Buying or selling a property can be an exciting, albeit complex, adventure. Central to this process is conveyancing; the legal transfer of property from one person to another. However, the time it takes can vary significantly, often causing frustration and confusion for those involved. Understanding the factors that influence conveyancing timelines can help manage expectations and streamline the experience. In this post, we explore what conveyancing actually involves, the main factors that can extend the process, and provide practical tips for both buyers and sellers to make the journey as smooth as possible.
What is Conveyancing?
Conveyancing is the legal process of transferring ownership of a property from the seller to the buyer. This process begins once an offer on a property is accepted and ends when the keys are handed over. The key stages of conveyancing include pre-contact, exchange of contracts and completion.
- The pre-contract stage is where the solicitor conducts necessary searches (local authority, water and environmental), reviews the documents provided by the seller’s solicitor (contract package), and addresses any queries based on the search results, property surveys and contract package. This stage is crucial for uncovering any potential issues or discrepancies that may affect the transaction, ensuring a smooth transition to the next steps in the conveyancing process.
- The exchange of contracts. Both parties agree to the terms, contracts are exchanged, and the deal becomes legally binding. A deposit (typically 10% of the purchase price) is also paid. This marks a significant step forward in the conveyancing process, providing assurance to both the buyer and seller that the transaction is moving forward according to plan.
- The completion, which is where the balance of the purchase price is transferred from buyer to seller, and the legal transfer is completed. The buyer officially takes ownership of the property. This final step in the conveyancing process marks the culmination of the transaction, with both parties fulfilling their obligations and the buyer finally gaining possession of their new property.
Factors Influencing the Duration of Conveyancing
Several factors can influence the duration of the conveyancing process, and we explore these in more detail below;
Property chains. A chain occurs when multiple transactions depend on each other to complete. If one link in the chain faces delays, it can impact all involved parties. Longer chains can significantly increase waiting times. It’s advisable to discuss chain lengths with your solicitor and estate agent to anticipate potential delays and plan accordingly.
Mortgage approvals. The time it takes to secure a mortgage can also delay the process. If there are issues with the buyer’s financial situation or if the lender has reservations about the property’s value, additional time may be needed to resolve these issues or secure alternative funding. Working with a mortgage advisor and promptly providing any required documentation can help expedite the approval process.
Survey issues. Surveys may reveal problems with the property that require further investigation or renegotiation of the sale terms. Issues like structural problems or boundary disputes can introduce significant delays. It’s important to carefully review survey reports with your solicitor and address any concerns promptly to prevent prolonged hold-ups and ensure a smoother transaction process.
Practical Advice to Speed Up Conveyancing
For both buyers and sellers, there are proactive steps you can take to expedite the process.
- For buyers, before starting your property search, it’s important to secure a mortgage in principle. This shows sellers that you are a serious buyer and can speed up the formal mortgage application process.
- It is also essential to promptly provide any requested documentation and answer queries from your solicitor promptly to avoid delays. Clear and timely communication with your solicitor ensures that any potential obstacles can be addressed quickly.
- During this time, it’s important to arrange your surveys as soon as your offer is accepted to ensure there’s ample time to handle any issues that might arise.
- For sellers, you should gather all necessary documents before putting your property on the market. This includes property deeds, building regulation certificates, and details of any existing warranties.
- By hiring a solicitor with experience in property conveyancing like Gillhams Solicitors, you can make a significant difference to the process. They can foresee potential issues and handle them efficiently.
- Also, be sure to keep in regular contact with your buyer, and your estate agent to ensure any queries or issues are dealt with promptly.
Peace of Mind When Understanding Property Conveyancing
While conveyancing can take anywhere from several weeks to a few months, understanding the factors involved and taking proactive steps can help reduce the waiting time. Both buyers and sellers play pivotal roles in the efficiency of this process. By preparing adequately and maintaining open lines of communication, you can help ensure a smoother and quicker conveyancing process.
Remember, every property transaction is unique, and unexpected delays can still occur. However, with the right preparation and proactive handling of each stage, you can minimise stress and look forward to a successful property transfer. Keeping open communication with your conveyancer and promptly addressing any issues that arise can help navigate through potential challenges and ensure a smoother process overall.
Should you need further advice on property conveyancing and what to expect over the duration, then look no further than our experts at Gillhams Solicitors. Simply get in contact with us today by phone on 020 8965 4266, by email at solicitors@gillhams.com or by completing our online contact form and we will happily discuss your enquiry in more detail with you to determine the most suitable steps going forward.
