Top Causes of Delay in The Conveyancing Process

Real estate has been taking a turn for the better. With more and more individuals looking to expand their portfolios, it comes as no surprise that various individuals have taken to investing in hard-earned money on physical properties. Aside from its increasing prices in the market, the demand for these structures are off the roof. Because of this, successfully accepting an offer on a home is a justifiable cause for you to celebrate. However, the process towards completion can be more than what you initially expected. Below are some of the most common delays in the conveyancing process:

Extensive Mortgage Surveys and Valuation

Whilst these surveys generally take just about 15 to 20 minutes to complete, it can take time for mortgage providers to fully enact their responsibilities. More than this, surveyors may have a challenging time writing up their report and analysing their findings. To help avoid these unnecessary and unwanted delays, be sure to work with the seller and your conveyancing lawyers so that they can provide access to the property at the earliest possible time.

At the very least, you should start looking into this concern when you have already accepted an offer. This way, inspection can be carried out right away.

Procurement of Management Pack for Leasehold Companies

Third party managing agents usually act on behalf of their freeholder. This means that in a leasehold transaction, interested buyers still need to request for full information from the seller, freeholder and or the management company. This includes ground rent, monthly service dues, building insurance and other accounts over the past three years. Due to the volume of information required, managing agents can take time before they procure the essential information.

Failure to Disclose Gifted Deposits

There is certainly nothing wrong with receiving mortgage deposits. May it be from your parents, children and even other relatives, a mortgage lender will most likely want to know where your deposit is coming from. If even it’s just a small amount, disclosing this would mean a world of difference, especially in the conveyancing process. If keeping track of these generous gifts can be quite confusing, one way to do this is keeping proper documentation. You may need to secure a gift letter, detailing where the present is coming from and your acknowledgement receipt.

Lack of Response from Other Conveyancers

Dealing with a multitude of people can be quite taxing. Even though you are already working with commercial lawyers, chances are, there will always be slow and even under-resourced solicitors down the chain.

At times, these individuals might be busy with their other accounts and transactions, particularly during the holidays. Other times, they may simply be lacking the personnel to help them with their other concerns, thereby causing a hold up on your end. As for yourself, aside from doing everything you can on your end and promptly answering queries, make sure to work with professional lawyers. As experts in the field, they can provide proper guidance when it comes to filing and documentation matters.