Common Conveyancing Problems - Conveyancing Solicitor

By Author: Finven Thomas
Total Articles: 4
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As any conveyancing solicitor will tell you, one of the most common problems in the process is what is probably referred to by your conveyancing solicitor as “gazumping”. Unfortunately, even if you have hired a conveyancing solicitor and they have begun the proceedings and background checks on your future property, until the contracts have been signed and exchanged, there is no legally binding requirement to follow through with the purchase. This may sound like a good thing as you wouldn’t want to commit to a purchase without having your conveyancing solicitor perform the necessary searches and a surveyor perform a survey of the house - but it also means that the other party can pull out.

Gazumping is when the party selling the property has agreed to a deal only to then accept a better offer from another party before the contracts have been exchanged. Legally there is nothing you or your conveyancing solicitor can do to prevent this and until your conveyancing solicitor has arranged the contracts and you have signed them, there is no legal bond ...
... between the two parties. This is particularly negative for the potential buyer who in many cases will have already forked out significant fees for the property survey and the conveyancing solicitor.

Whilst you can’t prevent it, you can take action to try and limit the possibility of being gazumped - the main course of action being simply to move quickly with the sale. It is also important to keep both your conveyancing solicitor and the sellers agent informed of the progress of the purchase. For example, in the case of the latter you should ensure that their agent knowns when you have instructed a conveyancing solicitor, when you have had your survey done, when your conveyancing solicitor has performed the searches etc. By doing so they are likely to pass this information onto the seller as well as keep you informed of any developments.

Another problem that your conveyancing solicitor, and subsequently you, may encounter is the issue of a “chain”. This is a term that you may have heard mentioned by your conveyancing solicitor and it refers to a seller or buyer that is relying on the sale/purchase of their current property before they are able to complete on a new one. In most cases they will have a buyer lined up for their existing property when they commit to purchase another one, but there can often be delays whether it is an issue with their conveyancing solicitor or their mortgage provider. The vast majority of transactions will involve a chain but those who don’t can often negotiate the purchase price lower, with the promise of a quicker transaction with no delays. This maybe something else your conveyancing solicitor can advise you on, although the coneyancing solicitor will usually only commence their work when a purchase price has been agreed between the two parties.
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