Three Common and Irksome Conveyancing Issues

Conveyancing is sometimes a troublesome process. Ask a solicitor who has been doing that job for 10 years, and he can tell you all sorts of horror stories he’s been through with bad sellers or buyers.

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Insufficient Funds

There are different reasons the buyer hasn’t come up with funds to make the deposit. The mortgage was probably disapproved. He or she probably used the money for an emergency expenditure. Or maybe there was no sufficient funds to begin with. His or her conveyancer needs to step in to give reminders regarding the forthcoming completion date and may offer options in case pursuing the purchase remains a goal. A buyer who fails to make a deposit on time may be liable to interests and penalties. Occasionally, this may lead to termination of the contract. The buyer’s conveyancer can ask for an extension to postpone the contract termination.

Mortgage on the Seller’s Property

Sellers who have outstanding mortgage against the property they are selling will have to wait for the debt to be discharged before the bank or lender releases the certificate of title. This gets tricky when the seller has to wait for the buyer to make the payment, from which the former funds the repayment of the loan. Even if the seller does repay the loan, it may take a while for the lending firm to discharge the mortgage. This stalls the conveyancing process, and the buyer may have qualms if the seller doesn’t produce the title by the completion date.

Final Inspection Woes

If you’re buying a house, you most probably want to make sure it’s in perfect condition. So you may ask for a final inspection to check out the house before you issue payment. This is a common practice, especially among meticulous buyers, and for good reason. After all, hundreds of thousands of dollars are a huge investment anyone doesn’t want to be put to waste.

The problem with final thorough inspection is it may reveal defects and deterioration, which may have been missed during initial visits. In some cases, buyers were so eager to get on the deal without asking for an inspection until the last minute, during which the conveyancing process is already at the denouement.

If the buyer is not satisfied with what transpires during the final inspection, two things can happen. One, they may cancel the deal completely. Two, they may postpone payment and insist the seller renovate the property first.

Conveyancers have come across issues like this. One can help you make proper negotiations so that you don’t end up being unfairly convinced to close the deal. Dishonest sellers can make verbal promises of handling the renovations after the completion of the sale. Such verbal agreements don’t hold much water and may be easily disputed, leaving the purchaser shortchanged.

Conveyancers working for the buyer can prevent this from happening. They can order inspections and surveys to make sure the seller or their real estate agent is giving an accurate description of the physical attributes and condition of the property. They also draft contracts fair to both the seller and buyer.

Moving Tips to Make Life Easier

Moving home is not something that should be taken lightly. It is a lengthy process, and one that can prove to be incredibly stressful for everyone involved. However, although this is the case, there are a few different things that you can do, in order to make the process a bit easier on yourself. Here are a few tips to help you with your move.

Consider hiring temporary storage space

If you have just sold your previous property, or you are planning to do so, then you will know that you need to be out of that property by the completion date. Of course, this leads to many people rushing around trying to get everything moved in one day. If you want to avoid this hassle, then the best thing that you can do is to hire some temporary storage space until you are ready to move everything into your new home.

Consider hiring a truck or a van

Although many people have tried, it is usually not a good idea to try and move everything that you own into a new home by yourself with just a car. The simple fact is that this costs a lot of money in fuel, and can take a very long time. Instead, it is a much better idea to consider hiring a truck or a van for the moving process.

Enlist as much help as you possibly can

When you are just about to move from your old property into your new one, it is a good idea to enlist as many helpers as you can. This could be anyone from friends to family. The more help you have on board, the quicker you are going to be able to move everything in and get settled.

Moving doesn’t have to be as stressful as many people make it to be. There are plenty of things that you can do in order to make the process easier, and these are just a few. If you want to make sure that the moving process is over and done with as quickly as possible, then these tips will definitely help you do so.

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The Drawbacks of Buying a Terraced House

As we covered in the previous article, there are plenty of benefits that come with buying a terraced house. However, as with everything in life, there are some disadvantages that need to be kept in mind as well. Here are a few of them to help you come to a decision.

Terraced houses are often near busy roads

As we mentioned in the previous articles, many people choose terraced homes because they are so suitable for raising a family in. However, there is one thing that you need to remember here. Terraced houses are often located near very busy roads. Obviously, this is something to keep in mind if you intend on having children in the near future, where safety may be an issue.

Terraced houses will have smaller gardens than most

Again, this is another issue that should be kept in mind. Terraced houses will nearly always have very small gardens. This is a huge issue, especially if you have pets or children. So, if you are going to be looking for a property with a large garden, then a terraced house is probably not the best option for you to consider.

Consider noise levels

The noise levels in terraced houses can definitely be a problem. For one, you will find that your neighbours will start to complain if you or your children are being noisy. Secondly, if you are planning to start a family in your new home, then you don’t want to find yourself sandwiched in between two noisy neighbours. If you want somewhere quieter then the best option would be to go for somewhere that is either detached or semi detached. These will be much better, in terms of noise levels.

These are a couple of the different disadvantages that you can expect when you buy a terraced house. However, at the end of the day, it all comes down to what is the best option for you personally. You may be able to find a terraced house in a small village that doesn’t suffer from these problems, if you have your heart set on it.

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The Benefits of Buying a Terraced House

Once you have decided that you are ready to buy your first home, it is time to start thinking about the different options that are available to you. One of the most important things to decide is which type of property you want to buy. Terraced houses have always been a popular choice, and there are many benefits to suggest why this is the case.

Terraced houses tend to be close to local amenities

This is one of the biggest advantages that comes with buying a terraced house. More often than not, when you buy a terraced house, you will find that you are very close by to all local amenities. This is perfect if you are planning to buy a home that you are going to be raising a a family in. As well as this, they tend to be right at the heart of a local community, as well.

They tend to be safer than estates

A big concern for a lot of first time home owners is the safety of the area in which they are going to be moving into. However, the good thing about terraced houses is that they tend to be much safer. They are always well lit, and crime rates are often lower. Again, if you are going to be raising a family, then you will want somewhere secure like this.

Usually very friendly neighbours

One thing that you will find with people that live on terraced roads is the fact that they are often far more close knit than those who live on large estates, or in more secluded areas. If you want your children to grow up in a neighbourhood like this, then a terraced house is definitely worth considering.

There are, as you can see, a lot of benefits that come with buying a terraced house. Of course, there are drawbacks as well. If you think that a terraced house may be a suitable option for you, then it would be a very good idea to go and take a look at a couple. This way, you can get a better idea of what to expect.

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A Few Tips for Making your Property Eco-Friendly

If you intend to sell your home, then it is understandable that you would want to make sure that you are getting the best price possible. Of course, this will mean a quite a bit of work on your part. One of the best things that you can do to add value, however, is to make your home eco-friendly. Here are a few tips.

Have double glazing installed

One of the best things that you can do, and also one of the simplest if you want to make your property more eco-friendly is to have double glazing installed. This is one of the oldest and most used forms of making a property friendly to the environment. Obviously, the double glazing will retain heat much better than a single pane, thus saving money and fuel on heating the home.

Have loft insulation installed

Again, this is another of the older forms of keeping a home eco friendly. You may already have loft insulation in your home. However, if you want to make a selling point of having an eco friendly property to sell, then it is definitely a good idea to consider having new insulation put in. Again, this will retain heat and be much more friendly to the environment, particularly during the winter months.

Consider solar panels

Obviously, this is not a cheap option. However, there are some huge benefits that come with having solar panels installed in your home. Solar panels are actually becoming far more popular these days, and are becoming more affordable all the while. If you are going to be selling your property, and you want to make a note of it being an eco-friendly property, then it is definitely worth looking into solar panels.

The majority of the new build homes that you will find these days are highly eco-friendly, and you need to consider your competition on the property market. So, if you want to make sure that you have the best chance possible of selling your home for maximum profit, then it is definitely a good idea to consider making these changes.

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Get a Quick Sale With Some Home Improvements

Selling a property can be a tricky business, unless you have been through the process before. Whilst many people would love to be able to sell overnight, this is just not something that will happen. However, there are a few things that you can do, in order to speed up the sale of your home. Here are a few ideas.

Do up your garden

Whilst many home owners will simply focus on the inside of the property that they are going to be selling, it is equally as important not to neglect the garden. What a lot of people fail to realise is the simple fact that some simple gardening work can actually create a huge selling point. Make sure that the garden is completely free of weeds and rubbish. Cut the grass, lay down a bit of gravel. These simple improvements will not cost you a lot, but could add significant value to your home.

Ensure that there are no problems with the exterior

Again, because a lot of people will focus on the inside of their property, they tend to forget about looking over the outside. You need to make sure that there are no issues with brick work, and definitely no issues with the roofing. If there are, then get them fixed as soon as possible.

Repaint the entire property

Although carrying out any repair work is very important, none of it will really matter unless you repaint the property. It is surprising what a positive effect a lick of paint can have on a home. By redecorating your property, you can give it a completely new lease of life, which is going to make it a lot more attractive to potential buyers.

Although these three things may seem very simple, they are all very important, and they can definitely speed up the sale of your home. As well as this, there is also the chance that by carrying out this work, you could potentially add some value to the price of your home, as well, so it is definitely worth doing.

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To Buy or to Rent?

Whilst the majority of us are very eager to get a foot on the property ladder, it is becoming more and more difficult to do so. However, the only other alternative is renting, and this isn’t very appealing in comparison. If you are considering moving, then you need to look at both sides of the argument.

Which is more cost effective?

Obviously, if you intend to move around a fair amount, and you don’t intend to settle down into a home yet, then renting is going to be your best option. However, if you are planning on creating a family home, then buying a home is going to be more cost effective in the long run. It will take years to pay off a mortgage, but then you will be the sole owner and you won’t owe anyone a thing.

Consider repair work

One of the good things about renting a property is that you are not responsible for carrying out any repair work, the landlord is. However, although you are responsible for carrying out repair work if you own a home, you also don’t need to ask for permission to carry out any renovation work, so this is a plus point to consider, too.

Buying is a good investment

One of the great things about buying a property is the fact that it can be a great investment in the long run. Obviously, if you are renting a property then you are not investing anything at all. However, if you buy a home in a good area, and you decide one day that you would like to sell and move onto somewhere new, then you could be earning yourself a small fortune, so this is a definite plus point.

As you can see, there are benefits to both renting and buying a property. Ultimately, it all comes down to which option is best for you. However, if you are planning on settling down, then the best idea is to take the plunge and opt for owning your own home, rather than having to pay rent every month to a landlord.


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Common Mistakes to Avoid When Selling a Property

When it comes to selling a property, there are a lot of considerations to be kept in mind. It is your responsibility if something goes wrong with the sale, so you need to make sure that you do everything the right way. Because of this, here are some common mistakes to avoid making when selling a property.

Thinking that you can withhold information

 Whilst it may sound like common sense, there are property owners out there who think that they don’t have to be completely honest regarding the property that they are selling. Of course, this is not the case. When you are asked for information about your property, or you are asked questions, it is important that you answer completely honestly. If you don’t, then you could run into problems further down the line.

Trying to cover up necessary repair work

Again, this is something that you would think that most people wouldn’t do. However, unfortunately, it does happen. If you intend to sell a property, and there is repair work that needs to be carried out, then it is important that you either fix it, or tell potential buyers about it. If you don’t, then you could potentially land yourself in trouble.

Thinking that you can choose your moving date

When you sell a property, you must move out on the completion date. This is the date that the full balance has been paid for, and the contract is complete. It is at this point that you must vacate the property. However, there are many property owners out there who make the mistake of thinking that they can choose when to move out, when the reality is that it definitely doesn’t work this way. If you want to sell your property, then it is up to you to make sure that you are ready to move.

Although these three things are uncommon, they do happen, and they can cause huge problems. So, if you want to make sure that you can sell your property without running into any issues, then be sure not to make these mistakes.

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The Conveyancing Timeline – The Processes That Take Time and What Causes Potential Delays

Conveyancing, which is generally described as the legal process to transfer the ownership of a property from one party to another, takes between 6 or eight weeks to complete on the average. In some cases, it can take either less or or longer, depending on varied situations involving the seller, the buyer, and factors surrounding the property itself.

A specific answer to the “how long does conveyancing really take” question cannot be given by any conveyancing solicitor. What they can only provide is an estimated timeline based on the usual processes involved. However, you can expect your conveyancer to set your expectations properly by letting you know of potential delays caused by a few issues that may come along the way.

These are a few of the factors that can cause delays in the completion of a property transaction. Although this list is not exhaustive, these are the very common causes of a longer conveyancing timeline for most property investors.

Mortgage Offer Delays

At some point, buyers often take this for granted – mortgage offers can take some time especially if the paperwork is incomplete. Some buyers would even presume that a pre-approved mortgage is equivalent to the offer itself when it’s not. Until such time that mortgage lenders have done their checks and buyers are certain of getting their finance, they cannot instruct their conveyancing solicitors to push the purchase offer, searches, and exchange of contracts.

Survey Access Delays On The Seller’s End

Prior to the approval of a mortgage, lenders generally require a property survey to determine its value and make it the basis for the mortgage amount. Buyers also need to complete a full building survey to check for infrastructure issues. Of course, a surveyor will need access to the property, and if the seller takes a while to approve that, the transaction gets delayed. It is necessary to efficiently communicate with the seller regarding this matter to make the necessary arrangements for the survey.

Structural Issues On The Property Following The Survey

This issue requires the full attention of the seller, and sometimes needs to be resolved at a given period. Until such time that the issue  is addressed and the defects are sorted, the transaction will have to wait a little longer. Mortgage approval may also be affected  because of this.

Search Delays

As part of the conveyancing process, searches need to be carried out diligently. The most important of these is the Local Authority/Council search which can take a considerable amount of time, especially when you need to send the local council an official search form. Although some councils use digital platforms to make it faster and more convenient, some still prefer the traditional way. This means that getting the results may vary from within a day or so to a couple of weeks.

The Web Of Sales And Purchases

If the seller looks to buy a different property for them, and need to money from the sale they are making to have sufficient funds, a web of interlinked transactions is seen along the way. If these linked transactions are not properly scheduled and coordinated, weeks of getting everything done can turn into months.

Issues With The Seller’s Title

Sellers do not necessarily have to own the property they are selling as long as they can transfer a clean title. It is in these cases that the buyer’s conveyancer may sometimes encounter a problem with the property title that needs to be fixed before the purchase takes place. This normally happens when the property is part of a deceased person’s estate and the executor acts as the seller but the probate grant has not been obtained yet. There are also cases when the title is not yet registered at the Land Registry and the deeds are missing.

How These Conveyancing Delays Can Be Avoided

First of all, your conveyancing solicitor should do everything they could to assure you of a reasonable timeline. If they perceive that there will be delay-causing issues along the way, they should discuss this with you and set your expectations right.

For sellers, it will be helpful if they advise their instructions about the property and their circumstances before finding potential buyers. This enables the conveyancing solicitor to gather the necessary paperwork and work on solutions beforehand.

There are also the inevitable causes of delay, which you cannot expect or guard yourself from at all – for instance, the seller dying halfway through the process.

This is why it is very important that you find the right solicitor to act on your behalf throughout the property transaction. Most conveyancers at present are accredited by the Law Society’s Conveyancing Quality Scheme, which puts you at ease when it comes to meeting deadlines and completing tasks on a reasonable timescale.


Three Ways To Generate Bigger Income Through Property Buying

Property ownership is perhaps one of the most intelligent investments anyone can ever come up with. Each time you talk to someone about buying properties, the goal of increasing profit and becoming substantially richer through the value of the asset they invested money in will often be brought up. However, the truth is this only happens if and when a so-called investor knows what to do after buying the property.

With almost every other person’s fixation on getting richer, the idea of buying properties is not so bad.  However, if one plans on merely living in it with their family, it will only be a proof of their hard work, and not an investment. When we talk about investment, it is something that has an increasing potential to give someone more money. Consequentially, one has to make plans about the property following its purchase.

Basic information and a few other details essential to generate income through property buying is what they need to begin with. Truth is real estate investments can give you an increasing flow of income through three basic ways:

1. Leveraging on equity – Buying a piece of property increases your net worth as an individual. It means that your “portfolio income” is now worth more than just your annual salary because you now have an asset under your name. And when the value of the property increases through time due to vital factors like commercialisation of the area where it is located, it definitely increases your net worth, too. However, since this is just “income on paper” and the wealth is not as tangible as you think, leveraging on the value of the property will do the work for you.

You can make this happen through using the property as collateral so you can secure a loan to start your own business.

If you happen to be a more savvy property investor, you may just as well finance that same property (given a higher value this time), get some cash out, and purchase another one that has a potential to increase your income yet again.

2. Selling the property – This may be a little tricky especially for first time investors. Some would think that buying a property, waiting for its value to get higher, and eventually selling it would be the best way to get rich. This is just so wrong. As a cleverer investor, you’d be better purchasing one that has a lower market value and selling it at a higher price that is still below its market worth. For instance, you can buy a property foreclosed by the bank that is being sold at 60% beyond its market value and sell it after a few weeks at 20% higher than what you bought it for.

Moreover, you can buy an existing property and do some renovation to sell it at a higher price.

3. Renting it out – If you prefer a regular cash flow out of your property, you may choose to rent it out. As this is not as easy as it seems, just remember that everyone needs a place to stay in, especially those that moved in from their cities to yours for work. When considering buying a property to rent out, you need to remember that real estate is all about location, location, and location.

Additionally, you also need to properly screen your tenants to make sure that none of them are problematic non-payers or one that often starts trouble in the area. You will also have to consider how you maintain and manage your property so you can rent it out at the value that you believe it is worth.

On a general perspective, getting a bit wealthier than your current financial state is not just a rich man’s thing. An average person, given the right amount of knowledge and the proper planning can increase their income and eventually become richer through property buying. One must also need to have their objectives clearly defined so they can create an effective plan on how to achieve it.

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