The same is true if they need more time to sort out their finances or have spotted a better mortgage deal. If all evidence suggests that it is the solicitors that are delaying the exchange of contracts your first step should be to try and find out why. If they say the issue is with the other party or their solicitor you can go through your estate agent to get their side of the story and encourage them to quicken their pace.
If the issue is that they are still awaiting search results ask them if they can chase the authority that provides them. In extreme cases, ask them how important the search they are waiting on really is.
Just be aware that switching solicitors can actually delay the completion even further and so should only be used as an absolute last resort. Want to ensure you instruct the best solicitor in your area to minimise the risk of delays?
Use our handy tool to find a conveyancing solicitor. When you subscribe to our email newsletter. Plus, receive a 7-day crash course on how to get higher offers on ANY type of property. September 29, November 11, August 18, November 11, June 30, November 11, Skip to content The conveyancing process is one of the most frustrating parts of buying a house. But, why do solicitors take so long to exchange contracts?
Make sure you pick a conveyancing firm that is proactive, has the most up to date technology and is keen to achieve exchange and completion dates you set rather than ones that suit them. Once exchange has taken place and all parties are legally obliged to complete, everyone can make their arrangements for the agreed completion day. The main cause of delay is usually the transfer of monies. From a logistical perspective, people not starting the removals process in good time can cause delays.
Sometimes the transaction has completed but a buyer is unable to move into their new home because the seller has not yet vacated it.
In this case, if costs are incurred, such as additional removals charges or there is the need for overnight accommodation, the seller can be pursued for costs. These are good reasons why it is worth aiming for completion earlier in the week so there is still time to complete prior to the weekend, rather than relying on everything going well on a Friday. If either party fails to complete on the contractually agreed date, they are in breach of contract and there are penalties.
However, for their legal representatives, there are some key transactions that still need to be processed. The buyer will get a completion statement from their solicitor on exchange, detailing exactly what monies have been paid, are due to be paid and what is required to complete. It includes:. The date of completion is one that is agreed by both parties prior to exchange, commonly one or two weeks later. It is the date on which full payment is made to the seller, ownership transfers to the buyer and moving day takes place.
However, if a mortgage is required for the purchase, the lender might require five working days between the two and it is much less stressful for all parties if there is a period of time after the transaction becomes legally binding, to give everyone time to make moving arrangements. It may take weeks or even months, so if you need more time between exchange and completion, do make sure you secure this early on in the process.
Exchanging contracts is the point at which the buyer and seller are both legally bound to complete the transaction. The buyer lodges a deposit with their solicitor and if either party pulls out of the agreement, which is very rare, there are financial penalties.
No, both parties must agree a date, which is inserted into the contract before exchange can take place. The hotter your market the easier your sale Page highlights Tips that make moving home significantly less stressful How to influence the speed of your sale or purchase How to stay on top of your conveyancer. As Recommended By …. Table of Contents [hide]. In other words, the buyer will buy and the seller will sell. If there is a property chain involved, all the parties will have to be in agreement for the exchange to happen before the conveyancers can collectively move forward.
The buyer can then end up liable for interest on the unpaid purchase price, conveyancing fees or additional costs. If the seller pulls out, on the other hand, the buyer can sue for compensation on costs and interest on the deposit paid. Most buyers and sellers simply want to get on with things. However, time may be needed to make sure everything is ready for the move. Both will need to organise removal vans, cleaners, decorators and storage arrangements.
Crucially, if the buyer is using a mortgage, the conveyancers also typically need around 5 days 1 working week to draw down the funds and forward the Certificate of Title.
Sometimes it can be quicker, but conveyancers are unlikely to bring things forward. The conveyancers we work with through our estate agency usually suggest a few extra days to deal with any other pending issues. Others may suggest longer, but we generally like to get things dealt with in the shortest time possible. However, the overall period sometimes stretches out if completion has been delayed for specific reasons see below.
Note that, once a completion date is agreed, the conveyancers have a legal obligation to stick to the deadline. However, a simultaneous exchange and completion requires the conveyancers to be extremely proactive. Similarly, where the chain is simple and there are no extra parties involved, exchanging and completing on the same day can make sense.
As we do not use mortgages, we bypass the prolonged conventional sales processes. This is so the conveyancer has everything organised in good timing. Time is needed after exchange for the funds to be transferred over to the conveyancer. Although the legal technology has generally caught up with this, there are hackers that intercept computer systems and fraudulently divert funds to false accounts. Some conveyancers claim that making sure that things are done without any rush minimises the risk of this happening.
In certain circumstances, both know that the property sale is secure but need some time before moving in and paying the difference between the purchase price and the deposit. Here at Property Solvers , we have an assisted sale service — typically for houses that need extensive refurbishment.
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