The Society for Licenced Conveyancers (SLC) is calling for all its members to do everything in their power to avoid additional delays in the home buying process.
In particular, the SLC believe that conveyancers should have all monies, including mortgage funds, in place the day before completion.
Having acknowledged that the majority of conveyancers insist on having the money in place prior to the day of purchase, it states that the few that are content with obtaining the funds on the day of the completion are responsible for holding up the transaction and causing undue stress to the moving process for both buyer and seller.
In addition to the request, the SLC have stated that one of the attributing factors to delays is caused by the lenders undertaking anti-money laundering processes that ultimately hold up funds being given to conveyancers in advance of the completion date.
Although this is not the fault of the conveyancer, the SLC would like conveyancers to be mindful of this expected delay in the modern process and do everything they can to factor this in before making a final completion date.
Simon Law, Chairman of the SLC, said: “it has long been recognised as best practice for conveyancers to make sure that they are in funds from mortgage lenders, clients and other external sources the day before completion. This is particularly important in respect of properties where a chain is involved, as any delay in transmission of funds can have a severe impact on the whole chain.
“As specialist property lawyers, members of the SLC and their clients are often frustrated to hear the lawyer on the other side saying they are awaiting mortgage funds on completion day. There is simply no need for this and those lawyers are doing a disservice to their customers and the profession.”
Are conveyancers able to factor in processes, like lender due diligence, before setting a completion date? Should this be the role of the conveyancer? Will SLC guidance help create a more smoother home buying process?
One Response
This is just one example of the lack of common sense applied by an awful lot of conveyancing practitioners.