Buyers and sellers get into conveyance with the hope that the transaction will sail through as quickly as possible. The sooner a buyer finishes up with the conveyance, the faster he will move into the house. The seller also has a target for finishing up conveyance. There are many ways that conveyance gets delayed. Even in chain free conveyance, there are differences in duration of conveyance. This difference is usually smaller as compared to a conveyance with a chain. The question of how long conveyancing takes with no chain can be answered by putting into consideration the number of chains involved and cause of delay in the conveyance.
What is a conveyance chain?
Delays in conveyance may occur when a seller puts a property in the market so as to buy another one. This seller expects to use the money he gets from one transaction to buy another property. There is much demand for housing and less supply. It will take longer for a seller to get an alternative property to buy than to sell his current property. Sellers usually seek properties to buy after getting an offer for the property they have put in the market. The sellers only exchange their contracts after getting properties to buy. Looking for an alternative property may stretch the duration between acceptance of an offer to exchange of contracts.
It is important for a buyer to find a seller who is already settled in other homes. A seller can eliminate a chain by buying a house before putting their current properties into the market. Because homes in the UK are very expensive, sellers are usually unable to find the money with which to purchase another property before their current properties are sold. The sellers can get around this problem by renting an accommodation rather than buying.
It is hard to estimate how long does conveyancing take with no chain as there are complications that the person involved in the chain needs to sort. The property transaction may have disputes, payment dues, and tax unpaid. All of these need to be sorted one after another and all of them add substantial time to the conveyancing process.
How to avoid involved in conveyancing chain delays?
A general rule for avoiding chains of conveyance is finding a buyer or seller who has no other transactions that are simultaneous to the one he is having with you.
Buyers can also cause chains in the conveyance. Given the littler supply and high demand for housing in the UK, most houses attract many offers from buyers. These buyers come with many baggages. Some of them have other houses to sell and are hoping to use that money to pay a seller. Others are first-time buyers with rented properties or buyers who live with relatives. First-time buyers have no other real estate transaction going on and are fully focused on finishing a particular transaction. They are as committed as the seller to complete conveyance. These are the kind of buyers that you should work with if you are considering eliminating the chain of conveyance.
Conveyance may also be delayed by the number of third parties that are involved in the transaction. Third parties refer to the people who make a real estate transaction sail through without benefiting directly. They include mortgage lenders, solicitors, insurance firms and estate agents. They only participate in conveyance out of necessity rather than want. They may make conveyance long by failing to sign documents on time or delaying property research. Chain free properties are usually sold within six months.