This year we have had a tremendous year. Many many happy clients who have bought and sold property. New homes. New beginnings.
The house purchase process involves human beings at its core. The sellers and the buyers. The lawyers acting for both sides. The lender. All human beings-not machines.
There cannot be an exchange of contracts until all necessary searches and enquiries have been undertaken. Searches can take weeks to return. Enquiries depend upon co-operation by the other side and satisfactory responses. It is not just the buyer who needs to be happy to proceed. We have to give the lender a certificate of title. Despite what some estate agents might say-this isnt just an excuse to be pedantic-but it is necessary to be satisfied as our reputation and professional indemnity insurance premium relies upon it.
We have had clients who despite being told “these searches and enquires protect you AND the lender and we act for you AND the lender”, still try to fix a date for completion before this stage is completed. Too often there are issues-missed during previous conveyancing or which have arisen since and these must be addressed.
Only when issues are finalised can we agree a date for completion and exchange contracts.
Once we have the agreed completion date we have to send off a certificate of title to the lender to release the funds. We cannot do this too early as the lender does not allow it. Only if the lender is happy will the funds be released. This does not happen at 9.00am on the dot. It can take quite a few hours-especially on a Friday (as everyone wants to complete on a Friday) for the funds to work their way through the banking system to our client account.
If there is a chain then there can be last minute issues and hitches.
Its not a perfect system. We do our very best-as do most other conveyancers-to make sure the anxiety levels are at a minimum.
The best policy is to maintain patience, to remain calm, to be empathic and to be beside the phone on completion day-ready to move.