Potential Problems in Conveyancing
Conveyancing is a complicated procedure, especially if you are inexperienced or aren’t well versed in the legal jargon used in the business. There are many things which can go wrong in property conveyancing, as is the case with any legal transaction. This is why it’s important to hire a professional Conveyancer or Conveyancing Solicitor to help guide you through this process and lower your chances of something going wrong. Here are some problems that generally arise during the transaction.
- The property is not in the same condition as when you signed your Contract of Sale:
If you notice flaws or maintenance issues when you conduct a final inspection of the property, you will need to contact your solicitor and discuss your rights with him or her. They will tell you how to proceed and what you have to do. You have certain rights under the Contract of Sale and you should be able to dispute the condition of the property. This is unfortunately a rather common issue, which your solicitor or conveyancer will be able to assist you with.
- You cannot come up with the finance:
Most buyers need to obtain some level of financing in order to make a purchase as large as a house. To help facilitate this, many buyers will sign a Contract of Sale with the agreement that the sale is subject to finance by the specified date. However, sometimes the bank or lender will not be able to give you the approval you need by this contractual date. In this case, you have to decide whether to terminate the contract altogether or continue with it. If you wish to continue with the initial Contract of Sale, your conveyancer or solicitor should be able to ask for an extension of the finance date. You have to keep them updated with any progress or news about your loan application. If you fail to notify the vendor of this information, your Contract could be nullified.
- The bank cannot settle on time:
Many sellers have a mortgage which will need to be discharged. Your solicitor or conveyancer can help make arrangements with your bank to help make it go smoothly. Your mortgage must be discharged and the Certificate of Title will be handed to the buyer once they have paid out the mortgage with proceeds of the sale. However, the discharge process can be lengthy, and it’s possible that your conveyancer won’t be able to book settlement with the bank because they’re not ready yet. This could happen if the appropriate department hasn’t received all of the documents they need yet for other banking departments.
- You decide not to sell:
In case you decide not to continue with the sale of your home or land, you may have to pay some estate agents’ charges in order to cover any costs the estate agent has already incurred. This depends on the original contract between the seller and the estate agent. If you dispute the amount the estate agent is charging, you should consult an experienced adviser, for example, at a Citizens Advice Bureau.
- You are not satisfied with the service provided:
If you have any problems with the service of the firm for any reason, may wish to consider complaining to the estate agent in writing or changing to a different estate agent. Estate agents aren’t allowed to discriminate against you for a number of reasons. For example, they can’t refuse to show you a certain property because the owner doesn’t want to sell to people of a certain religion or belief. They will be fair and impartial to you. If an estate agent discriminates against you, you can complain to the estate agent’s company.
Conveyancing is an exciting venture and can open up many exciting possibilities. If you are aware of any problems beforehand, it will make the entire much easier and simpler.