Sarah Whelan is a Conveyancing Technician in our Residential Property Department. With eight years’ experience in conveyancing, Sarah discusses some of the common issues that she believes cause unnecessary delays in residential property transactions.
The offer has been accepted and everyone is keen to get moving. We are excited to help you move in, or move on, but the conveyancing process is only just beginning!
Everyone wants a smooth transaction, but delays can sometimes occur. Here are six common causes and what you can do to help avoid them.
1. Delays in providing instructions, identification and source-of-funds evidence
Instructing a conveyancer and returning the initial paperwork is the first step.
Always do your research when choosing a conveyancer and remember that cheaper does not necessarily mean better. For most people, buying a property will be the largest purchase they ever make, so it is important to instruct a firm that you have researched and trust.
Your conveyancer cannot begin work until they have received your full instructions and identification documents. If you are buying, you must also explain how the purchase is being funded and provide the appropriate supporting evidence, for example, evidence of inheritance, evidence of savings or evidence of sale.
Returning everything promptly allows your conveyancer to complete the necessary checks and begin progressing your transaction.
2. Mortgage valuations and surveys
Valuations and surveys require cooperation between buyers, sellers, surveyors and, sometimes, estate agents.
Sellers should provide access to the property promptly, while buyers should arrange any inspections as early as possible. If a survey identifies a problem, time may be needed to investigate it, obtain quotations and potentially renegotiate the purchase price.
Arranging a survey early gives everyone more time to resolve any issues without unnecessarily delaying the transaction.
3. Delays in paying for searches
Search results are provided by external organisations, including local authorities, and turnaround times can vary depending upon their workload.
Your conveyancer will usually request a payment on account before ordering the searches. Making this payment as early as possible allows the searches to be ordered promptly and reduces the risk of them causing a delay later in the transaction.
Many results on searches often require further investigation/enquiries with the sellers, so the sooner, the better!
4. Errors in mortgage applications
Make sure that you provide your mortgage lender with complete, accurate and up-to-date information.
This includes your full legal name (including middle names, yes it makes a difference!), details of any gifted deposit and information about any other adults who intend to live at the property (just to name a few). Your conveyancer will usually act for both you and your mortgage lender, meaning they must report any discrepancies that come to light.
The lender may then need to reconsider or reissue the mortgage offer, which can delay the transaction. Providing the correct information from the outset helps to avoid this.
5. Incomplete forms and delayed replies to enquiries
At the beginning of a sale, the seller is asked to complete several property information forms. These cover matters such as work carried out at the property, rights affecting it and any disputes involving the property, to name just a few!
These forms and any supporting documents are provided to the buyer’s conveyancer, who will then raise any necessary enquiries.
The more complete and accurate the information provided at the outset, the better. Supplying documents such as planning permissions, building regulations certificates, guarantees and warranties early can prevent further enquiries from being raised and help the transaction progress more quickly.
6. Incorrectly signed documents
We appreciate that it can sometimes feel as though you are being inundated with paperwork, but it is important to read each document carefully and follow the signing instructions provided.
Some signatures must be witnessed, and there are rules about who can act as a witness. If a document is signed or witnessed incorrectly, it will usually need to be completed again.
If you are ever unsure, our clients are always welcome to attend one of our offices and sign their documents in the presence of a member of our team.
Although some delays are outside anyone’s control, responding promptly and providing complete and accurate information can make a real difference. Your conveyancer wants the same result as you: to keep the transaction moving and help you reach completion as smoothly as possible.member of our team, please contact us on the details below to discuss further.
Sarah Whelan is a Conveyancing Technician at the firm. For more information, please contact her on 01706 818111 or email her at sarah.whelan@lancslaw.co.uk
