Conveyancing is a legal process that involves transferring the legal title of a property from one person to another. As a crucial part of any real estate transaction, it usually runs smoothly under the guidance of a professional. However, there are hiccups that can occur. Making yourself aware of those hiccups is one of the best ways to avoid them.
Inaccurate Property Descriptions
You may find that there are discrepancies between the way the property is described and how it stands legally. This can apply to boundaries, planning permission, and other such matters. One way to avoid this is to perform a thorough assessment prior to the conveyancing process starting. Compare what the real estate agency is saying with legal documents that outline the property's status. If you find discrepancies, consult with a conveyancer so you can iron them out.
Document Handling Delays
The misplacement of crucial documents and slow-moving third parties can result in delays. When your property's finance agreements depend on a speedy transaction, this can feel frustrating. One way to avoid this is to create a comprehensive checklist of what's outstanding and share it with all parties involved. Wherever possible, use online documentation so everything moves quickly and is to hand. Also, when a party requests documents from you, supply them as quickly as possible.
Environmental concerns in the form of flood plains and high-risk fire areas can bring the conveyancing process to a grinding halt. One way to avoid frustrating delays is to obtain environmental reports as early as possible. If you become aware of any problems, query whether they align with your personal risk profile. If they don't, you may want to move onto another property that has fewer risks.
Mortgage lender delays and complications can also halt the conveyancing process. If you're the one selling a property, you may find that the buyer's financial circumstances change. Or, they may not be entirely honest about their financial reserves. Similarly, as a buyer, you might rely on events such as the seller struggling to acquire a new home so they can leave their current property. It's important to make sure that everyone involved benefits from mortgage pre-approval before the conveyancing process is in full swing. As a result, you should be able to avoid major financial delays.
When using conveyancing services, knowing what potential problems could lie ahead allows you to prepare for every eventuality. When you're well prepared, those problems shouldn't cause major delays.
Reach out to a local conveyancing service provider to learn more.