Conveyancing is necessary to ensure the legal title to a property is transferred from seller to buyer with no complications. However, conveyancing is a complex process that involves several steps that have to be completed properly for the transaction to proceed.
Anyone buying or selling a property is naturally eager to complete the transaction as quickly as possible. However, certain aspects cannot be rushed and it’s important not to overlook crucial steps by doing so.
How Long Does Conveyancing Take?
Conveyancing can be completed in 6-8 weeks although this is dependent on everything going smoothly and there being no delays. The process is much quicker than in previous years since most documentation is transferred electronically, avoiding postal delays. The process involves several stages:
- Pre-contract when the buyer expresses an interest in the property and the seller provides details.
- Execution of the contract of sale, which is signed by both parties after they agree terms and conditions. There is then a two-day cooling-off period when the buyer can withdraw from the contract without penalty, after which the contract is legally binding.
- Pre-settlement when the conveyancer conducts searches, carries out checks, liaises with various bodies, verifies identity and authority, prepares settlement statements and coordinates with everyone involved.
- Settlement, which is the final stage where property ownership transfers from seller to buyer. The conveyancer ensures all documents are executed properly, that due payments are made and the transfer of ownership is registered.
The process is prone to delays at various points but there are actions that can be taken to minimise them:
- Whether a buyer or seller, provide all required documentation to the conveyancer and ensure it is complete.
- Identify potential risks and issues associated with due diligence and property searches. Complications can result in delays and require additional investigation, so being efficient and proactive is important.
- When finance is required for the buyer, regular communication with the lender is essential so documentation is provided on time and there are no delays.
- Due to the number of parties involved, a delay caused by any of them can lead to serious problems due to the effect on others. Regular communication with all parties will minimise setbacks.
The Best Way to Avoid Delays in Conveyancing
Delays are always possible in conveyancing, irrespective of the best efforts of everyone. Hold-ups with documentation, the provision of finance and searches that are more complex than expected can all result in the process going behind schedule. This can cause frustration, result in extra costs and, at worst, mean the whole process fails to complete.
To give the best chance of completing on time, engage a professional conveyancer early in the process. And, to avoid too much stress, try not to have tight deadlines that doom the process to failure from the start.
We always endeavour to complete on time and adopt a practical approach to achieve this. We communicate regularly with all parties, ensure everything is produced fully, accurately and on time, and anticipate and overcome any bottlenecks. We will also keep you fully informed of everything that is happening, particularly problems, so there are no surprises.
Buying or selling a property is one of the most important transactions you will undertake so have an experienced conveyancer make sure it’s as stress-free as possible. Contact us early so we can help you complete successfully.