Why do solicitors take so long to process a house sale?
Selling a house is a complex process and oftentimes it is down to the lengthy time it takes solicitors to exchange contracts. You may be wondering what is causing the delays and possible ways to tackle this problem which is familiar to many homeowners. If this problem is something you are eager to tackle, then read on to find out more.
What can cause delays?
Some factors which cause delays include discrepancies in valuations, the large size of the chain, unresponsive buyers or sellers and an overworked solicitor. The conveyancing process is incredibly complex and especially when there is a large chain involved, any weak link could have profound knock-on effects further down the line. A great deal of time may be taken up by clarification or information on the documents, which is referred to as enquiries. Depending upon the sale’s complexity, this can take any time from at least 1 to 4 weeks.
How do solicitors searches affect the length of the house sale?
During the processing of a house sale, one thing which must be undertaken is searching the property. This includes looking for potential environmental hazards, checking water system linkage and checking the potential for the property to be flooded. This process is dependant upon authorities and how quickly they provide the searches.
What may delay the exchange of contracts?
The exchange of contracts can be influenced by a host of factors including overworked solicitors, unanswered enquiries, slow searches, complex transactions, mortgage lenders and slow sellers or buyers.
How to combat insufficient results
The best way to identify what may be causing a delay in the exchange of contracts is to speak directly with your solicitor. If they are professional, they will keep you as the client updated on what they are waiting on and where things are in the conveyancing process. If you feel like you are not getting this feedback from them, then do not hesitate to put more pressure on your solicitor and investigate why things are taking so long.
Nevertheless, it is important to remember that some parts of the process are out of their control and they need to prioritise protecting their clients during the entire transaction. We understand that it can be incredibly difficult in these situations to know the truth if it is the seller or buyer delaying the exchange of contracts. In which case, you may want to get in contact with a company, such as FastCash4Houses to talk to the other party and attempt to find out their position. At FastCash4Houses, we are here to help you save on time and money, and make selling your house that little bit easier.