At the end of last year we talked about plans to combat the practice of ‘gazumping’ in the property industry, but this ethical grey area is not the only reason sales fall through. In many cases, it’s a lack of preparation and organisation that causes the process to break down. Often issues that could have been avoided with the help of an experienced solicitor and a savvy approach to conveyancing.
Around 200,000 property transactions collapse each year, incurring fees for buyers who have lost out on a home they intended to purchase. They say any chain is only as strong as its weakest link – in terms of property this generally refers to someone who doesn’t have their finances, legal documentation and conveyancing in order before they make an offer. When a chain collapses it’s inevitably due to miscommunication, failure to prepare legal documents, or simply underestimating the necessities of conveyancing before making an offer or putting a property up for sale.
Hiring an experienced solicitor to help you deal with all the different aspects of conveyancing is vital if you’re buying or selling a home. Your solicitor will make sure you have everything you need to make a solid offer, from carrying out searches, making title deed checks, sorting out mortgage issues, liaising with estate agents and any other legal requirements related to your sale.
In our experience, many sales fall through or become delayed because a buyer does not have a mortgage offer established before they make an offer on the house, or haven’t carried out the requisite conveyancing checks beforehand. Sellers can also be guilty of the same mistakes, failing to engage a solicitor before putting a property up for sale. Missing documents or mistakes in conveyancing will inevitably slow down a deal or even cause a sale to fall through entirely, causing frustration on both sides and costing both buyer and seller additional fees.
Getting your paperwork in order as early as possible is the best way to increase your chances of success in any dealings with property, and an experienced solicitor can help to avoid costly errors and delays. With the legal aspects taken care of, you can then focus on finding the property of your dreams!
To speak to our expert property solicitors about any aspect of sales and conveyancing, and for a free conveyancing quote, get in touch at www.franceslindsay.co.uk. We have over 50 years’ experience in the industry and our aim is to take the weight off your shoulders so you can concentrate on the things that matter.