Most people don’t know this, but if you are purchasing or selling a property, there will be problems with the conveyancing. This is about the most expensive mistake that can happen in buying or selling property, so it’s worth taking time to learn how to avoid them. Here are some of the common conveyancing problems and how you can fix them:
1.Failure to Instruct Your Conveyancer When an Offer Has Been Accepted
One of the crucial steps in the conveyancing process is to instruct your solicitor when an offer has been made. This is the solicitor’s cue to work on the legal process for the transfer of the property, and we all know this is going to take some time. Failure to do so can cause delays and setbacks.
Therefore, it’s recommended to get conveyancing quotes in advance so when the time comes, you already have a solicitor who can get the ball rolling the minute you get or accept an offer. Compare their fees carefully to give you more time to decide on the best option for you.
Gazumping is when a seller accepts a higher offer, which can be frustrating. However, it’s not the end when this happens—until contracts are exchanged, property transactions are not legally binding for either party.
With this, you can match the new buyer’s offer, try to negotiate the price somewhere in between, or drop the sale altogether.
3.Buyer and Seller Can’t Agree
Let’s say an offer has been accepted on a property; with this, the conveyancers of each party will start the legal process by exchanging a series of letters and terms. This is when it can get tricky because sometimes, one or more of the terms and conditions can’t be agreed on. When this happens, the solicitor will negotiate with you and you need to be prepared to compromise.
4.Issues with Paperwork
During the conveyancing process, missing or incomplete paperwork can cause delays. There are several documents that need to be signed by both buyers and sellers. Avoid holding up the conveyancing process by making sure you have time to sign contracts and return them as soon as possible.
Problems with the property can cause conveyancing delays. This is because if an issue is found, the problem should be examined, and decisions have to be made. Your conveyancer will advise you on the results of the survey and its implications. Take note that it might be necessary to renegotiate the price of the other property.
6.Delays in Funding
Mortgage approval delays happen, and when it does, it’s going to impact the conveyancing process. That’s why when you make a decision to purchase a property, it’s best to get the ball rolling, including the funding, to avoid delays in the future.
Have a Smooth Conveyancing Process
Conveyancing is the formal process of transferring the title of a property from one party to another. It is a complex and detailed process, and there are plenty of things that could go wrong with it. These common mistakes will guide you to make the whole process go as smoothly as possible.
Are you looking for a reliable conveyancer in Manchester? Conveyancing Expert is here to make the whole process a lot easier for you. Get a free quote today!