Conveyancing is an essential part of any property transaction.
Conveyancers help to get all paperwork completed in a house transaction. They ensure that you don’t break laws.
Conveyancing can be very complicated. So, it may be no surprise that it takes a reasonable amount of time to complete.
So, exactly how long can you expect conveyancing to take? Keep reading to find out the answer to this question, and more.
What is conveyancing?
Conveyancing is the process of transferring a property from one person to another.
As you can imagine, transferring a property to a new owner means a lot of work. A conveyancing transaction consists of three stages:
- Pre-Contract
- Pre-Completion
- Post-Completion
A solicitor will prepare you for critical dates during the process. They are also in regular contact with the other parties’ lawyers. This helps to deal with difficult issues.
Of course, you can fill out all the forms yourself, and save money on conveyancing fees…
This is not recommended without prior experience, though. If something goes wrong, you run the risk of losing the property and forfeiting your deposit.
If your solicitor makes a mistake, they will be covered by professional indemnity insurance.
What is the average conveyancing time in the UK?
The conveyancing process takes around 12 weeks. If issues present themselves, this number could go up to 14 or 16 weeks. If things go well, it can be done in 10 weeks.
There tends to be four main stages involved with the conveyancing process. Some of these are faster than others.
Your conveyancer will review all legal documents and start carrying out local searches, along with a survey. This is the ‘Pre-Contract’ phase and it usually takes around 2 weeks.
Once checks take place on your financial history, you have entered the second phase. This is when the conveyancer will gather details of your current financial position, as well as your history.
The conveyancer then will present all the information they’ve found in the searches. This comes with any other details you should know.
If there are issues, there can be a delay at this point. The two parties will seek clarity on specific information and renegotiate price.
Finally, you have the Exchange of Contracts, followed by Completion. Once this occurs, the conveyancing process is at an end, and the house transfers to its new owner.
The funds will appear in the seller’s account, minus the conveyancer’s fee and the estate agent’s commission. This final phase takes around two weeks, although it can be faster.
Does dual representation speed up the conveyancing process?
Conveyancers can act for both you and the lender, on a dual representation basis.
In most cases, this should speed up the conveyancing process. You can avoid delayed communication between two different solicitors.
Make sure that the conveyancer you are working with is efficient. If they are slow and distracted, this will frustrate both sides.
What are the main delays in the conveyancing process?
Delays in the conveyancing process are caused by unexpected problems with the house. If a survey has revealed that there is a major issue with the property, the potential buyer will want to renegotiate the selling price.
A ‘dealbreaker’ will prompt the buyer to renegotiate. Some of the most common examples include:
- Subsidence or structural defects
- Arguments with the neighbours
- Mould or damp in the house
- Lack of planning permission to extend
- Nearby developments that are coming soon to the area
Issues with the mortgage offer can also cause delays.
The bank might disagree about the value of the property and refuse to lend to the buyer. The buyer may need another way to raise the deposit. This can take a few weeks.
Missing documents are another explanation of conveyancing delays. If the seller does not have an Energy Performance Certificate, then the sale sometimes cannot proceed without it. Likewise, the buyer may want more information on the boiler or electrical wiring.
Tips to make conveyancing quicker
The sooner you get all your documents in order, the faster conveyancing is likely to progress.
If you are a buyer, you should get:
- Proof of your identity
- A mortgage offer in principle
- Clear evidence of your financial history
If you are selling, get an Energy Performance Certificate (EPC) and all necessary appliance documents.
Buyers will also save a lot of time by being up-front and honest about any issues with the house. Paying for a survey is commonplace in the modern day anyway. So hiding problems will only damage your relationship with the buyer.
Communication is key when you are completing a house transaction, so make sure you follow up with your conveyancer. Otherwise, you could risk falling to the bottom of their priority list.
Shorter property chains tend to progress much faster, too. If you are selling your house, find a buyer that is chain-free. This will speed things up as there is less coordination needed.
Are some conveyancers faster than others?
Yes. Like with all professions, some conveyancers will be more efficient than others.
To find the fastest conveyancer possible, you should do plenty of research before enlisting their services. Check online reviews and see what past customers have said. If there is regular emphasis put on how speedy the conveyancer is, then this is a good sign.
You could also ask friends or family for recommendations. If you can speak to past customers over the phone, this might comfort you. It’s also reassuring if their website emphasises their commitment to efficient service.
Keep in mind that some periods of the year are busier for conveyancers than others.
Lots of property transactions take place in Spring and Autumn. Meanwhile, things are quieter during the Summer and Christmas holidays. Weigh this up in your mind.
Lots of conveyancers work within a larger organisation, so if there is a specific professional you’re looking to hire, it’s worth asking for them by name. Because one conveyancer is efficient, it doesn’t mean that the whole company is – and vice versa! – so do your research.
