Buying a property is a big deal and is a big financial commitment. Whether you are buying your first home or your fifth, the process will involve many stages, and you will need to meet legal requirements, and will possibly encounter some complications along the way.
Of course, the prospect of buying a property is exciting, but understanding the things that can go wrong is essential, and why having an experienced and reliable solicitor like this conveyancing solicitors Gloucester based firm //deeandgriffin.co.uk/personal-legal-services/conveyancing/Gloucester is essential.
In the UK the process of buying the property will start with making an offer. When you make an offer that then needs to be accepted by the owner of the property, this will start off the conveyancing process. Conveyancing basically means the legal transfer of the property from the current owner to yourself. It can be a lengthy process, including ID checks, preparing contracts and searches before you get to the exchange of contracts and finally completion. At each stage, there are things that can put a spanner in the works.
Delays are something that commonly cause issues. Things that can cause delays include paperwork that is not complete, or hasn’t been filled in correctly, issues with mortgages, and third parties taking time to respond.
Something that everyone fears of course is the collapse of a chain as if one person pulls out for whatever reason this can affect the whole chain.
Another thing that can cause a problem is if there are legal issues with the property that you are buying. Things like boundary disputes that haven’t been resolved, restrictive covenants and a lack of planning permission for development to the property in the past are just a few of the things that can lead to an issue and result in problems with buying the property.
Gazumping is also something that can happen – this is a controversial practice, yet it is legal in both England and Wales – where despite having agreed to sell the property to you and you starting the conveyancing process, the seller may choose to accept another higher offer on the property. When this happens not only does it leave the buyer out of pocket after having spent money on solicitors’ fees, but it can also be emotionally upsetting when you had your heart set on that property.
Having a good solicitor won’t prevent all of these issues, but it can certainly help to make sure that things run smoothly and you get the right advice.
