​Common Misconceptions when buying and selling your home

​Common Misconceptions when buying and selling your home

We understand that buying or selling your home is usually one of the biggest financial and emotional commitments you will ever make, the stakes are high, you have spent months looking through the home and garden magazines imagining what your dream home will look like. Your weekends have been spent on viewings trying to find that perfect location that ticks all the important boxes. You then make an offer, which is accepted by a seller in a long chain, but that's okay because you have found the dream. However it's not long before you are a couple of weeks in and all of a sudden you feel like everything comes to a grinding halt? As consumers do we have an unrealistic time scale from making the offer to moving in time?

Who is dealing with my property transaction?

An important part of ensuring an efficient process is ensuring that you deal only with one conveyancer and your matter is not passed around to different colleagues. This means that the conveyancer is familiar with the property. This should allow the conveyancer to build up a good relationship with you. As mentioned, buying or selling a house is one of the most important commitments in your life, and as such you want to ensure that you can trust who is dealing with it.

The conveyancer maintains this relationship by providing regular updates on how the transaction is moving so you are kept up to date and understands the process. This is particularly important because the conveyancing process can vary in length dependent on the transaction and if you are not in contact with the conveyancer it may appear that there are unnecessary delays.

However, it is important to remember that conveyancers also need holidays and the conveyancer should be able to provide adequate cover to ensure that the transaction continues smoothly in their absence.

As there is no chain the transaction should complete quickly?

Although it is correct that a chain causes further delays as you have to wait until all sellers and buyers are ready to complete before you can complete, it does not mean that where there is no chain there will be no delays. The process may still take a long time due to the investigations of the conveyancer into the property. Although the delays may appear unnecessary it is vital that the conveyancer takes every step in its investigation so you are fully aware of the condition of the property.

How are Estate Agents involved in the conveyancing process?

The process will then run as smoothly as possible as the estate agent often acts as a bridge between the seller and buyer and aids in resolving problems involved in the transaction and any reason for delay. The Agent may also have knowledge of the other home buyers/sellers in the chain so are able to chase queries throughout the transaction. It is important that the conveyancer has a good relationship with the estate agent involved.

Do referral agreements between conveyancers and estate agents add on extra fees?

A referral agreement between a conveyancer and estate agent is an agreement where the estate agent agrees to recommend conveyancers in return for a fee. The agreement does not affect the fees that the client has to pay to the conveyancer or the level of service that is provided. Instead, a referral agreement demonstrates the good working relationship between the conveyancer and estate agent and works particularly well between local conveyancers and estate agents. It is also important to remember that you may be offered a couple of recommendations and it is still your decision as to who you instruct. While the agent may have made the recommendation, it's the connection you make with the solicitor including important factors such as possible time scales, price and convenience of location if needing to make appointments or drop in paperwork.

Whether you're buying, selling, investing, or letting a property, Clapham & Collinge property lawyers focus on the individual needs of our clients, for a free no obligation quotation, contact us today on 01603 693500 or email us using 'Make an enquiry' form. Appointments available at our Norwich, North Walsham, and Sheringham offices.

*This article is provided for general information purposes only and does not constitute legal advice or other professional advice.