Fast conveyancing is the holy grail
Why Does Conveyancing Take So Long? The holy grail of fast conveyancing
After months of searching for a new home you’ve finally found one that you want to buy and the seller has accepted your offer. Now your thoughts have turned to paint charts, colour schemes and speculative trips to Ikea. Unfortunately it can seem like it takes forever for the mysterious conveyancing process to happen before the keys are finally in your hands. Why is this? How can you find a solicitor who can do fast conveyancing?
One of the main questions clients ask us is how long will this take? Unfortunately this is a difficult question to answer at first. There are many aspects to the process of buying or selling a house and the more links there are in the conveyancing chain, the more complex and time consuming the transaction may become.
Essentially, conveyancers want you to be informed about every aspect of the property before you commit to, what will probably be, the most expensive purchase of your life to date.
A usual conveyancing transaction, provided there are no major hold-ups, should take around 7-9 weeks. The majority of people, especially first-time buyers, are unclear of exactly what takes place during the process and can become frustrated if it appears that the transaction is dragging along. People can be quick to pin the blame on their conveyancer but they are not usually the reason for the delay.
7 -9 weeks may not seem like the fast conveyancing process most people wish for but the process takes this time for a reason. A typical purchase of a property progresses like this:
- The offer is accepted and the estate agents will ask you which solicitor you are using. The conveyancer will then send you instruction forms to be completed, signed and returned along with proof of your identity and address and they will request money on account of costs including search fees.
- Once the instruction forms have been returned to your solicitor, they will write to the solicitors on the other side of the transaction to let them know that they are acting for you. The other side will send over the contract papers, including deeds, the contract, Property Information Form and the Fitting and Contents form.
- If the contract papers have arrived the searches can be requested and the rest of the paperwork can be reviewed. A Local Search can often take up to three weeks to be returned, even longer at peak times during the year. This is one of the major factors that can hold up the conveyancing process.
- Your solicitor will raise any enquiries that they have in relation to the title, the Property Information forms or the other searches which have been returned. The solicitor will also deal with the mortgage if there is one and draft the Transfer Deed which transfers ownership upon completion.
- These enquiries are absolutely essential to safeguard you during the process as once the sale is completed there is no going back. You need to know that the property you are buying is in sound condition, that any building work has meet building control approval and there are no issues with rights of way or restrictions on the property that will cause you problems in the future.
- Once the Local Search has been returned then the solicitor will be able to report to you with the full details of the property and provided you are happy with everything get you signed up in readiness to complete your purchase.
- Providing that there are no major hiccups or kinks in the chain then exchange should take place and a completion date can be arranged that suits everyone else in the chain. Your solicitor will request your mortgage funds, if necessary. Banks usually take around 5 working days to release funds so you should be able to complete within a week of exchanging contracts.
Fast conveyancing may be the goal of most buyers and sellers but as you can see from the above the process is careful, thorough and detailed in order to protect you. There are also a lot of set backs which can occur during the process which will prolong the process, such as long chains, waiting for mortgage offers, searches and third party involvement.
At Wheelers Solicitors in Newport, Isle of Wight, our conveyancing team are quick and efficient and will keep you updated at every stage of the process.
Jacob Sandbach, one of our conveyancers, recently completed a conveyancing transaction within 9 days! The purchasers viewed the property on a Tuesday and had completed the following Thursday. Whilst this is a rare and exceptional example, it shows the fast and efficient service that Wheelers Solicitors are capable of when it comes to conveyancing.