As with any process, things do not always run smoothly during the conveyancing process. There are several problems that can arise, from issues with paperwork, problems regarding the property, timing etc, which can slow the process down and push back the completion date. Here we look at six problems that can occur during the conveyancing process.
Issues with paperwork
In the conveyancing process, problems with paperwork, and incomplete paperwork, are common. There are many documents that need signing by both parties – the buyer and the seller – in the process, and it is important to have a good online conveyancing company on your side such as Sam Conveyancing that can hold your hand and help you through the process, telling you when you need to put your pen to paper and sign the right paperwork.
Problems with the property
The conveyancing process can be slowed down greatly if there is a problem found with the house during the property survey. Depending on the problem and the extent of it, decisions need to be made regarding the price of the property, whether it needs to be renegotiated, or who is going to fix and pay for the problem. This negotiation can slow the whole process down, it is important to have a good online conveyancing company on your side.
The conveyancing process in general takes time, however, other things within the process such as mortgage valuations and surveys are very time consuming due to the mortgage lender.
Conflicts between the buyer and seller can occur and slow down the process when letters are exchanged between conveyancers to agree on terms. There are times when these terms and condition are not agreed on, the conveyancers will negotiate on behalf of their clients to come to a compromise.
Mortgage offer expiring
If a mortgage offer expires you may have to apply for a new one, an offer usually last between three and six months, but it can expire if the conveyancing process is taking a little longer than planned due to delays in the process. Using a good conveyancing company will make this less likely to happen.
The seller of the property accepts a higher offer
Until contracts are exchanged the seller can still accept a higher offer, even though the conveyancing process has begun. Depending on how far into the conveyancing process you are, the seller may wish to accept your lower offer as it means the process will be completed faster. Or you can match the new offer, or try to negotiate.