The conveyancing process is an integral part of buying or selling any property. It covers many critical aspects of the transaction, such as preparing the contracts of sale, searching on the property for the buyer, transferring funds, and registering properties.
During this process, one is most likely to face issues and delays with the property’s purchase and sale. Fortunately, there are ways by which your solicitor in UK can limit the chances of any problem arising during any transaction. The solicitor in the UK is an important person as he makes you aware of the potential pitfalls and how to tackle them.
Here are some common conveyancing problems and the process by which they can be handled.
Not Instructing the Solicitor
Contrary to the popular perception, whenever a property is bought or sold, one needs to instruct a conveyancing solicitor to carry out the legal process involved in the property transfer.
Since it needs to be done as soon as an offer has been accepted, it is advisable to get as many conveyancing quotes as possible. One can compare the conveyancing fees carefully before making a final decision.
The disagreement between buyer and seller
Once the offer for the property is accepted by both parties, both party lawyers will follow all the required legal procedures to make the offer binding to both parties. It is usually done through the exchange of letters until the final agreement.
If there are certain conditions upon which both the parties cannot agree, then the solicitors will come up with negotiation strategies. So if you have not hired a solicitor’s services in the UK during a property deal, you can be in a real spot of bother.
The seller accepts a better offer
It is frustrating for any buyer, but if the contracts have not been exchanged, the seller can legally accept another buyer’s offer. You have the option to match the offer made by the new buyer, attempt to negotiate a new price with the seller, or simply drop out of the deal. If you are lucky, the seller may accept the lower offer as the conveyancing offer is already underway.
The property has problems
Suppose the survey concludes that there is a problem with the property you are selling or buying, like plumbing issues. In that case, this will delay the conveyancing stage as the problem will be investigated thoroughly before making any further progress.
There are issues in paperwork
One of the most common obstacles in the conveyancing process is incomplete or missing paperwork. When a property transaction is being completed, both buyers and sellers have to sign several documents, and there should be witnesses for these.
It is a time-consuming process. To ensure that the conveyancing process is not further delayed, the solicitor in the UK provides that both parties sign the contracts on time, and the documents are returned as soon as possible.
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