Conveyancing Resource Centre
When does conveyancing go wrong?
Conveyancing is a complicated process and there are many things that can go wrong during a transaction, much like any legal transaction.
This is why it is so important to hire a professional solicitor to help guide you through the complexities and ensure you receive the right advice at the right time.
Problems with selling
There are many problems or issues that can arise during the process of acting for a seller during a conveyance. This can include a buyer failing to pay a deposit on time, the bank not being able to settle on time, the buyer finding an issue with the property, the buyers failing or refusing to undertake settlement and many more issues.
In most cases, sellers will have a mortgage over a property that needs discharging at settlement. It is crucial when engaging a solicitor or during the process of selling the home that the seller arrange their discharge authority without any delay. If the seller does not do this, it can cause a serious delay to settlement and even put the seller at risk of breaching the contract. In most cases, the discharge process can take up to 28 days or more depending on the mortgagee's requirements.
In some cases, the buyer may also find issues with the property. For example, they have obtained a building and pest report and ascertained there is a major structural issue. In this case, the contract could come to an end, or the buyer may even want to negotiate the purchase price.
Problems with buying
There are many problems or issues that can arise during conveyancing when buying a property. This may include finance rejection, the bank being unable to settle on time, finding an issue with the property during the search process or even finding a property in a different condition from when it was first inspected. There are endless examples.
Most buyers often need finance to complete the transaction and purchase a property, and this process can take a lengthy time, sometimes over 28 days if the buyer does not obtain conditional pre-approval.
This is a significant risk when a contract has already been entered into, and finance is not approved by the finance date under the contract. In cases such as this, the buyer may seek an extension, but the seller is under no legal obligation to approve it.
In some cases, during the search process or pre-settlement inspection process, the buyer may also find issues with the property or its condition. Where this is the case, the buyer may be able to terminate the contract, or otherwise seek compensation or redress.
There are many examples of how a contract could go wrong and that is precisely why it is so important to engage the right firm for the right advice.
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