Many of our clients often wonder exactly how long does conveyancing take? Whilst we wish we could provide an answer to this question, unfortunately it can be extremely hard to give an exact estimation. The time it might take to get into your new home is dependent on many different factors and is susceptible to many different influences.
Why does conveyancing take so long?
Conveyancing doesn’t always have to be a drawn-out process, however there are certain factors which can cause the process to take longer. Below, we have detailed some of the common reasons along with explanations.
There are circumstances where the lender makes an offer in principle on the mortgage product in question and the buyer believes this to be the actual offer. In reality, the actual offer will only be issued once the home in question has been decided upon and the lender has completed the necessary checks on the property, including a valuation survey (please see further below). Obviously, obtaining the mortgage offer can take much longer than expected meaning the whole conveyancing process is slowed down.
A valuation survey is likely to have to be carried out on the property in question at the request of the lender, so that they have a proper valuation of the property on which to base their loan offer. We would always recommend to a buyer that they instruct a surveyor to undertake a property building survey of the property, not just a valuation and that they should have a survey even if there is no lender involved. If there is an issue found by the survey, such as damage to the property that needs to be rectified, this can increase the amount of time that the conveyancing process takes. It can also become a sticking point with the seller, as they may be reluctant to either carry out the work or to reduce the purchase price to reflect the issues raised by the survey.
It is commonplace for property purchases to involve a chain of transactions. All of these transactions must be exchanged and completed in order and they are dependent on each other. If the chain contains many transactions, there can be issues if one of the transactions isn’t progressing as quickly as the others for some reason. This affects all of the other transactions in the chain, leading to a delay in the process and, potentially, to the chain collapsing.
How long does conveyancing take with a solicitor?
Having an expert conveyancing solicitor assist you with the process can greatly reduce the amount of time that conveyancing takes. A good solicitor can reduce the time the transaction will take through their knowledge of the process along with assisting with the communication between both the buyers and sellers.
In the majority of circumstances, the time from initial instruction to the completion of the process can be anywhere between 8 to 12 weeks depending on circumstance. At Myerson, however, we are able to work to your timescales and have been able to exchange and complete within a few days for a cash buyer. We are also experienced in providing an attended exchange service where exchange of contracts can take place in a day. This is particularly useful for clients who find themselves in a very fast moving market where there can be a contract race situation and it is extremely important to exchange contracts to secure the property.
It is worth noting that even in ideal situations where there are no issues to be resolved there is a basic amount of time taken in all conveyancing issues.
How We Can Help
A member of our specialist team will be happy to help.
To discuss How long does Conveyancing Take? issues, please either use the contact form on the right, email us at firstname.lastname@example.org or call us today on +44(0)161 941 4000 to speak to a member of our team.