If you are buying or selling a property, you may encounter delays at various points in your conveyancing transaction. We take a look at some of the most common causes and what you can do to try and avoid them.
Obtaining a mortgage
Obtaining a mortgage approval and having a mortgage offer issued can take time, particularly in a busy market. It is always recommended that you apply for a mortgage in principle as soon as possible once you have decided that you are intending to buy a property.
This is a mortgage offer made by the lender before you have found a property to purchase. The lender will be able to go through your application, check all of the information as necessary and ask you for any extra information they may need. Once you have had an offer accepted, you simply let them have the details and it will take them far less time to issue their offer because they already have most of the information they need.
Instructing an advocate
Whether you are buying or selling, it is a good idea to find yourself an advocate early on. This will give them the opportunity to open a file for you and start carrying out the identity checks that are required by law. If you are selling, they will be able to let you have the property information and fixtures and fittings forms for completion so that the contract papers can be issued to your potential buyer as soon as you accept an offer.
Issues with the property revealed during the survey
Ideally, you should ask for your survey to be done as early as possible in the process, as surveyors may not be able to fit you in straightaway. Your survey results may reveal work that needs to be carried out to the property. If you are buying, you should ask builders to provide you with a quote for the work so that you can use this as a basis for renegotiating the purchase price, where necessary. All of this takes time, so it is important to try and move it along as quickly as you can.
Legal problems or missing paperwork
Your advocate may find issues relating to the legal title to the property or that some of the paperwork is missing. An experienced advocate will know how to deal with this and will move to resolve issues without delay so that the problems do not hold up your move. If difficulties do arise,
you will benefit greatly from having a genuine expert in residential property acting for you who is likely to have encountered the same problem before and who will know how to deal with it quickly and efficiently.
A slow-moving chain
The longer the chain, the bigger the likelihood that your transaction might move slowly. Your advocate will be able to keep in touch with your buyer’s and seller’s advocates to keep the pressure on and check whether there are any potential delays that need dealing with. Your estate agent should also be able to ring up and down the chain to check on progress.
The key to avoiding hold-ups is communication, so that any issues can be tackled as soon as possible and not allowed to drag on.
Contact our Isle of Man Isle of Man residential property lawyers
At Quinn Legal, our residential conveyancing team are highly experienced and we always do all we can to ensure transactions proceed quickly and efficiently.
If you are thinking of buying or selling a property and you would like us to represent you, please give us a call. To speak to one of our expert Isle of Man residential property advocates, ring us on 01624 665522 or email us: email@example.com.
Eleesha handles all of our property enquiries.
She’s the first friendly voice you’ll hear at Quinn Legal.
Click her photo below to find out more!