Moving into a new home can be quite a stressful experience with detailed procedures. If you are not trained or familiar with the legal terminology or steps involved in the conveyancing process, it is always a better idea to hire a conveyancing solicitor who will assist you through the process and reduce any chances of something going wrong. Moreover, in case of a problem, conveyancing solicitors will be able to assist you deal with the problem according to your needs. It is also important to understand what could possibly go wrong so that, with the help of your conveyancer, you can find some solutions and have a smooth conveyancing process.
Condition of the House/Property Is Different
When signing the Contract of Sale, it is always important to inspect the condition of the house or property. In the event that during a final inspection of the house you realize certain issues of maintenance, your conveyancer should inform you on some of your rights under the Contract of Sale. Some of these rights allow you to dispute the condition of the house should there be any flaws.
Finances Not Approved By the Contractual Date
When making a purchase as large as a house, you need some level of financing. For this, you can approach a lender or bank. For facilitation of the finance borrowing process, you will be needed to sign a Contract of Sale, which is an agreement that the purchase of the house will be subject to finance by a specified date. However, sometimes your lender may not approve the financing by that contractual date. When this happens, you can either continue with the contract or terminate it. In the event that you continue with the initiatory Contract of Sale, your conveyancer can request for an extension of the date of financing. You also need to update your conveyancing solicitor as well as the vendor of any progress concerning your loan application. If you don't provide this information to the vendor, there are high chances of nullification of the Contract.
Late settlement of the loan means that your settlement obligations will be delayed. This means that you will be in breach of the Contract of Sale and you could incur interest, penalty fees, or in other cases termination of the contract. Therefore, it is important to share your options with your conveyancer to ensure that any loans applied are processed in time.