Common Causes For Delays In The Conveyancing Process

You might have heard stories of people literally waiting decades for their house to be sold. It's not surprising, given how many steps are involved in the process—and as your best conveyancer in Melbourne, I'm going to tell you that delays can happen at each step. So if you're wondering why your house isn't moving yet, read on to learn about some of the most common causes of delays in the conveyancing process.

Delays in finding a buyer 

There are many reasons for delays in this process. Perhaps the most common is that the property you're selling has drawn interest from several buyers, who are all bidding against each other. Until they reach an agreement on price and terms, no one can proceed with their purchase. It may be frustrating to be involved in such a transaction, but it's good news for your buyer: if you find multiple interested parties for your home, then that means there will also be multiple competitive offers – all of which will increase their chances of getting the house at a good price!

Surveyor issues

Surveyor issues are one of the most common causes of delays in the conveyancing process. This can be caused by:

• Surveyor not showing up for an appointment
• Surveyor not complete the survey in a timely manner
• Surveyor not providing correct information

When dealing with surveyors, you should ensure that they are members of one of the following associations: RICS, Royal Institute of Chartered Surveying, Incorporated Society of Valuers and Auctioneers (ISVA), and National Association of Estate Agents (NAEA).

Broken chains 

The chain is broken when the buyer cannot complete the purchase of the property. This can happen for a number of reasons, including:

• A failed survey may result in the buyer having to pay additional fees and/or return their deposit.
• The buyer not being able to obtain a mortgage because they don't have enough deposit saved up or their income isn't high enough.
• The sale of another house that was part of their chain falling through (if this happens, that person has to find a new buyer).

Delays in arranging finances/mortgages for buyers and sellers

If you are a buyer, then it is possible that your mortgage lender has not yet approved the finance on your house purchase. This will delay the process until completion because the lender needs to be paid for their services and cannot go ahead without this approval.

It's also possible that you have paid for all of your fees upfront but not included any funds for solicitor's fees or stamp duty. The conveyancer may contact you to ask when these payments will be made and therefore hold off completing until they have been made or risk going over budget themselves.

Conclusion

Delays in the conveyancing process can be caused by many different things. However, engaging with conveyancer Melbourne is most likely to be due to difficulties with finances or finding a buyer or seller.