Tips To Speed Up the Conveyancing Process
The conveyancing process can be long and slow. This can be a nuisance when you just want things to move as fast as possible, although certain issues can get in the way and slow things down.
Buying and owning a property is likely to be the biggest financial decision someone can ever make, so we aim to make the conveyancing journey as smooth and stress-free as possible. Hence, we bring you this article to provide you with some top tips on what you can do to speed up the conveyancing process.
What is Conveyancing?
Conveyancing refers to the legal part of buying a home, which involves the legal transfer of property ownership from the seller to the buyer. Conveyancing is all about the legal side of property transfers, and it is a conveyancer's job to help you with the legal stuff. Our expert team of expert conveyancing solicitors can help those from all over the North West.
A typical conveyancing process has two major phases: the exchange of contracts as the first phase and the completion as the second phase. The conveyancing process starts when your offer on a property is accepted and is finished only when the keys have been passed over.
We have a full article on the different stages of the conveyancing process, which you can take a look at for information on these stages in more detail.
How Long Does Conveyancing Usually Take?
As conveyancing is the legal process of buying a home, it usually takes between 12 and 16 weeks, although do bear in mind that these times can vary enormously and delays can come up.
Why Does the Conveyancing Process Take So Long?
Many factors can affect the timing of the conveyancing process, from the initial start when the offer has been accepted to the completion and handing over of the keys. A lot of the time, these factors will be totally out of your control. This can be the case if one or both parties are slow with their responses.
Conveyancing often relies on waiting on someone else for the process to be moved forward, which can result in a lot of waiting around. Other reasons for long waiting times could potentially include delays in obtaining searches or if you have to deal with unresponsive buyers.
Complex cases can also result in the process taking longer than usual, such as if the purchase is part of a divorce case, probate or leasehold property.
Tips on How to Speed Things Up
If you follow these tips, it can help everyone involved in the process and ensure delays are kept to a minimum - so read on to learn how to speed up the conveyancing process.
Before You Make an Offer
Conveyancing can’t begin until your solicitor has conducted anti-money laundering checks. If you tell your conveyancing solicitor this before you make an offer and give them all your necessary ID you will already be one step ahead.
Get Your Mortgage Arranged As Soon As Possible
Before you even start property hunting, we recommend that you research what type of mortgage you wish to have and how much a lender will lend you. A ‘Mortgage Agreement in Principle’ will help you understand how much you can borrow and whether you can lend the amount you need.
If you are getting financial help to buy your property from a family member, then you must tell your conveyancer straight away. Your solicitor will need to write a ‘gifted deposit’ document, which can cause delays if mentioned at the last minute.
Arrange Local Searches
The target is that searches should take a maximum of 10 working days; with added delays, this can take longer, which can be frustrating. If you happen to be waiting a long time, you can get them done more quickly by using a search company to conduct a personal local authority search.
Arrange Your Survey
Make sure you flag up any issue you want the surveyor to look at in particular; this can avoid wasting time later. Depending on what the survey reveals, you may want to renegotiate or even reconsider the purchase. Overall, the quicker you can do this, the better and quicker the conveyancing process will be.
Get Your Paperwork Together
When someone wants to sell a property, you will need to complete a property information form. This will include details about the property, such as certificates from renovations, damp proofing, window replacements, etc., so make sure you provide these promptly for the process to keep moving.
Make Use of the Estate Agent
Estate agents have an interest in ensuring the sale goes through as quickly and smoothly as possible, as this is when they will receive their commission. Utilise their desire for things to be moved along promptly; their job is to speak to the buyer, the vendor and their legal representatives regularly to make sure everything is on track. Estate agents work for the seller so they will always look out for their best interests.
Research Insurance
Building insurance must be arranged for the day you exchange contracts, so shop around to prepare for that day and don’t leave it until the last minute.
Stay Informed
It is always a good idea to stay informed and to receive regular updates on your whereabouts in the conveyancing process. It also has the added benefit of making sure your case hasn’t dropped to the bottom of the pile as other people are pushing their cases more. At Bell Lamb & Joynson, you can track the progress of your conveyancing 24/7 via our mobile phone app.
Sometimes Completion Is Intentionally Delayed
Sometimes there will be instances where the buyer and the seller both agree to delay completion. This could be due to reasons such as both sellers and/or buyers having personal circumstances to deal with before the completion of the conveyancing process.
Another reason could be that the property is still being built or refurbished, as it is common for developers to exchange a property ‘off-plan’ with the buyer and set a provisional final date.