Most of us make purchasing a home a significant investment, and it's crucial to get it right. Although the process should be simple, it rarely is. The conveyancing solicitors oversee all the legal aspects of a house sale, including handling contracts, conducting property searches, and verifying mortgages. They will also manage the transfer of ownership and the exchange of funds between the buyer and the seller. With a competent solicitor, buying a home can be a hassle-free experience.
Here are ten common mistakes often made during the process and helpful tips on avoiding them.
Problem 1: Not Instructing a Solicitor Immediately
When engaging in property transactions, hiring a solicitor promptly is essential. Verifying that the solicitor you select is a Conveyancing Quality Scheme (CQS) member is necessary. CQS accreditation is an endorsement granted by the Law Society to legal firms that provide exceptional service.
Solution: Although online firms may seem more affordable, clarifying their services is important. If you're a first-time homebuyer or your property transaction is complex, we suggest finding a solicitor who can meet face-to-face and assist you throughout the process, like our firm.
Problem 2: Providing the Wrong Identification (ID)
You can only use specific ID types to prove who you are. The government has established guidelines on what forms of identification are acceptable during the process. It's important to promptly provide all requested ID forms, as failure can cause delays. Acceptable identification includes:
A valid passport with a signature.
A driver's license.
A current Council Tax Bill.
Solution: You must provide genuine identification documents; more than photocopies or images are required. Your lawyer will inform you about the appropriate identification documents to submit. It is essential to heed their guidance to prevent any hold-ups.
Problem 3: Failing to Fill Out Certain Forms
Transferring property ownership requires a lot of documentation, and you must finish it promptly. If you work on signing and returning the documents, the sale or purchase process will continue.
Solution: It's important to pay attention to detail when filling out forms. Though some may need to pay more attention to the terms and conditions, providing accurate information or improperly completing a form can help the conveyancing process. To avoid this, reviewing and submitting documents carefully is recommended fully.
Problem 4: Delaying the Leasehold Management Pack
The person managing the property or the property owner should promptly provide the necessary information. If there are any delays in obtaining this information, it can cause problems with the transaction of buying the property.
Solution: The person managing the property or the owner should promptly provide the necessary information. If there are any delays in obtaining this information, it can cause problems with the transaction of buying the property.
Problem 5: Failing to Secure Permission
You need to get permission to make common home improvements like adding a loft, conservatory or porch to avoid significant delays when you try to sell your house. Sometimes, this lack of permission only becomes apparent during the buying process, which can be unexpected for the seller.
Sometimes, the seller must buy an indemnity policy to cover the unapproved work. If it's potentially dangerous or expensive to fix, the buyer may ask if the price can be lowered.
Solution: When selling a house, it is crucial to have all the necessary documents for any changes made to the property. If there is any uncertainty about the planning permissions, it is best to confirm with the local authority. For those buying a property, it is important to inquire about any additions made to the property and if the required permissions were obtained.
Problem 6: Allowing Chain Breakdowns
Purchasing a property can be complex, but it becomes even more challenging when you are part of a chain. The reason is that other parties involved in the chain might have different expectations or timelines that can impede your progress. Unfortunately, there is little one can do to speed up the process in such a situation.
Solution: An experienced solicitor can keep you updated on any delays and provide you with a practical timeframe for the completion of the process.
Problem 7: Losing Title Deeds
In the UK, it's necessary to register all title deeds with HM Land Registry. If the title deeds are lost or the property needs to be registered, reconstructing or reconstituting the deed can be lengthy and complicated. This can cause delays in the conveyancing process.
Solution: Reconstruct or reconstitute the title deed with HM Land Registry.
Problem 8: Delaying a Search
The conveyancer is responsible for safeguarding the property bought or sold. This involves verifying all necessary certificates, such as gas and electricity certificates and FENSA certificates for newly installed windows. Please refrain from placing or losing these certificates to avoid delays.
Solution: If you are a seller, it's crucial to keep all safety certificates in a secure and accessible location.
Problem 9: Permitting Substandard Processes
If transferring property ownership was handled poorly in the past, it could create major issues when you try to sell your home. You should learn about additional costs or restrictions on your property that could ruin a potential sale.
Solution: To avoid this, it's vital to pick a good solicitor who can spot any problems and devise a plan to fix them. So, be careful when choosing your conveyancing solicitor, or you might face serious trouble selling your home.
Problem 10: Failing at Money Matters
Your lawyer will handle the process of transferring money from the buyer to the seller. This is done in two parts: the first is the deposit exchange, and the second is the transfer of funds needed for the deal to be finalised. During this phase, your conveyancing lawyer must access cleared funds to ensure the transfer goes smoothly.
Solution: Choose a trustworthy individual as you entrust them with a significant amount of your money, whether you are a buyer or seller.
Buying a home is a major investment that most of us make, and it's crucial to get it right. Not only is it an emotional decision, but it also requires attention to detail, especially regarding the legal aspects of the transaction. That's why it's essential to engage a competent solicitor immediately and to remember to avoid these ten common mistakes to minimise delays and additional costs for a hassle-free experience.
Start Transferring Property Ownership with Accurate Costs
Our calculator offers reliable and prompt online residential quotes. Whether buying, selling, remortgaging a property or moving homes, our calculator can provide instant prices from a UK-regulated SRA property solicitor or CLC-licensed conveyancer. Use our trusted and accurate calculator to get a quick quote, or call 0330-043-1202 for conveyancing in Derry!