Conveyancing is an inherently slow process and knowing why these delays occur can help you temper your expectations, which in turn could speed up the transaction. Here are 8 reasons your property transaction could be moving too slowly:
1. The Property Chain
As it turns out, if you are a part of the chain; then you are just as fast as your slowest link. A delay in the chain - whether that is due to a mortgage offer not coming through or because the seller has failed to find their next home – hits everyone. Multi-property chains can extend over weeks or even months.
2. Slow Search Returns
These results usually come back in two to three weeks although several councils are so slow that it can take up to six weeks, or more. Conducting environmental searches, water and drainage searches will add time. Your conveyancer can not progress without these vital documents. For Conveyancing Solicitors Gloucester, contact https://deeandgriffin.co.uk/personal-legal-services/conveyancing/gloucester/
3. Mortgage Lender Delays
Mortgage offers can also take weeks to come through, with lenders frequently requiring further information or valuations that delay the process.
4. Missing or Incomplete Documentation
The biggest lag is when sellers say they are unable to find important documents such as building regulation certificates, planning permissions or guarantees for works carried out. All that slows down solicitors, from obtaining retrospective certificates to buying indemnity insurance for missing paperwork.
5. Title Issues
Property ownership, boundary disputes (also referred to as property line issues), and restrictive covenants can sometimes rear their head during title checks. Finally, these legal snarls must be investigated further and/or resolved in correspondence between the parties.
6. Enquiries and Additional Questions
When returns come back, your conveyancer will make enquiries based upon on the search results and documentation. The seller or their solicitors may be slow to respond, and responses might lead to more questions. This can go on over several weeks.
7. Leasehold Complications
Checklist of questions to ask with lease terms, service charge accounts, ground rent details and management company info. Freeholders or management companies normally take a long to time getting this information.
8. Communication Breakdowns
One example would be a lack of communication between all parties – from unresponsive estate agents or solicitors who drag their heels in getting back to you promptly, through to clients delaying providing information that has been requested. You must quickly respond to the conveyancer for advancement processes.
Speeding Things Up
Responding to requests quickly, chasing these other parties politely, keeping in regular contact with your conveyancer and making sure that you are actively tracking the progression of your mortgage application is something only you can control!
You need to have patience when it comes to conveyancing, but knowledge of these common delays ensures you can be on top and proactive with your property transaction.
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