When buying or selling a property, the legal aspect of transferring the ownership generally takes 6 to 8 weeks on the average, given that there are no complicated circumstances surrounding the transaction. Conveyancers see to it though that when problems arise anytime in the process, they advise their clients properly and come up with solutions.
While there is no definite date that conveyancing an be completed, conveyancers can give an estimated date based on the usual processes involved. They are also expected to inform their clients of what is needed and how potential delays can be sorted.
Besides the paperwork and the general tasks, there are other things that could cause delays in the process. Here are some of them:
1. Mortgage Offers
Depending on who the mortgage provider is, mortgage approvals can take a few days to sometimes a couple of weeks as lenders will need to verify a few details and oversee the valuation of the property involved. This is often overlooked by buyers and until such time that the mortgage is approved; buyers are not advised yet to instruct their conveyancers to negotiate offers, conduct searches, and arrange the exchange of contracts.
2. Access to the property when surveys are requested can take time, too.
While mortgage lenders work on the valuation of the property, buyers also need to make sure that it doesn’t have any structural issues that could break the deal; hence a survey might be necessary. While professional surveyors oversee that this is completed promptly, access to the property may be delayed if the sellers are not properly informed. It is important that proper access and permission to conduct surveys are coordinated between parties to avoid having to wait too long.
3. Survey results often cause a lot of discussions – which could make or break the deal.
A few issues on the structure affect the value of the property and sometimes the willingness of the buyer to push through with the purchase. This also prompts the mortgage lender to offer a lower mortgage amount to the buyer. The seller may also have to arrange maintenance and repair work if they are keen to have the property sold to their ideal buyer. This may delay the transaction for a few days to a few weeks.
4. Property searches can also take days or weeks.
Part of the conveyancing process is a property search. While surveys are designed to check the property itself for structural issues, searches are conducted to make sure that all aspects surrounding the property, including but not limited to water and drainage, local authority, and environmental, are good and would not affect the dwelling of the property’s new owners. There are times when a Local Authority search request alone can take days to be approved and the search result may take a few more days.
5. The chain of interlinked transactions involving other parties will bring the transaction to a longer wait.
Sellers having to find a new property to move into and buyers having to sell their property to have enough funds can take a while. This is not unusual in the housing market – having more people involved in an interlinked series of buying and selling. Proper scheduling and coordination is needed at this point, otherwise, it could take weeks (even months) before it moves towards completion.
6. There may also be issues with the property title.
There are times when the sellers are not necessarily the registered owners of the property; they could be executors of a dead person’s estate where the probate is yet to be granted. This could mean more waiting time for the buyer. The same delay is also probably when the property is not registered yet at the Land Registry and thee deeds happen to be missing.
But How Can These Delays Be Avoided and Sorted
Proper planning and coordination, together with mapping an action plan, will always do the trick. Of course a lot of patience has to be involved, too. Conveyancers of both the buyer and the seller need to work together for their clients and give an assurance to the best of their abilities to get everything sorted. They should be able to anticipate a few issues here and there and advise their clients accordingly. Proper discussions and laying out of what they will do to resolve the issues should always come first.
If the seller thinks there are issues that could be a challenge to selling their property, they should discuss this beforehand with their conveyancing solicitors perhaps even before they put the property on the market. Doing it will prompt the conveyancer to have the documents together and come up with solutions to address whatever issues may come ahead of time.
And while proper coordination and setting the right expectations can help prevent the delays in a transaction, sometimes there are situations that are hard to anticipate – leaving the involved parties to just cringe in frustration. For instance, if the seller passes away in the middle of the transaction, a legal consultation regarding how to proceed is needed. Cancelling the whole deal may also be imminent.
These issues are the reason conveyancers are around – to prevent sour fallout of a possibly good transaction. This is also why a buyer and/or a property seller should be able to wisely choose which conveyancing solicitor or firm to instruct. It assures them that all the circumstances involving the transaction will be sorted seamlessly and get it all completed at a given turnaround time. Most solicitors are very diligent in doing this. It only takes buyers and sellers a matter of choosing the right one. Shopping around for a good one and asking for conveyancing quotes online, which will also suit their budget, is always the best option. They also have to make sure that the conveyancers they instruct are accredited by the Law Society’s Conveyancing Quality Scheme, so that the processes are carried out with a certain standard of excellence.