What can delay exchange of contracts?
Several issues can create delays in the exchange of contracts process.
Buyer or seller hesitation
If someone is unsure, unprepared, or struggling with paperwork, it can stall progress. Good communication between agents and both parties’ conveyancers often speeds things up, but sometimes patience is required.
Delays with the mortgage provider
Ideally, your mortgage in principle should be sorted out at the earliest stage of the transaction. However, common causes of delays relating to mortgages include:
Someone in the chain not securing their mortgage in principle ahead of time
Slow mortgage approvals
The lender requesting more documents
Someone in the chain needing a revised offer
If you’re buying with a mortgage, you cannot exchange without a final mortgage offer.
Slow searches or outstanding enquiries
If the search provider is slow at completing and sending the conveyancing searches, you are held up as your conveyancer or solicitor cannot review the paperwork or raise necessary enquiries without the results. Additionally, if the searches raise issues, and enquiries need to be sent, if the other party is slow to respond to, this can cause further delays.
Problems within the chain
Any delay within the chain delays everyone. The most common chain-related issues include:
Your conveyancer and estate agent will normally chase the chain to keep things moving.
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