Slow Property Transactions
Purchasing a home is both exciting and at the same time very stressful. Naturally, the buyer/seller seeks to get the deal done expeditiously and they can move-out/in as soon as they possibly can.
Feeling as if things are not going the way they ought to can be very infuriating. That said, however; conveyancing is a process that takes time. Even with transactions that are straightforward.
In any purchase, it’s important that you conduct the necessary searches, conduct enquiries. During the conveyancing process, your’ appointed solicitor/conveyancer works with other agencies to be provided with certain information.
Unfortunately; your legal aid has very little control over these other bodies and has to wait to be supplied with the necessary information you seek. If you are buying a property through a chain; every link has to conduct independent searches and enquiries.
Every link will also have to respond to enquiries on their related sales. You can now see why as much as your queries and searches are done and completed with very minimal fuss, everybody in the chain is affected by the slowest link!
Such a Bother! We Understand. Question is; what should you do should there be a delay?
Just contact your legal agent and real estate agent to check the link that is causing the delay. Your legal assistant will explain the connection with the delay so that you have an idea of what is going on. Each property transaction in the UK is different, so there are many causes.
However, kindly remember that your solicitor/conveyancer will be dealing only with the legal agents involved in the sale/purchase. Real estate agents play a vital role of chasing relevant parties in the rest of the chain to have them return documents in their possession.
Make sure that you are not the one causing delays in the chain. Find out whether you have funded your account. Find out whether you have supplied the documents you were asked to provide. Make sure you answer any queries you are requested to answer.
These are things you should do your best to respond as promptly as you can. To make things easier; dig out all documents and paperwork right from the commencement of the conveyancing transaction. Make sure your appointed aid (legal) is aware of what you have.
He/she will let you know what is relevant and what should be sent to the other trading party way before they ask for it. Should the delay becoming from someone else; clients often impose deadlines. Such a move is quite risky and should only be used if there is a delay.
Should there, however, be a genuine issue that is causing the hold-up, it’s more likely that the problem may crop up again. Should there be a huge delay, you should make a decision whether it makes sense to wait or not.
In conclusion; it’s in your best interests to maintain a healthy relationship with the parties involved. Such a move will ensure that the transaction process sails smoothly. After all, that’s what everybody wants. Maintain a healthy dialogue with the buying/selling party, the real estate agent, your mortgage financiers and your legal representative.
Again, try your best not to bombard people with a lot of emails and phone calls. Everyone in the chain is working towards a mutual goal, however; there are times when such issues end up in delaying!