There are myriad reasons why conveyancing can stall, but some crop up more often than others. However, if you are proactive and try to provide all relevant information to your conveyancing solicitors chester at the outset, it will help your transaction progress more swiftly. Here are some of the most common reasons why conveyancing transactions stall, along with tips on how to prevent these from happening in your own transaction.
If there are structural problems with the property
If structural issues surface when you’re buying a property, it can cause significant delays, as these must be repaired before you can complete. Depending on what’s wrong with a property, and how complicated or time-consuming it is to fix, repairs may take anywhere from several days to several months.
If there is boundary dispute
If you’re using an experienced conveyancing solicitor in north wales it’s worth asking for boundary line plans. A lot of disputes happen because people don’t know where their boundaries are (or which bit of land they actually own), so arranging an outline plan at your initial meeting will ensure that your conveyancer has all relevant information up front. Most importantly, if there is a dispute later on, you can show that you were keen to provide any relevant information as soon as possible.
If it isn’t clear who owns what
The issue of ownership is one of the most common reasons for a property transaction to stall. Always check with your solicitor if there is any ambiguity surrounding title deeds. They will be able to deal with any issues that arise in terms of land registry documents and administering sales procedures, such as searches and auctions. They can also advise you on a suitable timeframe for completion and secure deposits or public bids.
If there is no LPA in place
To help prevent delays, it is essential to make sure an LPA (last will and testament) is set up before you enter into any transactions. If you do not have an LPA in place, the best solicitor can create one for you – but only once they know of your estate’s details. Once all pertinent information has been exchanged with your solicitor, they can draw up an LPA based on what you have revealed to them.
The chain needs to be broken
The chain of communication between solicitor and client must be broken as much as possible. Even though solicitors will have a process they go through to create your conveyancing file, any additional information you can provide them with in advance will save time later down the line. Ideally, solicitors should be able to respond to all queries and requests for information within 24 hours of receiving them.
If there is existing debt on the property
If you are entering into a contract to buy a property with existing debt attached, it is always worth asking your solicitor to clarify whether or not you will be liable for that debt. This will help you decide whether or not to proceed with your purchase. If there is debt, and your solicitor does not seem sure about how to proceed, don’t be afraid to ask other legal professionals for advice.
A notice issue
One of the most common reasons for a conveyancing transaction to stall is that a notice issue needs to be resolved. This means that there are outstanding actions or agreements that need to be completed before your property deal can progress. These could be as simple as replacing an existing lock on your property (or taking it off altogether) before you hand over keys, or as complex as providing proof of funds from your mortgage lender. Remember: just because one step seems redundant or unnecessary doesn’t mean it is!
