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Buying and selling property can be a very exciting time for buyers and sellers, but whether it is a first-time purchase or your third, trying to understand the Conveyancing process can become overwhelming and confusing, particularly if you are not having your expectations managed. Being caught up in a whirlwind of group chats with your buyer or seller can confuse the situation up and down the chain, especially when discussing completion dates, which may not even be achievable. There could be outstanding enquiries to be actioned or hold-ups in the chain which are out of your Conveyancer’s control and these will need to be dealt with before a completion date can be agreed. In a nutshell, everyone in the chain needs to be on the same page.
One piece of advice I give to my clients towards the end of a transaction is to hold off ordering your removals until contracts have been exchanged.
The only way to legally solidify a completion date and to give you some assurance that the completion date is secure is to exchange contracts. Only then would I recommend ordering your removals.
Whilst we’re aware that this can be a frustrating process, ordering removals before the contracts are legally exchanged can carry a financial risk.
Here’s an example
You and your buyer/seller agree to a completion date via text message without speaking to your Conveyancers beforehand and proceed to book your removal firms and pay a non-refundable deposit to the firm to secure the date. You are then advised by your Conveyancer that a party in the chain still awaits their search results before being able to proceed further and will not be in a position to complete on the date you have agreed with your buyer/seller. This could result in you having to cancel your removals and forfeiting your deposit.
This blog was written by Kelly Tonge, a Conveyancing Executive within our fantastic residential property department. Based in our Hinckley office, Kelly also has 32 reviews on ReviewSolicitors, with an average rating of 5/5 stars. If you would like to contact Kelly, call 01455 290203, or email firstname.lastname@example.org. Likewise, click here to see further information.