The conveyancing process can be stressful and judging by most people’s experiences, there can be some setbacks. It is best to be aware of what could go wrong and the actions you can take to remedy the problem.
What happens if a link in the chain fails?
Being part of a chain can prove to be a testing situation, more so than if you were part of a transaction with just one buyer and seller. Seeing that all purchases are transacted at the same time can be challenging and if a buyer pulls out, this can cause the chain to collapse. If the issue is with the seller, it is easy enough to proceed and arrange temporary rental accommodation.
A new buyer can gazump the offer
Gazumping can be challenging for movers. Until contracts are exchanged, the property sale isn’t legally binding; in this respect, the seller is well within their right to say yes to a higher offer from another buyer. This can happen during the conveyancing process.
Paperwork issues can arise during the process
Missing or incomplete paperwork can be an issue in the conveyancing process. It is important that you have all the necessary documents ready, respond in a timely manner to emails from the conveyancing solicitor, and ensure all forms are filled out. While you have no control over the other party, you can be in the driving seat by ensuring you are ready to go.
Homeowners on the move who require conveyancing quotes can contact a range of professionals. These conveyancing quotes can vary widely, so it is best to shop around. According to Today’s Conveyancer, the number of exchanges between clients and conveyancers rose in June due to the rush to meet the stamp duty holiday deadline.
Delays can occur due to problems with the property
A survey may detect a problem with a property in the chain, which could be something such as roof damage or a plumbing issue. This will inevitably delay the process until the issue is probed and resolved.
Mistakes can be made on a mortgage application form
Often mistakes can creep into a mortgage application. These can be purely accidental, such as a missing postcode, a wrong digit in an address, a wrong National Insurance number, or misstated income. These can ultimately lead to a delay in the process and possibly a disqualification.
Holidays taken during the process
One or more parties in the conveyancing chain will sometimes be on holiday, and conveyancers may also be closed over certain holidays. Take this into consideration when moving and make your applications well in advance.