When buying a home, there are a million and one variables that could cause the process to pause, even abroad, and you could find yourself in a lengthier process than you ever imagined. Consulting with kobaltlaw.co.uk can help. However, there are a few pitfalls that you could easily avoid in order to speed up the process.
Delays in the Conveyancing Process
These delays are rarely to do with the actual conveyancer or estate agent and are typically caused by problems further down the property chain. There are however a few things you can do to ensure minimal impact should the situation occur.
1. Instruct your solicitor as soon as your house if placed on the market or an offer is made
The moment you put a property on the market, or somebody places an offer on yours, you should inform your estate agent who your property solicitor is so they can be contacted. In this respect, it’s important to hire a conveyancing firm as early as possible during the process as this will ensure delays are avoided.
2. Obtain a management pack
This applies mostly to leasehold properties as the solicitor will also have to have a copy of the ‘memorandum and articles of association’ in order to understand the accounts of the management company over the past three years.
If you are looking to purchase a leasehold property, then informing your solicitor immediately will allow them to obtain the necessary documents from the outset.
3. Check the planning permission
Conveyancers are obligated to ensure that all planning permissions and building regulations are obtained when acting on behalf of a lender. In saying this, when there are no lenders involved in the transaction there is still a duty to ensure that any changes made to a property prior to the sale have been carried out correctly and have adhered to the relevant regulations. Make sure to get this checked early on in order to avoid and repercussions further down the line.
4. Sign or return any required legal documents on time
A normal aspect of purchasing or selling a property is legal documentation and ensuring that all paperwork is signed and delivered on time is key to problem free processing.
5. Be aware of longer mortgage affordability interviews
As of April 2014, new regulations were enforced in order to avoid lenders providing loans to those who are unable to afford repayments. It’s due to these changes that longer and tougher mortgage affordability tests have been implemented by lenders. When applying for your mortgage, be sure to allow plenty of time for both the interview itself and the final decision as a ‘yes’ is no longer guaranteed.
6. Allow time for local authority searches
The local authority must run searches on the property and its land in order to determine a number of factors, such as who owns or is responsible for the road or sewers in the surrounding area, and whether there are any road-widening proposals in place. If you are buying abroad, kobaltlaw.co.uk can advise here.
While your solicitor will take care of this, it’s important to remember that local authorities often have to handle a high rate of requests and while many will return the searches within a few days, others may take up to eight weeks.
While the housing market can be a difficult place, we hope that these tips for avoiding any unnecessary delays will assist you in a smooth and problem free buying or selling process.