Common Mistakes in Conveyancing and How to Solve Them

Whether buying your first home or selling your property, you will likely make mistakes. When conveyancing, there are some costly mistakes you want to avoid by all means.  

Therefore, it is worth taking note of these mistakes to ensure your conveyancing goes as planned. Here we look at some of the most common conveying mistakes you always want to avoid.

Mistake 1 - Not Instructing Your Conveyancer on Time 

The number one mistake most property investors make is failing to inform their conveyancers when a seller accepts their offer. Once a seller accepts an offer, you should instruct your conveyancer immediately to make the necessary legal arrangements. Failure to instruct the conveyancer on time results in setbacks and delays in the conveyancing process.

Get your conveyancing quote in advance from the property solicitor. This way, when the time comes, you can call them and get everything on the go. You should compare the conveyancing fees from each conveyancer when choosing a conveyancer you want to instruct or work with.

Mistake 2 – Accepting A Higher Offer

Accepting a higher offer or gazumping is a mistake most sellers make. Gazumping may not be the end of the road for you since, at this stage, you have not exchanged binding contracts. 

You can still accept preferable offers from buyers. Always try negotiating prices that come your way. You should not hesitate to drop the sale if the offer is not good enough.

Mistake 3 - Not Agreeing on Terms and Conditions 

Once an offer is agreed upon between a buyer and a seller, the legal work begins. This is where the conveyancer drafts contracts and both seller and buyer go through them to sign.

At this stage, either party can identify issues in the contract that they don’t agree on. If this happens, the property solicitor will become a mediator; try negotiating with both parties on the best solution. Both seller and buyer should be ready to compromise for the sale to be complete.

Mistake 4 – Delays in Funding

When buying property, not all investors have ready cash. Some will opt for a mortgage or building society to finance their conveyancing. When you decide to purchase property, you should not hesitate to have the funds ready, including the funding. Identify your mortgage lender on time and get the ball rolling.

Mistake 5 – Issues with Paperwork and Property 

When there are problems with the property, conveyancing can take longer. If you identify he issues with the property through searches, you have to examine it. In most cases, your conveyancers will advise on the survey results and their implications. In case of many issues with the property, you should consider renegotiating the price.

Missing or incomplete paperwork will also cause delays in conveyancing. You should ensure all the essential documents are signed accordingly. Create time to sign all paperwork earlier and present them to your conveyancer on time.

Final Thoughts 

When buying property or selling, you should be wary of the time factor. Get the funding, prepare and instruct your conveyancer on time. Always work with an experienced conveyancer to spot any issues before they arise.