There are many things that can slow down property conveyancing. If you are worried about completing quickly these things could get in the way!
Mortgage Application Process – the majority of people who purchase a property require mortgage assistance to do so. Ideally, this should be arranged before an offer to purchase is made, but this is not always the case. Progress towards exchange of contracts and completion cannot be made until the Offer of Mortgage is in place for every purchaser in the transaction, if required.
Onset of E-Conveyancing – Relying on the post can cause problems, especially with important documents such as the contract and transfer. It is hoped that the onset of E-Conveyancing will rectify this with the introduction of electronic signatures, and information can be shared electronically.
Being in a chain – the longer the chain, the longer and more complex the process of getting everyone to progress at the same pace. Any problem, anywhere in the chain will delay everyone until it is resolved. To minimise this it is recommended that all parties communicate with each other, either directly or via Estate Agents and Conveyancer’s as to their position throughout the transaction.
Synchronising a sale and a purchase – similar to above, if each buyer has to synchronise his or her own sale, than this simply means that there are more people involved and therefore more work to do. Getting everybody to agree toe. g.completion dates can be a very time consuming process.
Gazumping – In England, an offer on a property is not binding until contracts are formally exchanged. Therefore, offers can be accepted from other parties resulting in problems with re-connecting the chain (if applicable).
Conveyancing Searches – where a property is purchased with the assistance of a mortgage it is a condition that a local authority, drainage and environmental search is carried out on the specific property. Other conveyancing searches may also be required, dependent on the area in which your property is situated in. Traditionally, the local authority search would be taken out by the local authority itself, and the result can take weeks depending on the individual department. Any issue raised by the searches would need to be resolved before exchange of contracts can take place.