In 20 years of practice, there is one question we have been asked more than any other: “Where are we up to?”, or something of that ilk. The Law Society reports that the most common complaint against lawyers (more than one in five complaints) relates to delay.
It is as frustrating to ask for progress as it is to be asked, especially when delays can be avoided. Here are five ways clients can help solicitors avoid delays in property transactions.
Agree the terms
It is not uncommon for clients to agree the key terms of a deal without professional advice. Once solicitors get involved the key terms can change, or rather, new terms arise. Lawyers negotiating commercial terms in the middle of a transaction can cause delays and increase costs. Including solicitors, agents, and/or your accountants when agreeing the headline terms may cost a little more up front, but is likely to save much time and cost down the line.
All too often clients come to solicitors without necessarily working through all angles of a transaction. Tax implications are a classic example of unexpected surprises that often creep up late in a deal. Invest more time up front. Get more of the terms agreed, and legal negotiations should proceed smoothly.
Find your paperwork
When you bought the property you’re about to sell (or let) your solicitor should have gone through the same exercise as your buyer (ot tenant) is about to go through. You should therefore expect to disclose a lot of the information you received. Failing to do so is likely to cause delays.
You don’t need to wait for your solicitor to request this information from you before you take action. Start by looking through the paperwork you received when you bought the property. Replies to enquiries may reveal a number of interesting facts about the property that you have long forgotten. You may have received an indemnity insurance policy or a missing deed that will be critical to the diligence process. Or perhaps you have a number of documents like asbestos reports and fire risk assessments that you received.
Enquiries are often raised in a standard form. Download our guide on documents you’re likely to need and links to the forms of standard enquiries. You will see why it takes time to go through all of the enquiries and why it might seem like matters are going slowly.
Missing or incorrect paperwork
Most errors in legal paperwork can be resolved, or mitigated, often by insurance. Like any problem, early detection is preferable. For lawyers, getting to those problems often happens after paperwork is disclosed or delivered by some authorities that can take a few weeks to reply to enquiries.
Checking plans against real boundaries and make sure they’re consistent. Compile a complete record of planning documents. Make sure the recommendations in your asbestos and fire risk reports are completed. Buyers do not like buying to-do lists.
Slow or poor communication
Lawyers love email, and with good reason. Emails are a good way of recording what we agree with our clients, with our opposing counsel, and we can send it and respond to it at a convenient time. The problem is it is slow and impersonal. Use the phone. It’s simple but it works – even if it does feel a little old fashioned.
A buyer and a seller communicating through their agent or seller can triple the amount of communications. The cause of delay is obvious. Agreeing an initial all parties call is immensely valuable. It can set a tone and avoid a lot of initial email tennis.
How can Goughs help?
Goughs can help you get ready for the sale of your property. Download our CPSE Checklist to make a fast start. We will work with you to make sure that as many queries are dealt with at the start of the process, not the end.
Most of our clients want their deals completed quickly. Believe it or not, so do we. We will communicate with you in a manner that suits you and we may need your help persuading your buyer and their professional team to do the same. A little cooperation goes a long way, and sometimes even saves a week or two.
