After the time and stress of finding the perfect house, it can be devastating to face delays before the move can happen. Delays are common, especially during the SSTC period while paperwork is yet to be formalised. Here are six factors that could put the brakes on your purchase.
1. Survey stumbling blocks
A homebuyers report can provide important reassurance; however, it may also flag up issues that need to be resolved. This could lead to the buyer renegotiating the price or even debating whether to pull out of the purchase altogether.
2. Chain crises
While buying a home without a chain and being able to purchase before selling your home would be the ideal, this is often not possible. Broken chains can be frustrating but common, and problems on any side can slow the buying purchasing process. You may even find the seller has changed their mind or has experienced problems with their own house purchase. If the vendor pulls out following the exchange of contracts but prior to completion, you could potentially sue them to recoup the financial loss.
3. Conveyancer hold-ups
Delays with paperwork, conveyancers not pushing hard enough to resolve issues and poor communication can all slow the conveyancing process. This is why it is crucial to invest in a quality conveyancer such as https://www.samconveyancing.co.uk/login. Some conveyancers offer convenient online tools for ease of contact and support throughout the process.
4. Being gazumped
Although your offer has been accepted, it is not legally binding until the sale completes. At the eleventh hour, it is not unheard of for another potential buyer to make a higher bid. Reports suggest that gazumping is increasing in Central London as a result of housing shortages and an increasingly competitive market.
5. Local searches
Local authority searches can take from a matter of days to many weeks. Some councils are reporting longer delays, exacerbated by increasing backlogs, of up to 19 weeks. It is best to make enquiries when the requests are submitted to get a ball-park estimate, but be prepared for possible delays.
6. Land registry amendments
While registering with HM Land Registry is usually straightforward, delays can happen if you require changes to the title deeds, especially as mortgage lenders may be unwilling to release funds prior to the deed of variation being updated.