Warning! Slow moving legal machinery ahead!
Allowing sufficient time for legal processes when buying or selling your home
It's no small surprise to many that the wheels of the law seem to grind exceedingly slow - especially when you are in the throes of buying or selling a property!
For the vast majority of people buying or selling a house is likely to be the largest financial transaction they will undertake during their lifetime. Hence there are rightly checks and processes that need to be followed to safeguard both you, your lender and your cash!
Anyone who has recently applied for a mortgage will probably have experienced the fact that banks, building societies and other lenders have now also started asking expanded questions regarding your own income, regular expenses and financial commitments. This increased scrutiny of finances has been introduced in an effort to better determine your ability to repay a mortgage - even if interest rates rise - and so hopefully avoid the likelihood of default further down the line.
To many the time from agreeing a sale to final completion can seem bewilderingly long - and not a little frustrating if you are keen to get into your new home and start making it your own. Unfortunately, the process is a lot more complicated than your solicitors simply arranging for the safe transfer of monies from your lender to the seller - there are a number of legal requirements that must be adhered to, not least of which are checks to prevent criminality, such as money laundering.
As local residential property experts Robert Oulsnam and Company have noticed that the timescales from agreeing sales to final completion have been gradually increasing- as such we caution all our clients to allow plenty of time for the conveyancing process to be completed.