How long does conveyancing take? Many buyers, particularly first time buyers, figure that in buying a house it is only the finance that they have to worry about. Once they have financing settled then the rest should be straightforward and fast to complete. Conveyancing, however, is not as simple and speedy as many would want. The time taken to complete a deal depends on a variety of factors that could expedite the process or cause unnecessary delays. Here are some timelines for various stages of conveyancing accounting for the factors that could affect it.
Finding a conveyancer
If you think you need help with conveyancing, then you have to find a solicitor. Be careful when making your choice as this will determine the amount you are going to pay them as conveyancing fees. As such ensure that you do not simply take advice from your real estate agent as many people do or even from family and friends as the deciding factor. Here, proper research is critical. The internet can be a very useful tool when finding a solicitor. There are numerous sites like reallymoving.com where you can compare quotes for various conveyances. Here you can find a lawyer who is within your budget and even your location. The time spent here depends solely on you. If you want to conveyancer fast then you have to be fast in selecting one.
Once you have chosen your solicitor, you will then have to submit your papers. Your solicitor will then proceed to draw up a draft contract. This process can be a daunting task for the solicitor as they have to obtain information from a number of parties. These are such as the mortgage lender, the seller, the landlord and any other relevant party. It is dependent on the number of people that the solicitor has to consult when obtaining information. It usually takes a maximum of 3 weeks and may exceed that depending on the factors mentioned above.
Response to the Inquiries
For a buyer, his solicitor has to check the papers and investigating all the related documents about the property. He/she has to carry out searches starting from the local authorities, the water company, an environmental assessor and any other related party. After investigations, the solicitor can raise any inquiries with the seller’s solicitor or conveyancer. The duty of the seller’s solicitor will then involve dealing with the questions raised. For instance, if there are some enquiries concerning damages that he may have to refer to the landlord. This process usually takes between 2 to 8 weeks. It may vary depending on enquiries raised by the buyer’s solicitor which then depends on the state of the property.
Exchange of Contracts
Once all the inquiries have been dealt with, the two parties can exchange contracts. This usually takes place in the 8th week. It is during and after this period that the transaction takes place. After contracts have been exchanged the buyer’s solicitor will carry out further searches on the Land Registry and bankruptcy. The seller has to ensure that all the finances regarding the property have been taken care of. That means that all the rent has been paid. The seller’s solicitor will then communicate to the buyer who will then proceed to arrange payment for the property and the solicitor’s account. All this usually happens at the 10th week. However, it depends on the financial arrangements. When a mortgage lender is involved, it might take longer if the lender still hasn’t disbursed funds.
The complication date is where the seller has to provide keys for the buyer. And the buyer can begin the process of moving homes. The keys are exchanged when the agreed amount are moved to sellers account. As per the contract, the buyer will now have the legal ownership of the property.