Selling or buying a home is rarely entirely stress-free, but certain challenges can arise during the transaction process that can turn a small frustration into a nightmare.
Although some issues are outside of the remit of most law firms, the experience and advice of your conveyancing solicitor can be essential.
Our team regularly face new and difficult challenges during the conveyancing process, but here are the most common issues that arise:
Challenge 1: Property Chains – A property chain takes shape when the completion of one property sale is interlinked with another.
This is most commonly seen when a purchaser is acquiring a new property and needs the proceeds from their existing home sale to fund the acquisition.
Unfortunately, if one transaction fails, the entire chain gets disrupted causing delays, complications, and possibly halting the entire deal.
Solicitors can be invaluable in navigating such situations by ensuring transparent communication among all entities involved – including estate agents and mortgage lenders.
To stay ahead of potential issues that might cause delays or complications, buyers and sellers should work closely with their solicitors, and also be willing to adapt their plans if necessary.
Challenge 2: Delays – Snags in securing mortgage offers or property inspections can also significantly obstruct conveyancing.
Such delays can stem from a range of factors like property condition issues, problems with the purchaser’s financial situation, or glitches in the inspection process.
For these issues to be flagged and addressed promptly, buyers and sellers should work in sync with their lenders and inspectors, while communicating with their solicitors to ensure that no other delays are experienced.
Challenge 3: Legal ownership – Legal ownership issues form a major portion of problems that surface during property transactions.
These may arise due to lost documentation, flaws in the property records and previously unsettled disputes.
These issues can hamper the conveyancing process and create additional legal work. Before finalising a property deal, buyers and sellers need to ensure that all legal requirements are met to avert any ownership issues.
Conveyancers often play a key role in managing and resolving each of these challenges and can often provide advice based on their own experiences to ensure that the home buying or selling process is as smooth as possible.
If you are planning to purchase a property this summer, whether you are moving up or down the property ladder and want to avoid these challenges, get in touch with us.
PLUS – take advantage of our summer conveyancing discount!
Director - Commercial Property & Charities
I joined Mander Hadley in 2004, qualified as a solicitor in 2006 and have focussed on commercial law throughout. I am also a member of Coventry and Warwickshire First and Warwickshire Law Society.