Get answers to all the most common conveyancing questions right here with Residential People.
How long does it take?
On average, conveyancing often takes between 12 and 16 weeks to complete. However, this time frame can fluctuate greatly depending on a variety of issues and can sometimes be conducted as quickly as 4 to 8 weeks, if not earlier.
As each property transaction is somewhat unique, it is impossible to give a definitive time frame for the conveyancing process. However, should you follow the guidelines above, (and your move is not subject to a property chain) the conveyancing process could be considerably shorter than you were expecting.
Due to the many moving parts of a property transaction that are ultimately out of your control, it is important to take ownership of the sections that you can personally resolve by being efficient and diligent in your preparation. Being well prepared when buying a home, will allow you to drastically reduce the time you spend, as well as potentially saving you money in the long run.
How can I speed up Conveyancing?
As mentioned above, being prepared and proactive when buying a property is one of the easiest ways to increase the speed of conveyancing and getting the information back to the conveyancer in due time.
Instead of simply waiting for your solicitor to respond to your questions, or asking for information on a step-by-step basis; it’s imperative that you ask all the questions you may have at the very beginning of the conveyancing process, as well ensuring you hire a professional who is able to dedicate the time required to your case.
In addition to being inquisitive and asking the right questions, obtaining a mortgage in principle before you have viewed a property will save you significant time when you’re ready to make an offer. A mortgage in principle, as well as having your deposit money already prepared, could put you in pole position if the seller is already entertaining another buyer who is less prepared than you.
If you have approached a conveyancer or solicitor after obtaining a mortgage in principle, viewing the property and making an offer for it, allowing them to make a faster start on the legal aspects that they’re uniquely qualified to do.
What could go wrong?
Unfortunately, there are a myriad of things that could go wrong during the conveyancing process.
Some of the most common things that could go wrong during the purchase process include:
Issues with the structure of the property .
Missing or otherwise incorrect information from the seller.
Delays in the mortgage process (e.g. property is deemed to be not worth the requested mortgage loan amount).
The sale of the property is subject to a complex property chain
One of the ways in which you can financially protect yourself should the conveyancing process fail, and the home move is unsuccessful, is to hire a conveyancer on a No Sale, No Fee mandate, whereby you will only have to pay the conveyancer in the event that the sale goes through or there are insurance policies to safeguard any fees you may have already paid.
Is Cheap Conveyancing 'too good to be true'?
As the cliche goes, when something is too good to be true, it often is.
While you may occasionally come across a conveyancer's fee estimation that is considerably lower than you were anticipating, it's important to ensure that the cost advertised contains no hidden fees.
Quite often, first-time buyers can get snared by the allure of a conveyancing bargain, which can typically result in disappointment when the final costs are revealed at a later date.
Should I Use my Agent's Recommended Solicitor?
The most important thing to do is not rush into any decision before first analysing the competition.
While some estate agents might be genuine in their recommendations of solicitors, it's important to consider that many agencies will often recommend a local specialist as they will receive a commission should the sale go through.
More often than not, the commission the solicitor owes to the estate agent will be included in your final bill, which could add hundreds of pounds to an already expensive endeavour.
Besides the additional costs, you may often find that the estate agent is only recommending a solicitor that they have previously worked with and know well, rather than the most suitable solicitor for you.
I Can't Reach my Solicitor — Should I be Worried?
As mentioned above, solicitors tend to be harder to pin down as they're typically focusing on many clients across several different types of cases.
With good and consistent communication being paramount to the success of a home move, it's important that you're able to reach your solicitor with relative ease, as this can sometimes be the difference between securing your dream property or having it snatched from under your feet.
It's important to consider that if this is your first time buying a home, it might be worthwhile choosing a conveyancer or a solicitor that is online and can respond in a timely manner.