The Common Delays In Conveyancing

Posted on: Friday, 10 March 2023

Conveyancing delays can be an incredibly frustrating experience for anyone involved in a property transaction. Delays can occur for various reasons, ranging from legal complications to mistakes made by the parties involved. To ensure a successful, smooth transaction, it is important to understand the common causes of conveyancing delays and how to resolve them.

Slow Instructing of a Conveyancing Solicitor

One of the most common causes of delay is when the buyer or seller fails to instruct a conveyancing solicitor promptly. This can lead to a backlog of work for the solicitor, as they must review all the relevant documents and complete all the necessary searches.

Inadequate Preparation of Documents

Another common reason for the delay is when the buyer or seller must adequately prepare the necessary documents. This could include not obtaining the essential mortgage or insurance documents or not supplying valid proof of identity.

Mortgage Delay

Another common cause of delay is when the mortgage lender fails to respond promptly. This can delay the transaction completion, as the lender must approve the mortgage before the process can move forward.

Legal Complications

Legal complications can also cause delays in the process. For example, if the seller has an outstanding debt or the property is subject to a lease or restrictive covenant, the process can be significantly delayed.

Mistakes Made by the Parties

Mistakes made by the parties involved can also lead to delays. This could include incorrect information being provided or incorrect documents being submitted.

The Gazumping Problem

Gazumping is when a seller agrees to a sale and then accepts a higher offer from another buyer. This is common in the property market and can cause significant delays.

In some cases, the original buyer may be able to take legal action against the seller if they feel they have been unfairly treated.

Disagreements between Buyer and Seller

If the buyer and seller disagree over the price of the property, the buyer may be able to negotiate a lower price or request a higher deposit to secure the sale. The seller may also be willing to accept a lower offer if they are motivated to sell quickly.

In addition, the buyer and seller should ensure that the sale contract is clear and that all parties understand the terms of the agreement. This will help to reduce disagreements and prevent gazumping.

Slow Mortgage Valuations and Surveys

If the buyer is relying on a mortgage to purchase the property, the mortgage lender will usually require a valuation survey to be carried out before the loan is approved. This process can take time and can delay the process of the sale.

The buyer should ensure that the lender is aware of the sale and is acting promptly to ensure the process is completed as quickly as possible. A buyer can speed up the process by providing additional information or documentation to the lender.

Property Problems

When purchasing any property, it is important to be aware of any potential problems that may arise. This can include structural, damp, subsidence or other issues affecting the property's value.

It is essential to have a survey carried out to identify any potential issues that could be costly to repair.

If any problems are identified, the buyer should ensure that these are included in the contract of sale and that the seller is responsible for any repairs before the sale is completed.

Agreement In Principle Expiration

An Agreement in Principle (AIP) is an agreement between the buyer and lender that states the lender is willing to offer a certain level of financing for purchasing a property.

The AIP is not a guarantee of a mortgage offer and is only valid for a certain period. It is important for the buyer to be aware of the expiration date of the AIP and to ensure that the mortgage application is completed before this date.

If the AIP expires before the mortgage application is completed, the buyer may need to reapply, which could delay the sale.

Local Searches

Local searches are checks carried out to identify potential issues or restrictions that may affect the property. The buyer's solicitor usually carries out these searches and can include checks on planning permissions, rights of way, local authority searches, environmental searches, and other similar checks.

The buyer needs to be aware of any potential issues that may arise from these searches, as these could affect the value of the property or the buyer's ability to complete the purchase.

The Property Chain

The property chain is the sequence of people involved in selling a property from the seller to the buyer. This includes the seller, the buyer, the solicitors, the estate agents, the surveyor, and any other parties involved in the sale.

It is important for the buyer to be aware of the property chain and to understand how the process works. This will help the buyer to ensure that the sale goes as smoothly as possible and that any potential delays are avoided.

Property chains can be long and complicated. The chain can be disrupted if something goes wrong with a person's finances, paperwork is late, or issues are found with property. In these cases, the best thing to do is to stay in touch with a solicitor and get updates on the situation.

How to Cope With Conveyancing Delays

Conveyancing delays are a common problem in the property chain. They can be caused by various factors, from legal issues to financial problems. The best way to cope with conveyancing delays is to stay in contact with all parties involved in the property chain and to be patient.

It is important to keep all documents up to date and to be aware of any changes in the chain. The buyer and seller should also ensure that all parties involved are aware of any changes in the process.

It is also essential to be proactive and to ask questions if there are any delays. The buyer and seller should also be aware of any deadlines, such as completion dates, and contact the relevant parties if these are unmet.

Finally, both parties should take advice from their conveyancing solicitor if they have any concerns.

To Sum Up

Delays in conveyancing can be a huge source of frustration for buyers and sellers. Fortunately, there are a few steps you can take to help reduce the risk of delays.

Understanding the common causes of delay, such as inadequate searches and paperwork, and taking proactive steps to stay on top of the process will help you to complete the transaction quickly and smoothly. It is crucial to choose an experienced conveyancer who is familiar with the local property market and can provide sound advice regarding understanding the legal process and avoiding potential pitfalls.

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