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Common Residential Conveyancing Pitfalls and How to Avoid Them
There are several common pitfalls that can occur during a conveyancing transaction, most of which will be dealt with on a daily basis by professionals. However, there are also many simple solutions that can be achieved by yourselves and with the help of your conveyancer to avoid or overcome these pitfalls.
Rebecca Francis, a Paralegal in WSP Solicitors’ Residential Conveyancing Department, provides valuable guidance on key considerations for achieving a smooth transition.
The Importance of Instructing a Conveyancer
You may want to save some money and attempt to complete the process independently -there is a cost of living crisis after all. This process is extremely detailed and can at times be quite difficult. Having a professional on side will ensure that nothing gets missed or mistakes made, and you will always be armed with useful advice that you may need along the way. There can also be many legal implications if a mistake is made, and you might be unable to identify issues with the property. You may also find that the other party’s conveyancer won’t proceed without a conveyancer representing you. Therefore, it is safer to instruct a professional to guarantee nothing goes wrong. It is best to reach out to a conveyancer as early in the transaction as possible as this will speed up the whole process and it will make your life a lot more stress free.
Falling victim to property fraud in Conveyancing
When it comes to ID, there are a number of strict rules that need to be followed. There is a high risk of fraud when buying a home as huge sums of money are being transferred, and to comply with Anti-Money Laundering Regulations, strict ID requirements must be met. Your Conveyancer will ensure that they receive the necessary confirmations required from the seller’s conveyancer in respect of the seller’s ID and can provide useful advice on fraud prevention measures that can be taken.
Being Prepared with Essential Documents
If your property is unregistered, it is useful to have your Title Deeds ready to provide to your conveyancer at the start of the transaction. These sales can take some time so it is highly beneficial to prepare these in advance so we can make the process as speedy as possible. A lot of people believe they need to register their property at the Land Registry before they can sell, this is not the case. As long as we have the Title Deeds, we can pass these on to the buyer’s conveyancer who will proceed to register the property in the new proprietors’ names.
Navigating Uncontrollable Delays in Conveyancing
Ensure to have any documents relating to the property to hand, for example gas/electric certificates, planning permission documents etc. Not being able to locate documents when asked for them by a buyer’s conveyancer can cause delays and additional costs.
There are some factors that can cause delays that you, nor your conveyancer may be able to control, such as relying on third-parties providing information. Sometimes, searches, waiting for a response from the other side’s solicitor or Leasehold Management Packs can hold up the process. Due to the volume of material that is requested from a Leasehold Management Pack, the managing agents can take their time supplying all the information required. But rest assured we will always chase these up and try to get results in a timely manner.
Handling Chain Breaks Effectively
A broken chain can complicate things for all parties involved. There are many reasons a chain can collapse for example, a party pulls out, somebody may not get the mortgage they need, or the buyer reduces their offer at the last minute. Whilst there is not really anything your conveyancer can do in this situation; they can keep you informed and involved in all updates or movements.
The conveyancing process can be highly complicated, and it is always useful to have the best team on hand to help you understand and complete your transaction in the most efficient way possible.
If you have a quick question or would like to request a call back, you can also use our simple online enquiry form.