Purchasing a property is not just a financial investment for most people; it’s often the most significant purchase in their lives. Research indicates that this process can also be one of the most stressful life events, comparable to experiences like the death of a loved one, divorce, or job loss.
Why does buying a property trigger such stress? Unlike the other events listed, shouldn’t this be an exciting time, filled with energy and anticipation?
The reality is that many people find the home-buying process stressful because they underestimate the time and complexities involved. The initial excitement can turn into frustration when unexpected delays occur.
At our firm, we strive to make this a positive and exciting experience for you by ensuring a smooth sale and purchase process. However, there are external factors beyond our control that can cause delays.
We believe in keeping property buyers well-informed about the process steps, empowering you to prepare adequately and minimise stress during this important milestone in your life.
Property Surveys
If you are securing mortgage financing, your lender will require a valuation of the property.
Typically, these valuations are conducted promptly, but delays can occur, especially during peak holiday seasons or busy conveyancing periods when surveyors are in high demand. Additionally, if the lender’s surveyor identifies any issues with the property, this could slow down the issuance of the mortgage offer.
We always advise arranging your own survey once your offer to purchase a property has been accepted. A mortgage valuation survey is solely for the benefit of the lender and usually provides limited information when shared with the buyer. Your own survey helps uncover any potential issues with the property that may not have been apparent during viewings.
While arranging a survey adds time to the process, it is crucial for ensuring you don’t encounter problems later on. A negative survey report might lead you to reconsider the transaction, which is often preferable to discovering major issues after moving in. Alternatively, it could provide an opportunity to renegotiate the purchase price.
Financing
Delays related to financing are quite common during the property purchase process. Issues with verifying the source of deposit funds can significantly slow down the process. These checks can add more time, especially if it’s discovered midway through the transaction that funds are being gifted by a third party. Simply informing your lender may not relay this information to your solicitor. That’s why it’s important to provide your conveyancer with comprehensive information about the source of your purchase funds at the start of the transaction.
Additionally, new rules implemented in 2014 require lenders to conduct more thorough checks on borrowers to ensure they can afford their mortgage. Delays can also occur due to minor errors in the mortgage application or if you don’t have all the necessary information available when your lender requests it.
Most mortgage offers are valid for up to 6 months. If there are significant delays in the conveyancing process, your mortgage offer may expire. If this occurs and you cannot extend the offer, you’ll need to reapply for your mortgage, leading to further delays.
Property Searches
When applying for mortgage finance, your conveyancer will need to obtain various searches on your behalf. The time it takes to receive results from these searches can vary widely depending on the local authority where the property is located, ranging from a few weeks to several months. This delay can be frustrating for both the buyer and the conveyancer, but typically they must wait patiently for the search results. The conveyancer will notify the buyer as soon as they receive the necessary information.
In some cases, additional searches may be required, depending on the property’s location. For instance, areas prone to flooding due to wetlands or former coal mining sites may necessitate additional searches. Fortunately, these specific searches are often returned within 48 hours of being ordered and typically do not significantly impact the transaction timeline.
Contact Us Today
Whether you’re a first-time buyer embarking on your first home purchase or an experienced buyer with an extensive portfolio, our team of conveyancing specialists has the expertise to guide you through every stage of the process.
