Why Conveyancing Needs Proper Planning and Choosing The Right Solicitor

Not so many of property investors are familiar with how the conveyancing process goes. Basically, it is the legal aspect where the ownership of the property is transferred from one the other. The required tasks in conveyancing itself takes roughly 6 to 8 weeks while varied outside situations may cause longer delays.

This is why no conveyancing solicitor can give out an exact timeline as to when everything will be completed. They can offer as much as an approximate duration and a detailed explanation of the activities and tasks to be carried out. However, your chosen conveyancing solicitor should at least set your expectations properly by letting you know of possible factors that may cause delay throughout the transaction.

Mortgage Offer

This factor is usually taken for granted by some buyers, especially when they think than an Agreement In Principle is good to cover them to make an offer to the seller. The truth is as mortgage approval itself takes days, sometimes weeks, to complete as the lenders will have to do their own checks before they determine how much they’re willing to lend to their borrowers. Until this is sorted hold back from sending an instruction to conveyancers to make purchase offers, conduct searcher, or exchange contracts.

Property Survey Access

For mortgage companies to determine how much they can lend they need to survey the property for valuation. At the same time buyers also need to conduct their own survey to check for any issues surrounding the property. This will need the sellers to give them access and if they fail to coordinate with the parties involved, everybody is left waiting for days. It is important that everyone in the transaction has effective ways of communicating with each other to arrange these activities ahead of time.

Post-Survey Issues On The Property

At some point surveyors may find issues surround the building – affecting its value and causing the lender to decrease the mortgage amount, and prompting the seller’s attention to fix things before pushing through with the sale. This means that buyers will have to wait a little bit longer until everything is sorted.

Property Searches

The property search itself can take days as there are a number of activities involved – Local Authority, environment, building repairs in the area, and drainage system among others. These searches require a lot of time, and any glitch in coordination in terms of sending and approval of search form takes up more time. The same goes for when it’s time to get the search results.

Transaction Within “The Transaction”

In many cases there are other buying-selling processes involved outside what sellers are doing with their buyers. Yes, sellers may sometimes have to buy another property of their own to move into and they might just need to money they’re getting from what they are selling to cover the costs. This them turns into interlinked transactions and if the coordination amongst the people involved are very poor, the weeks of waiting can turn into months.

Property Title

Sellers do not necessarily have to own the property they’re selling as long as they’re able to provide a clean title. The problem lies when they’re mere executors of a dead person’s estate and the probate has not been granted yet – more waiting time is definitely needed. The same issue can pose a risk delay when the property is unregistered yet at the Land Registry and the deeds are nowhere to be found. It takes a lot of time to verify the original ownership of the property before it is registered and made legally eligible for sale.

The Six P’s To Avoid Delays and Stress

One sentence consisted of 6 P’s should be good enough to make the conveyancing process less daunting. “Proper Planning Prevents Piss Poor Performance.”

When choosing a conveyancing solicitor to act on your behalf throughout the transaction, be sure to find someone at their best to assure you of a considerable timeline. They should be able to talk to you about how the entire conveyancing process goes and what issues may come along the way that could make it take longer than expected. Coordination and communication is always the key to set the right expectations.

If you plan things ahead with your solicitor, and anticipate what possible issues may come along, both of you should be able to gather the necessary documents and prepare an action plan to sort things out diligently.

This is the reason you need a suitable and well versed conveyancing solicitor who can efficiently carry out the tasks. What’s great is that most conveyancing firms and independent solicitors are now accredited members of the Law Society’s Conveyancing Quality Scheme – which means you are assured of a properly regulated flow of tasks and activities and a considerable timeline to complete the process and deal with conveyancing challenges.

 

Why Is There A Continuous Growth In The UK Housing Market?

Economic reports and individual analysis have shown that the UK housing market has significantly increased in the past year. It has also been perceived to keep its momentum until mid-2015. Towards the end of last year alone, the UK housing market has shown a thriving trend as it increased from 0.4% to 1% on the average. Overall, by the end of 2013, it has increased to roughly 8%, the biggest reported surge since 2006.

This sudden revival of the housing market is said to be fuelled by a better outlook by the government and the people in terms of economics. We have witnessed an improvement in terms of job opportunities and salaries, together with the noticeable decrease in mortgage lending interest rates. These developments brought in a better level of confidence among consumers to believe that they can now afford to buy home, as opposed to how they thought they couldn’t in the past.

There has also been a rather obvious increase in the supply of built home lately while the demand side has yet to increase to level up with it. Affordability has played a major role in the reason builders decided to add more houses to offer to potential buyers.

The expected consistent upward movement of the housing market is seen to involve significant mortgage activity, price increase, and credit growth. The Bank of England itself has stated that after they decided to end their Funding For Lending scheme, they will implement other programmes and tools to oversee the recovering housing market until it thrives and gets more stable in the future.

The Funding for Lending programme, where banks and lenders were allowed to borrow money from the Bank of England to lend it to their own borrowers, were stopped but was not seen to have a direct effect on the market momentum. On the other hand, it just proves us that the BoE is prepared to pull their reins in should it become uncontrollable in the future.

Also, the UK government has implemented a Help To Buy scheme so more potential buyers will step onto the property ladder. This time, the scheme is directed towards all buyers, as opposed to past programmes aimed at first-time buyers only. This ensures that the UK people will be able to afford home, while opportunities for builders and sellers increase. The major effect will be seen through the anticipated increase in the number of transactions to take place and the surge in housing prices.

Reports also have shown that during the last 3 months of 2013, there has been an increase in mortgage lending by a staggering £910 million; which led sellers to mark the housing prices a bit higher. Better affordability meant an increase in prices for them.

It is predicted that the UK housing market will continue its momentum as we see the improvement in job opportunities, the overall economic status of the country, and the consistent low mortgage interest rates. This could mean that there will be a bigger chance for people to own homes, something that they can be confident about. As more people will have the chance to buy properties, builders and sellers will directly see the benefit from their side, too. This is just a brilliant thing for people to look forward to, from both the buyer and the seller’s perspective.