Keep calm and settle with the best - Tuckfields
Keep calm and settle with the best – Buying or selling a house is known to be one of the most stressful things you can do. And the last thing you want to consider is the settlement being delayed. A PWC, 2015 report (click here to view report) stated that 25% of all paper settlements are delayed and with statistics like that, we have released our Tuckfields Settlement Guarantee.
We guarantee that when we act for YOU – it will never be us that will delay your settlement. Selecting the right conveyancer is pivotal in ensuring a smooth settlement and we see ourselves as the glue that holds the deal together, we pride ourselves on being proactive when anticipating any challenges but when dealing with multiple parties’ things outside of our control can occur.
Even though settlement is set in the contract, it can still be delayed - so, what can go wrong?
We’ve seen it all, delays can be caused by various things, but usually;
- Bank (or supporting) documents not signed and returned on time
- Other party funds not ready
- Third party not ready (incoming / outgoing bank etc)
- Property not vacant
- Follow on sale delayed meaning the new purchase is then impacted
- Special conditions in the contract not satisfied
These are just a few examples, but what is important is what your conveyancer does when it looks like you will be on the receiving end of a delay. At Tuckfield Conveyancing, our first step is to find out what the actual delay is, we cut through the jargon, find out what is happening and translate that to you in a straight-forward manner, so you are kept informed. Secondly, we work with the parties to ascertain the likely length of the delay and the impact the delay will have on you we will then advise you accordingly and work through the solutions with you.
Licence to Occupy
When you are purchasing and there has been a delay, and you require access to the property we will always propose that you are granted a Licence to Occupy (grant to access the property despite settlement not occurring) the property on the basis that the delay isn’t yours and you should be able to proceed to access the property. This is a straight forward document that both Vendor and Purchaser sign off on. We will prepare as required and advise you of all your obligations and the requirements depending on your role in the Licence. There are several variations of this document (access for full enjoyment, storage of goods, with/without a Licence Fee etc).
Penalties and Remedies
Depending on the length of the delay penalty interest and further remedies will be considered. As we are working with all parties we will ascertain the best course of action for you. The default interest available will vary depending on the contract that has been signed and the time available for remedies will also be dependant on this Tuckfields will guide you through this and ensure you are advised of your rights and obligations as soon as a delay is identified.
We've got you!
Tuckfields will ensure you are kept informed of your rights every step of the way, we will support, guide and ensure that your property is settled as soon as possible. We are passionate about what we do, and more importantly, being good at it. In fact, not just good, but the best. Tuckfield conveyancers go above and beyond, doing all they can to make sure their clients feel cared for, safe, and happy.
Article written by Tammy Edwards
Please note that the information contained in this article is of a general nature only and does not constitute legal advice. Tuckfields does not take responsibility for any errors or omissions obtained from the use of this information.