Conveyancing, How Long Should it Take?
Buying or selling a home can be exciting, but the legal side of things, known as conveyancing, can sometimes feel a little unfamiliar and sometimes daunting. Unless you’re a lawyer, chances are you don’t know much about conveyancing, property law, or what to expect. One common question we hear is, "How long should conveyancing take?" Well, we’re here to help.
Understanding the Basics 🤔
Conveyancing is the legal process of transferring property ownership from one person to another. It involves various steps, such as reviewing contracts, conducting searches, and ensuring all the legal bits are in order.
Variable Timeframes ⌛
The time this process takes can vary. No property transaction is the same as the next, so it can be difficult to generalise. On average, the process often takes around 8-12 weeks, but this can change based on factors like the property's complexity, the length of the property chain, and any unforeseen hiccups.
Key Stages and Timelines ⏰
Offer Acceptance to Exchange of Contracts (4-6 weeks):
After your offer is accepted, this initial phase involves checking legal documents, conducting property searches, and making sure everything aligns.
Exchange of Contracts to Completion (2-4 weeks):
This stage sees the finalisation of the sale contract, setting a completion date, and transferring the deposit. It's also when you usually secure your mortgage.
Completion (On the agreed date):
The big day! Ownership officially transfers, and you get the keys to your new home. Or you hand off your old keys to the new owner.
Factors Affecting Time ⌚
Property Chains: If there's a chain of buyers and sellers, it can add complexity and potentially more time. Due to the complexity of property chains, one in three property chains fail in the UK. If you’re buying or selling a home, let Clear Chain help you better your odds. Find out more about Clear Chain here.
Mortgage Approval: Securing a mortgage is a key factor. Delays in mortgage approval can extend the overall process.
Legal Hurdles: Unforeseen legal issues, like problems with property titles, can slow things down.
Your Role 🏠
While conveyancers handle the legal side for you, your responsiveness matters. You’ll want to make sure you’re providing required documents promptly and staying in touch as it can help keep the process moving along efficiently. Regular communication with your conveyancer is crucial here, as it keeps you informed about the progress of your property transaction, allows for timely resolution of any issues that may arise, and ensures that you are actively involved in the process, leading to a smoother experience. Additionally, it provides an opportunity for clarification of any questions or concerns you may have along the way, giving you peace of mind.
In the world of conveyancing, patience is key. While it can feel like a bit of a waiting game, each step is vital to ensure a smooth and legally sound property transfer. Remember, good things take time, and before you know it, you'll be holding the keys to your new home!
