Get finance in place to avoid delays in property sales
All conveyancing solicitors and licensed conveyancers should ensure they have all the finance required to complete a property purchase in place the day before the transaction is to complete.
The Society of Licensed Conveyancers (SLC) says having finance that includes mortgage funds readily available will speed up completion times and remove the stress for both buyers and sellers in the home-moving process.
According to the SLC, delayed completions are often because of a hold-up in the funds being ready, a process that has been slowed in recent times by mortgage lenders going through the anti-money laundering processes that are in place to prevent fraud.
Slowing down completion times
Solicitors must ensure that a buyer’s deposit is legitimately sourced while lenders carry out their own checks on individuals who have applied for a loan.
Simon Law, chairman of the SLC, said: “There are still too many law firms that are waiting until the day of completion to obtain funds from mortgage lenders and/or clients, slowing down completion times and adding further stress to the home-moving process.
“It has long been recognised as best practice for conveyancers to make sure they are in funds from mortgage lenders, clients and other external sources the day before completion.
“This is particularly important in respect of properties where a chain is involved, as any delay in transmission of funds can have a severe impact on the whole chain.”
Proactive in securing funds
A property transaction cannot be legally completed without the funds for buying in place, so it’s essential that the solicitors or conveyancers dealing with the buyer’s side are proactive in ensuring all the necessary finance is available when required.
At Best Value Conveyancing, we work with highly experienced property lawyers and conveyancers across England and Wales who are all on the approved panels for UK mortgage lenders, ensuring there is no hold-up in funds being released.
Talk to our team now on 08000 387 007 about the right conveyancing services for your property purchase or sale. You can also get an instant quote for conveyancing that is guaranteed to be the price you pay.
