Whenever there's a property being sold or bought, the process of conveyancing will be involved. It's through this process that the transfer of the property from the owner to the new buyer will be made. Numerous things must be dealt with while this legal process is in motion, and those involved must be aware of the steps to be followed to ensure that it's at the right pace.
However, during the conveyancing process, you're most likely to experience some ills that might arise, and if you are not prepared for that, you might end up being delayed in the process. Luckily, there are certain things that you could do to prevent these mishaps and to go on with the transfer of your property. Here are some of the most common conveyancing pitfalls and how you can avoid them.
1. Not Instructing Your Solicitor Early on in the Process
The first and most common conveyancing pitfall that occurs is not having your solicitor involved as early as possible in the process. Ordinarily, a solicitor will be needed at an early stage of the process, as this is where the contract of sale is signed. You must consult your solicitor while the contract is being drawn or even before.
However, the fact that this is a standard practice doesn't mean that the solicitor must be instructed first, even before the agent has been briefed. This is the second most common conveyancing pitfall that you might want to avoid. Your solicitor should be involved as early as possible because it's them that will guide you on the steps and documentation to be needed for the process to go on smoothly.
2. Missing Out on Obligations
In the conveyancing process, there are certain obligations of the buyer and seller that must be fulfilled in order for the process to go on smoothly. Failing to comply with these obligations could result in the whole process being delayed, which is why it is essential that you are aware of what these obligations are.
These obligations include;
For the buyers, they must provide the lender with the necessary documents, which could include the money needed to cover the deposit, additional money for the stamp duty, and other money that will be needed for the completion of the sale.
For the seller, the solicitor must be consulted before the sale proceeds. This can ensure that the solicitor's fees and other charges are taken care of and will be paid for before the sale proceeds. Failure to do so will mean that the solicitor's fees are not accounted for, and the sale may not proceed.
It's important for the buyers and sellers to know these obligations because failing to comply with them can cause a lot of stress and could even result in the whole process being delayed.
3. Incorrectly Preparing the Documents
Conveyancing documents are the most critical parts of the whole process, and they must be prepared in such a manner that they will be accepted by the lenders. When it comes to this, there are certain documents that can be easily misinterpreted, and you can ask your solicitor to make sure that they are done in the way that they should be done. This is done in order to prevent delays in the process and to ensure that everything is in order.
These documents include;
The contract of sale
The mortgage deed
The retention monies
The transfer deed
They are all essential and must be prepared in the right manner so that you can avoid any possible delays in the process.
4. Planning Permission Problems
As part of the conveyancing process, a surveyor is required to check if there are any planning permission or other restrictions that might affect the property that is being sold or bought. This is because the property being sold or purchased should not be in violation of the local council's rules and regulations.
The surveyor's job is to check the property for any planning permission issues so that you'll know how you will be able to proceed with the transfer. It's through this process that any problems with planning permission will be known in advance, so there will be no surprises later on.
However, the surveyor's report will only provide a summary of the issues that are involved, so you might also want to hire a solicitor to go over the surveyor's report and confirm if there's a planning issue that you should be aware of.
5. Not Being Aware of Stamp Duty
Stamp duty is payable for the transfer of property. However, not everyone is aware of this as it's not a tax that is to be paid. Thus, if you are buying a property, you should be aware that you would be required to pay stamp duty for it. The good thing is that this is included in the purchase price, so you only need to pay for it upon signing the contract of sale.
However, this only applies to first-time buyers, not to those who have owned a property before, because they will not be charged for stamp duty. In addition to this, there are certain properties that are exempt from stamp duty, and these include;
Properties worth less than £125,000
Properties that have been bought as a gift
Properties that are in the Scottish Highlands
6. Failure to Fill Out Forms Properly
One of the most common conveyancing pitfalls that you might experience is the failure to fill out the form properly. This is because there are certain parts that might be skipped, and you might end up missing out on important information that is needed for the whole process to go on smoothly.
However, one of the main reasons why people might not fill out the form at all is because they are not sure of what to write. They might not be sure of what questions they are supposed to write answers to. This is why it is important that you get your solicitor to help you.
If you have no idea of what is required by the form, then you might end up putting the wrong information, and your application might be rejected. You should consult your solicitor before you start filling up the form, so they can explain the parts that you need to fill out.
7. Substandard Conveyancing in the Past
One of the main reasons why you might be experiencing conveyancing problems is because there were no problems with the conveyancing process in the past. However, this doesn't mean that it still won't cause any problems in the future.
This is because even if the process went on smoothly in the past, there is no assurance that the same thing will happen in the future. Thus, if you want to avoid any possible problems in the future, you should get a solicitor to check over your old conveyancing documentation. This will ensure that the documents are in good order and that they can still be used.
Conveyancing is a process that you should not pass off as a simple matter, as although it might appear to be easy at the start, there are numerous things that might be involved that you might not be aware of. These things could delay the process and cause a lot of stress, which is why it is important for you to be aware of such things and be prepared for anything that might happen.
Whenever you need help from a residential conveyancing expert, you should always go to Conveyancing Calculator. Our team of conveyancing solicitors and licensed conveyancers will work with you to ensure that your transfer is as easy and straightforward as possible. Reach out to us today and compare conveyancing quotes from our UK-based solicitors.