Buying or selling a property can be exciting. However, it can also be highly stressful, typically due to delays in the conveyancing process. Unfortunately, it is thought that 1-in-3 people will experience a property transaction falling through, often due to one party being frustrated by the conveyancing process taking too long.
While some delays are unavoidable, what can you do to help the process and avoid your property sale or purchase transaction failing?
Top Tips When Buying or Selling your home
House sellers, buyers, and their solicitors will each have their own set of responsibilities, and these may vary depending on the type of property being sold or purchased. Some of the most common reasons the conveyancing process takes so long include the following:
- Issues with the property title
- Problems revealed by the building survey
- Missing information from the seller
- Issues with the buyer’s mortgage application
- The seller buying a new build that isn’t ready
- A probate sale
- Delayed property searches
A good conveyancing solicitor will work with you to ensure the process goes as smoothly as possible, guiding you through the transaction. However, there are ways to help ‘move’ things along a little quicker!
- Seek legal assistance and act ASAP – Once you have decided to sell your home or found the right property you want to purchase, it is essential to speak with an experienced property solicitor as soon as possible. You and your conveyancing solicitor will be responsible for completing various formalities, so acting quickly when your solicitor asks for your ID confirmation or to complete various forms is crucial. Update your estate agent with your solicitor’s contact details to ensure information can be dealt with quickly.
- Choose the right solicitor – The conveyancing process includes dealing with complex tasks and paperwork and liaising with the solicitor or conveyancer from the other party in the property transaction and your mortgage lender. A licenced solicitor with extensive experience in property law can give you peace of mind that the process is being completed efficiently and as quickly as possible. When buying a property, ideally, your solicitor will be on your mortgage lender’s panel. When a solicitor is not on the lender’s panel, they will need to instruct another law firm which is, to carry out the legal enquiries on the lender’s behalf, which will likely cause delays in the conveyancing process.
- Respond to enquiries quickly – Even on relatively new properties, a building survey or search can come back with issues or risks for the purchaser needing further information or problems needing resolution. The quicker you reply to your solicitor or surveyor when this happens, the quicker a solution can be found. For example, parties in the property transaction can agree to:
- Negotiate a revised property purchase price.
- For the seller to make right the problem.
- Purchase an indemnity insurance policy – to cover a legal defect with the property that can’t be resolved, will slow down the process, or would be very costly or time-consuming.
At Rose & Rose Solicitors, we will deal with your transaction quickly and effectively, taking the time to explain the process to you in clear, easy to understand manner. If issues arise, we will work with you to find the most appropriate solution.
- Clear, consistent communication – We understand that one of the key factors to a speedy conveyancing process is clear and regular but efficient communication. Our property team provide a personalised conveyancing service and will always ensure you are updated with the progress of your transaction, responding to your queries promptly and resolving any issues that may arise.
Experienced Conveyancing Solicitors
At Rose & Rose Solicitors, we are experienced in all aspects of Property Law, including working with first-time buyers, experienced property developers and buyers wishing to move up the property ladder. For specialist property advice from experienced, regulated conveyancing solicitors, get in touch with a member of our team below to discuss the best way forward for you.
This blog post is not intended to be taken as advice or acted upon. If you are seeking legal advice, please contact our team of solicitors.