Property Blog Post
How can you avoid delays in the buying/selling of your home?
There can be a number of reasons why a purchase/sale transaction might be delayed or come to a temporary halt. Making sure your solicitor has all the relevant information from the outset of your instructions can help your transaction complete faster.
Problems with the property
Another issue which arises often is a defect with the property coming to light. This may lead to the purchaser wanting the seller to remedy the issue before they proceed to exchange and completion.
As carrying out remedial works can be costly and time consuming, buyers and sellers are often advised to negotiate an appropriate allowance in the purchase price so these works can be carried out after the completion has taken place.
Missing or incomplete paperwork
There is a lot of paperwork involved in a conveyancing transaction being able to proceed to completion. Delays in the execution of these documents can lead to delays in your transaction proceeding to completion.
Since your solicitor requires all the original, signed paperwork before the transaction can proceed, if you have any queries with regards to where to sign and where witnesses would need to sign, visiting your solicitor at their offices to sign these at their offices to avoid any unnecessary delays in postage. This is also an opportunity to provide your solicitor with further instructions and receiving an update on how your matter is proceeding.
Delay because of funding
Any involvement of third parties can cause delays, especially when money is involved. The involvement of Banks, Help-to-Buy ISA or Lifetime ISA can significantly increase the work which is to be completed for each transaction to fulfil any additional requirements. Not adhering to these requirements in a timely manner can cause delays in your transaction proceeding to completion.
Even if you are buying the property without additional funding, your solicitor is required to carry out source of funds checks before contracts are exchanged. It is best to get your financial documents in order to avoid any issues which may cause delays.
Issues arising from the title or searches
It may be the case that upon reviewing the title documents and search results, a defect might be discovered. These issues may require further investigation, for example, a chancel search may reveal that the buyer will be responsible for paying for the upkeep of the local church.
It is important that the sellers are transparent when informing their solicitors about the property so it can be passed over to the buyers along with any supporting documentation. This could involve making the buyer aware of any alterations or extensions that were carried out throughout the duration of the buyer’s ownership of the property.
Contact us for more information to understand more about your rights. At Morgan Hill Solicitors, we take care of the legal side of your transaction so you can focus on the important stuff.
Rao Naeem-ul-Haque Khan
21 May 2023