19 Sep 2018
With improvements in technology and electronic communication the conveyancing process should be getting faster. This is true for many parts of the process with time delays in obtaining information from the Land Registry and (most) Local Authorities being drastically reduced. Despite this the average conveyance does not seem to be getting quicker. In many instances it is slower.
Natalie Barham, Partner at Gard & Co. Solicitors has dealt with a number of house purchases recently where everything was ready to complete the transaction but it was delayed because a mortgage offer was not yet in place.
“This seems to be a recurring theme,” said Natalie. “I have a few conveyances that are effectively on hold because a buyer somewhere in the chain does not have their mortgage finalised. The delay is not only frustrating for clients, it can lead to a chain collapsing.”
One of the main reasons the lending process is taking longer is a tightening of regulations with stricter rules making obtaining a mortgage tougher and Money Laundering legislation requiring more rigorous security and identity checks.
There are many other elements of the lending process that could cause a delay:
Natalie had this advice, “Whilst some parts of the process are beyond a buyer’s control they can reduce possible delays by dealing with every part of the mortgage application process as quickly and thoroughly as possible.”
Natalie put forward a five point plan for dealing with the mortgage application:
Natalie specialises in all forms of residential conveyancing and can be contacted at Gard& Co. Solicitors on 01752 668246 or firstname.lastname@example.org or via www.gardandco.com.