Want to know how to speed up the moving process? Here are some common hiccups in the conveyancing process and how to deal with them.
Conveyancing is the legal process that takes places when buying or selling a property. The legal advisor who acts on your behalf is the '
conveyancer'.
Moving house is said to be one of the most stressful times of many people's lives as there can be many links in the transaction chain and everything has to come together in a relatively small timescale. These are the top four delays:
ONE Waiting for a mortgage offer
The majority of people require a mortgage to purchase a property and, in recent times, it has become much more difficult to borrow. There are a number of forms to complete and requirements to be met before the bank will produce a formal offer. The process from initial application to receipt of the final offer can take weeks.
Solution - Make your mortgage application as soon as possible once your offer has been accepted.
TWO Buying in a chain
No matter how short the chain, there can often be delays. Not each transaction progresses at the same speed. Although
your purchase may be straightforward the person next in the chain might have received a bad search result, a negative survey or may be struggling to secure a mortgage.
It is often the case that people cannot agree on the move date. A date may have been agreed informally at the beginning but nothing is binding until contracts are exchanged. This means everybody in the chain might have to agree an alternative date - not always easy because of holidays or problems arranging removals.
Recently there has been a trend for people to put their house on the market and tell the estate agents that they are not in a chain, as they can move straight out to live with friends or relatives. However once completion draws near they decide it is not convenient and they do wish to buy a house after all.
The buyer then has to wait for this new transaction to catch up. The buyer is then left with a tough choice: do they accept a delay of a number of weeks or do they risk losing the house of their dreams?
Solution - Try to be patient and understand that delays can sometimes be out of our control. Always be as honest as possible with other parties regarding your situation and availability to move.
THREE Waiting for searches
Search results are normally received quite quickly but on occasions the local search results can take a number of weeks to come through. This is often because the local council have a backlog.
Solution - Provide search fees as early as possible so there are no delays in making search applications.
FOUR Waiting for enquiries
The main job of a conveyancer is to investigate the legal title of the property in order to make sure there are no legal problems. In order to do their job properly your conveyancer will need to raise enquiries with the seller's solicitor once they have checked all the contract paperwork.
The seller's solicitor will often need to make further investigations with their clients, the council or the property's managing agents before they can respond. This process can take a few weeks depending on the complexities of any enquiries that may be raised.
Solution - Your conveyancer will keep you updated on the progress of your sale or purchase and will advise you once each stage is reached.
Guide to cheap conveyancing quotes.
Moving house is said to be one of the most stressful times of many people's lives as there can be many links in the transaction chain and everything has to come together in a relatively small timescale. These are the top four delays:
ONE Waiting for a mortgage offer
The majority of people require a mortgage to purchase a property and, in recent times, it has become much more difficult to borrow. There are a number of forms to complete and requirements to be met before the bank will produce a formal offer. The process from initial application to receipt of the final offer can take weeks.
Solution - Make your mortgage application as soon as possible once your offer has been accepted.
TWO Buying in a chain
No matter how short the chain, there can often be delays. Not each transaction progresses at the same speed. Although your purchase may be straightforward the person next in the chain might have received a bad search result, a negative survey or may be struggling to secure a mortgage.
It is often the case that people cannot agree on the move date. A date may have been agreed informally at the beginning but nothing is binding until contracts are exchanged. This means everybody in the chain might have to agree an alternative date - not always easy because of holidays or problems arranging removals.
Recently there has been a trend for people to put their house on the market and tell the estate agents that they are not in a chain, as they can move straight out to live with friends or relatives. However once completion draws near they decide it is not convenient and they do wish to buy a house after all.
The buyer then has to wait for this new transaction to catch up. The buyer is then left with a tough choice: do they accept a delay of a number of weeks or do they risk losing the house of their dreams?
Solution - Try to be patient and understand that delays can sometimes be out of our control. Always be as honest as possible with other parties regarding your situation and availability to move.
THREE Waiting for searches
Search results are normally received quite quickly but on occasions the local search results can take a number of weeks to come through. This is often because the local council have a backlog.
Solution - Provide search fees as early as possible so there are no delays in making search applications.
FOUR Waiting for enquiries
The main job of a conveyancer is to investigate the legal title of the property in order to make sure there are no legal problems. In order to do their job properly your conveyancer will need to raise enquiries with the seller's solicitor once they have checked all the contract paperwork.
The seller's solicitor will often need to make further investigations with their clients, the council or the property's managing agents before they can respond. This process can take a few weeks depending on the complexities of any enquiries that may be raised.
Solution - Your conveyancer will keep you updated on the progress of your sale or purchase and will advise you once each stage is reached.
Guide to cheap conveyancing quotes.
