The “Are We There Yet?” Of Conveyancing… ‘When Will We Complete?’
In her latest Timms blog, Trainee Solicitor Leonnie Watson Discusses Common Conveyancing Questions “Are We There Yet?” and “When Will We Complete?”
Understandably, buying a new house can be a very exciting time so the question on the tip of anyones tongue is: When Will We Move?
How Long Does A Conveyancing Transaction Take?
An average conveyancing transaction can take between 12-16 weeks. Transferring ownership of land and property is a complex process and one that requires co-operation, often, by many different people. So, naturally, this takes time. To add to that, every property is unique with a variety of factors and processes affecting different transactions which can affect the length of time between an offer being accepted and completion. As a result, some transactions may happen quite quickly, and others may take longer.
Can My Conveyancer Give Me A Definite Completion Date?
Realistically, at the outset of a transaction a conveyancer cannot give you a definite completion date, or even sometimes a rough estimate of when matters will complete. This is simply because there is usually not enough information available to determine how long the transaction will take to progress. A provisional date could be agreed, but there is no certainty until all parties are ready to exchange contracts. A good conveyancer will manage a client’s expectations accordingly.
It is particularly important to ensure that the buyer’s solicitor is happy that all legal issues have been resolved before exchange and completion dates are agreed because once exchange happens, the risk for the property passes to the buyer. This is where the ‘buyer beware’ caveat is important. For more information about this please see my recent blog here.
Reasons Why Conveyancing Can Take So Long?
Some of the things we commonly see delaying a conveyancing transactions are (but not limited to):
- Lack of planning permission;
- Obtaining management packs for leasehold properties;
- Parties being on holiday;
- Someone in the chain pulling out;
- Obtaining FENSA or other compliance certificates;
- Incorrect information on forms;
- Delay in search results and surveys;
- Bad search/survey results;
- Buying a new build property that isn’t ready;
- Buying a leasehold;
- Mortgage offer delay; and
- Responses to enquiries.
What Can Be Done To Speed The Process Up?
As a buyer or a seller, here are a few tips that can assist your conveyancer/solicitor throughout the conveyancing process:
- Arrange your mortgage as soon as possible;
- Get your paperwork in order;
- Get your finances in order;
- Make use of the estate agent;
- Arrange your survey promptly (if you want one);
- Respond to your solicitor with information they need from you at the earliest opportunity.
How Can Timms Help?
If you have any questions regarding this blog or any other conveyancing query, please feel free to contact me on 01332 364436 or via email at l.watson@timms-law.com. Alternatively, you can visit the conveyancing section of our website here.
May 2022