Conveyancing: Prevent Delays And Speed Up The Process
Purchasing a home can be exciting, but it can also be stressful and time-consuming. It involves conveyancing, which can be fraught with delays. This act of transferring property generally takes between six and eight weeks to complete. However, due to a heavy backlog of mortgage applications, mortgage lenders can have difficulty processing them as efficiently as possible, despite working full capacity to meet the clients’ demands.
What Are the Top Causes of Conveyancing Delays?
The conveyancing process can be stalled due to a wide range of factors. Besides experiencing difficulty in processing an influx of applications, here are some of the most common causes of delays:
A Problem With The Property
A problem arising with the property can delay the conveyancing process. This can happen when a buyer discovers a defect and wants to deal with it before proceeding. Since completing remedial works can cause a time delay, it’s advisable to negotiate an allowance or reduce the purchase price to complete the transaction.
Missing Or Incomplete Paperwork
A conveying transaction requires a lot of paperwork. Missing or incomplete original, signed documents can cause an unnecessary delay. To prevent this, the buyer has to ask for further instructions from the seller to complete the necessary paperwork correctly right from the start.
Disagreements Between Buyers And Sellers
It’s understandable that homebuyers want to get the home of their dreams and ensure they receive their money’s worth. However, this delays the conveyancing process when they cannot agree with buyers on some issues, such as the inclusions or dates for exchange and completion. The transaction can resume when one of the parties is ready to compromise on issues.
Problems Arising From The Title Or Searches
Defects can be discovered in the property’s title. Additionally, problems may also arise once searches have been carried out. Avoid this unnecessary delay by ensuring the seller sends all relevant information about the property to the solicitor.
What Are The Ways To Speed Up The Conveyancing Process?
No property buyer or seller wants to waste time dealing with delays during the home buying or selling process. Here are several ways to speed up conveyancing:
Make An Early Mortgage Application
Before viewing properties, prospective buyers have to obtain a mortgage decision in principle (AIP). It is the first step to buying a home. This process gives them an idea of how much they could borrow.
Instruct A Solicitor Early
Instead of waiting until buyers make an offer, sellers have to instruct a solicitor as soon as they put the property on the market. Doing this allows a solicitor to begin the preliminary legal work even before there is a buyer.
Inform Them About Problems About The Property
If there are issues about the property, sellers need to inform the solicitor of these as early as possible. By taking necessary action to rectify problems early in the selling process, delays can be avoided.
Conveyancing is an important process in home buying. While both property buyers and sellers want to finalise the process as soon as possible, certain factors can lead to delays. In fact, research reveals that it now takes 29 per cent longer to complete it due to the conveyancing logjam. By following these suggestions, both parties can make the process efficient.
Whether you are buying or selling a home, speed up the transaction by comparing conveyancing quotes with our help. At Conveyancing Supermarket, we provide a breakdown of fees from skilled conveyancing solicitors or licensed conveyancers. Get the best price today!