114) 218 4000.
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