For most people buying or selling their home can be one of the most stressful times of their life. Usually, conveyancing involves a chain of transactions which extends beyond your immediate control. Timing and the ability to negotiate all play a vital part in achieving a successful outcome for you. To improve your chances of getting a stress free house move, make sure that you don't make the following mistakes:
1. Not instructing a property solicitor early enough
When selling a property, most people often only decide to instruct conveyancing solicitors once they have found a buyer and agreed a price. Hiring a property solicitor right at the start, even before you have agreed a price, means that they are fully informed on the transaction. This will ensure that all the contract papers are ready to be forwarded to the buyer's solicitors as soon as a buyer is found. This will help to avoid any delays.
2. Not taking time to choose the right property solicitor
Make sure that you pick a specialist residential conveyancing solicitor. A sensible way of choosing a property solicitor is by personal recommendation. For example a friend, family member or work colleague may be able to recommend a particular firm they have recently used. The internet is another great source of information - good firms will generally have up-to-date websites and plenty of practical information. The majority of efficient conveyancing solicitors use up-to-date software packages to speed up the conveyancing process. If the solicitor you are thinking of appointing does not have an up-to-date website, you might wonder how committed they are to using more than technology, let alone e-mail or text in communicating with clients. In addition most people prefer to appoint a local property solicitor. Whilst it is possible to appoint a solicitor in any part of the country, the local property solicitor will have valuable local knowledge and will be readily accessible for face to face meetings.
3. Not checking the chain of transactions at the outset
It is important that you check that the chain of transactions is complete below and above you and that everyone is in a position to proceed. Usually these details will be confirmed by your estate agent.
4. Not making sure that you comprehend the legalities.
Make sure that you understand the meaning of Legal expressions like 'exchange' and 'completion'. Exchange and completion are the key dates in any transaction. Exchange is the date when contracts for either the sale or purchase are exchanged between the respective parties. At this point a contract exists that neither side can break without facing penalties. Upon exchange, a completion date will be agreed upon by both parties - this is usually 2 weeks following the exchange. This is the day that you will move home.
5. Not knowing when and if you can withdraw
Always remember that you can withdraw from a transaction at any time before contracts are exchanged and that there is normally NO obligation to pay any fees to the other side whatsoever.
6. Not checking the likely timescale of the transaction at the outset
It is important that you check with your property solicitor the likely timescale of the transaction. On average it can take a minimum of 6 weeks from instructing a solicitor to moving in. Depending on the chain and any legal difficulties faced, this time can be shortened or increased. It is important that you keep in contact with your solicitor to obtain updates. Furthermore, you should not organize a removal van until you have been advised of a definite date for completion by your property solicitor.
Appointing experienced residential conveyancing solicitors is essential if you want your sale or purchase to go through smoothly. A good solicitor will also understand the importance of communicating promptly with everyone involved in the process, the importance of acting quickly so that there are no delays and, most importantly, in providing a value for money service.
Source: 6 Common Problems People Face When Buying Or Selling Property
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