Conveyancing is a delicate process where you get to acquire a property, or vice versa (when selling or gifting). For both parties, one of the key concerns is that the process should unfold smoothly without delays. This is important as you may be trying to acquire your dream house or may be selling and are in need of the money.
However, complications and the following scenarios can delay the completion of the process. Know what they are so you can try to avoid them.
Probate refers to the legal process where the name(s) on a title have to be changed before conveyancing can take place. This often happens when the owner of the property is deceased. The remaining family members must then carry out a probate process before they can sell or transfer property. This process can drag out in courts for up to several years before the titles are amended.
If you're the seller, you will need a solicitor to file an application for the probate process. As a buyer, all you can do is wait until the process is completed.
Buying while in a 'chain'
Another factor that can delay the conveyancing process is buying while in a 'chain'. In conveyancing, this refers to a scenario you are hoping to sell your house so that you can buy. The person you're planning to sell to may also be in a chain and waiting to sell their property before they can buy yours. This chain can go on and include tens of people, complicating your ability to buy or sell. If other people in the chain take long to buy, the process will delay.
Another key element of a successful conveyancing process is financing. If buying, you need to understand how much financing you can get. Failure to do so may cause delays as you seek to get a lender that will offer you the needed amount. If you don't get the financing you need, you'll have to pull out of the purchase as you cannot afford it.
To avoid this, get financing approval before you start your hunt for a house. If you're selling, see if your prospective buyers have financing plans.
Lastly, your conveyancing process can be marred by legal problems. This includes boundary disputes, or contract disputes where the seller or buyer has not fulfilled certain obligations as earlier agreed on. If you're in such as situation, you will need to hire a conveyancing solicitor. They can offer you legal advice and negotiate with the other party on your behalf. If a resolution is not reached, they can represent you in court.
Although it's near impossible to tell if your conveyancing process will experience delays, but this information can help you avoid said delays. Learn more about your options by consulting resources like Ray Swift Moutrage & Associates.Share
27 May 2015
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