Conveyancing is the legal transfer of ownership of real estate property. It begins when you accept a property offer or when you place the property on offer.
How long should conveyancing take with no chain? Typically, the conveyancing process can take up to 10 weeks to reach the completion date but some transactions with minimal or no chain can last up to four weeks.
How a Chain Affects Conveyancing
A chain is a term used in property conveyancing to refer to a series of property purchases that depend on each other. Typically a property chain consists of the individual you are selling to and the one you are buying from. Each person’s purchase of new property in the chain depends on the sale of their own. Therefore, if one party pulls their property off the chain, the entire process will collapse.
A longer chain with several buyers and sellers increases the risk of delays in completing transactions. Therefore the shorter the chain (being chain free), the quicker the conveyancing process.
Stages of the Conveyancing Process
From the start to the end, the regular conveyancing process takes several essential steps as follows;
Instructing the Solicitor
The first step when deciding to buy or sell property is instructing your solicitor or conveyancer to help you in the process. It is advisable to have your solicitor close so that the process starts after identifying the property you want to buy. Usually, they open a file on the property immediately after reaching out to them, simplifying the whole process. They will inform you of their charges and keep you informed on all the information necessary for the entire process.
Search and inquiry
It is important to get a good conveyancer as they play a key role in this step. The selected conveyancer gets a contract and legal copies of the asset and searches and makes critical inquiries on the property. This search is done to ensure everything is in order and there are no alterations that may bring issues afterward. The conveyancer also looks into some aspects that may make the involved seller or buyer change their mind regarding the property.
Mortgage and security
The third step after the search and inquiries have been made is to secure the mortgage. The lender is issued with information from the solicitor that confirms the authenticity of the property. The lender will, later on, assess the property to determine whether the agreed sum is in order, enhancing mortgage security. Mostly, the lender may require the services of a conveyancer in ensuring all the conditions are met. The conveyancer, with your help, will ensure everything is done properly and legally before final decisions are made.
Signing of Contracts
Before the contracts are exchanged, the conveyancer will require that you append your signature on all the required documents. The documents should be free of error. When everything is in order and has been completed, you may sign the contracts.
Exchange of contracts
When the conveyancers from both the buyer and seller in the entire chain have their finances and searches all set, they will then authorize the exchange of contracts between the parties involved. All the parties involved must be available for this step to be completed as consent from all the parties is an important requirement.
Potential delays in Conveyancing
The process of handing over ownership of property is subject to several setbacks. One of the factors that can delay the process, as seen above, is a property chain. Other possible setbacks include;
- Delayed searches. The conveyancing search, which is conducted by the local authorities, can be subject to internal setbacks causing delays for weeks.
- Delayed mortgage offers. On occasions where mortgage lenders take longer than usual to issue the offer. Similarly, the expiry of your mortgage offer can cause a delay.
- Complications were discovered during the survey. If the survey discovers problems on your property, it might cause legal troubles leading to delays in conveyancing
- Drawbacks with the property documentations. Complications with documents such as title deeds can cause setbacks in the entire process.
- Delays in accessing the property for a survey.
- Miscommunication between the seller and buyer. Any wrong information between the involved party can result in a delay in the conveyancing process.
- If the constructed property is not ready for moving in.
Avoiding Delays
To avoid unnecessary delays during the process, always ensure the process is clear to all involved parties. You can prevent causing these delays yourself by:
- Filing all necessary paperwork. Collect all the required documents and certifications such as title deeds and other legal paperwork and make them easily accessible.
- Maximum availability. This entails give prompt responses to messages and emails as well as granting easy access to surveyors since it ensures you don’t miss out on good deals.
- Having a conveyancer beforehand. It fastens the entire process by ensuring it starts immediately with the help of qualified personnel.
You can do this by using an online conveyancing platform that provides you with an instant quote and lets you monitor the progress from start to finish. To start your conveyancing journey now, click here.
