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Top 5 Delays to Your Property Transaction - and how to avoid them
They say that buying and selling a house is one of THE most stressful times of your life and it most certainly can be, especially if you are a first time buyer or seller and have no idea how the transaction will progress from start to finish. By the time you formally instruct your solicitor to act on your behalf you may have already had a few stresses along the way. Finding the right property; probably the most expensive purchase you will ever make, can be stressful enough. Or getting the right price for your property if you are selling can be a worry.
Here are just a few things you could do as a Buyer or Seller to try to ensure the process runs as smoothly as possible and you avoid any unnecessary delays to your property transaction:
Top 5 Delays to Your Property Transaction
1. If you are intending to fund your purchase with the aid of a mortgage, make sure that all details given to your mortgage broker/lender on application are as accurate and precise as possible. Many Buyers do not know that this information is pulled into what is known as a mortgage offer or instructions which your Conveyancer will be provided with by the lender in order to utilise those mortgage funds provided by the lender. Errors will inevitably lead to delays and a quick fix is not always available from lenders.
2. More than ever before parents are providing gifted deposits to children to enable them to purchase their first property and it is imperative that this information is provided to your Conveyancer at outset, especially if your mortgage lender is not already aware, as further paperwork and details will be needed from those parents early in the transaction.
3. If your conveyancer sends any documents to you for signing or requests information from you, return these to them as soon as possible but making sure you have followed the instructions for signing such documents. Lots of documents are received by Solicitors that have not been signed or witnessed properly, where appropriate, and this can cause huge delays as only original signed documents can be used in property transactions to effect exchange of Contracts and the completion of a transaction.
4. If you are selling a Leasehold property there will sometimes be a Management Company/Managing Agent involved in dealing with the financial side of such things like collecting service charges and ground rent and possibly the general upkeep and maintenance of the entire building. You should be aware that Management Companies will charge a fee for providing information to your Conveyancer which will be requested from your prospective Buyer’s conveyancer and you therefore must be prepared to account for this in your costings and also factor in the time element for obtaining such information from a third party when anticipating a completion time scale for your sale.
5. When you accept an offer price for the sale of your property or your offer price on your dream home is accepted most sellers/buyers have a general timescale that they hope to be able to move in/out (Christmas/New Year/new school term/starting a new job). Whilst Conveyancers will generally do all they can to meet any timescale you wish to work towards sometimes things do not always go to plan and matters that need to be resolved are out of your Conveyancer’s hands. To a degree consideration also has to be given to other individuals, depending on how many buyers/sellers there are in your particular chain and when things do not fit “exactly” with your personal plans you must be prepared to be a little flexible in working with your Conveyancer and it maybe that a comprise has to be reached. For that reason if you are in rented accommodation waiting to move in to your new home, you should not give notice on your rental property before you have a definite date for moving unless you are prepared to accept some sort of financial consequence if you are not able to move out on the date your Notice expires.