The ten most common reasons for delayed property transactions
1. Mortgage complications
Depending on circumstances, mortgage rates and offers are subject to change. Pre-approval prior to searching for property is something you should arrange in order to speed things up once your offer is on the table.
2. The property chain
The longer the chain, the more likely it is that something could go wrong, causing a buyer or seller further up or down the chain to pull out.
3. Exchange and completion dates
Discussing and agreeing completion dates with several buyers and sellers can be a frustrating part of the process. Taking advantage of online conveyancing could help to speed things up.
4. Incorrect title deeds
If there are discrepancies with your title deeds, this will need to be rectified before the sale can proceed. Here is a great source of information from the land registry: https://hmlandregistry.blog.gov.uk/2018/02/19/title-deeds/.
5. Surveys and property valuations
Arranging a surveyor quickly is not always possible. Delays in preparing your valuation and survey can cause a major hold up in your property transaction.
6. Document errors
It’s important that your key documents are checked. Errors in vital documents and contracts can significantly delay the process.
7. Document delays
Preparing draft contracts, surveys, searches and fixtures and fittings forms are all essential parts of the process. With so many documents to prepare and with other buyers and sellers involved in the chain, it is possible that vital documents can be overlooked.
Holidays can get in the way. If your offer is accepted prior to the seller taking a trip, nothing can proceed until they return. Solicitors and surveyors may have holidays too.
9. Searches and land registry
Timescales involved in searches are out of your hands. It’s simply a case of workload and the complexity of your request. Purchasing a property in August could mean staff are on holiday. If staff are off sick, this could cause delays.
10. Slow conveyancing solicitors
Being kept informed is very important. Solicitors with a heavy workload can only do so much. Consider a company who will put you in touch with a specialist conveyancing solicitor, such as https://www.samconveyancing.co.uk/
Although your solicitor will take care of the process for you, checking documents and chasing up will make for a much speedier transaction.