How long – is a piece of string?

Whatever we might do as an industry, marrying up the expectations of consumers with the reality of what actually happens during the process of a buying or selling a house is always going to be a tricky task.

For instance, nobody quite knows how long the process should take. To some extent, everyone knows what the average time to exchange/completion is; but each transaction is different. Each has its own unique set of requirements and each can go wrong (or indeed right) in all manner of ways.

What can start off as a seemingly run-of-the-mill purchase can run in to all sorts of trouble when surveys and the like are returned, when mortgage finances are to be secured, or indeed when you factor in the possibility of human beings simply changing their minds.

It is perhaps no wonder that there are a number of on-going attempts to provide more of the necessary information far earlier in the process which will in turn deliver greater levels of certainty to all concerned and help to reduce the chances of an abortive transaction.

So why does in take so long?

Conveyancing is not just about more automation. Conveyancing as part of the house buying process tends to go unnoticed and underappreciated, until there is a delay. In many cased, liaison between all parties to the transaction includes two sets of lenders for home movers as well as many conveyancers representing other clients in a property chain, so it can be a lot to juggle.

How long does it take to move house is the question that we get asked the most at the start of the Conveyancing process.

We could say that if your buyer’s conveyancers are on the ball, provided you live in a house (and not a flat), that your property is registered at the Land Registry, that you are selling only and there is no chain, and your buyer has cash and does not require a survey, (more fool them) – it could be as little as between 24 and 48 hours.

But we don’t.

We could try and use a piece of string analogy here, but we’ll save that for later. Simply, there are many, many components which make up a house move. The likelihood is that other house or flat moves will be linked to your move and one or more will require some kind of finance. Inevitably the more links in the Conveyancing chain then the more complex and time consuming your move may become.

Sale Only

But, let’s not be too pessimistic. You could be lucky and your sale might fly through, leaving you wondering what all the fuss was about.

If you’re selling only and not buying, you’re normally in the best position – provided you are not at the top of a chain of transactions. One seller and one buyer (a first-time buyer, someone living in rented or an investor) would be your best bet.

A word of caution: Just don’t get too excited early on when your buyer says they are paying cash. Sometimes, we find out that the cash is actually coming from a Bank or Building Society in the form of a Mortgage. Not intentional deception more a misunderstanding of phraseology. A good Estate Agent will interrogate your Buyer to make sure that there is no miscommunication.

Buying and Selling at the Same Time

When you are buying and selling at the same time, the length of time it takes you to move will inevitably be longer than just a sale or purchase.

Assuming there are two to three people in the chain (and no-one changes their minds for whatever reason and pulls out) then a reasonable time frame would be approximately 16 weeks.

Who or What are the Main Culprits for Delay?

Let’s round up the usual suspects…

Mortgage Offers

We are living in different times since the financial crisis of 2008.

The mind-set of Banks’ and Building Societies’ has changed and their aversion to risk increased immensely. Financial Regulators also insist on less reckless lending than in the past so more than ever before the computer likes to say no!

The impact for you is that where once mortgages were issued by the most efficient Banks and Building Societies within a matter of a couple of weeks or so, this process is now taking a lot longer.

The moment the chain is ready is by and large, the time when the last mortgage offer is received.

It’s also a reason why suddenly after weeks of inactivity it’s all hands to the pumps for a quick exchange and completion.

Chains

Chains are a part and parcel of the house buying process in England and Wales.

Different countries have different methods for house transfers and we have a lot of opponents to our system in England and Wales.

“Buyers” are able to make offers on property “subject to contract” which means they are not committing to buy the property until all their arrangements are in place, a survey commissioned and linked chains of transaction are complete and ready to go.

Buyers and Sellers can withdraw from a sale or purchase on a whim, bad survey, unsuitable mortgage finance, job loss; the list is extensive.

There is always room for increased efficiencies but our view is that there are just enough checks and balances to ensure people are not forced or pressurised into buying a property they may later regret.

Managing Expectations

Which takes us neatly back to the original question.

It can be very stressful moving house with many built-in uncertainties. Try and reduce your stress levels by not harbouring unrealistic expectations about how quickly you can move house.

If you condition yourself to a 16 week period, then you will be delighted if it takes less time.

Communication is key. Do keep in regular contact with your Conveyancers, Estate Agents, your Lender or Mortgage Broker and your Buyer or Seller if you both agree. Then, even where there is an additional delay, so long as everyone in the chain is aware of the reason, the stress levels will reduce and expectations are managed.

Now what did I do with that piece of string…

Planning a house move? If you would like to chat to me about your upcoming move please contact us on 0800 011 6666 or legal@timms-law.com