The volatility of the mortgage market and personal circumstances of both buyers and sellers has led to an increase in conveyancing transactions falling through recently. Parties are often not able to have an influence on these factors, but there are practical things you can do in order to alleviate the possibility of a transaction falling through.
1. Be realistic about timescales
In 2022 15% of transactions proved abortive due to slow progress. Being realistic with your timescales from the outset with all parties is key. If you have a deadline you need to work to, whether that be a holiday, a new job, school term dates, an expiring mortgage offer or you have already given notice on your rental accommodation, letting everyone know at the very outset what your expectations are for the transaction will ensure that everyone is working to the same goal. If the timescale is unachievable, it allows time for you, or others in the chain, to make alternative arrangements or to allow for discussions to be had as to how to move around the issue instead of it being a last minute wrangle, which adds stress for everyone involved.
2. Get an early survey
Almost 10% of transactions proved abortive due to the issues raised following a survey. Having a survey undertaken at the outset of the purchase transaction will flag any potential issues which can then be discussed between the parties and a resolution sought in good time. This could involve arranging appointments for tradesmen/experts to provide quotations or allowing enough time for remedial works to be undertaken prior to exchange of contracts.
3. Organise your documents
Finally, whether you are a seller or a buyer making sure your documentation or information you know you will need is in hand and available will save time and frustrations further along the line. For example, if you are a seller and have undertaken extensions and alterations to your property, the documentation to evidence these works have been completed, together with any certificates, guarantees and receipts will usually be requested. Having these documents readily available will save time and if you are unable to locate them you will be able to start the process of obtaining duplicates (if this is necessary) in a timely manner. Equally, if you are a purchaser you will be asked to provide various forms of identity and source of funds and being able to produce these quickly will inevitably save time and effort later on.
Here at Neale Turk LLP, we work closely with our clients to make sure that wherever possible, transactions are successful. We are here to work with you to overcome any obstacles and assist with practical solutions to ensure a smooth transaction for everyone involved.
Neale Turk LLP is committed to providing an outstanding service to all our clients and able to offer advice in all areas. Please contact us if you require any assistance.