Buying a new property can be an exciting and hectic task same time. You are happy about getting your dream place and making it your own space. An average house sale process requires more than eight weeks, and delays can make it frustrating. Continue reading the article to know about the conveyancing process for buyers, how long it takes to proceed, and all possible delays you could encounter.
What is conveyancing?
The term conveyancing refers to the legal documentation and paperwork arrangement that are required to transfer the ownership of property from one person to another. The procedure starts once you officially accept the offer on a specific property. It will finish when the final contracts are signed, and the money is transferred to confirm the purchase.
Remember that conveyancing doesn’t legally require to be handled by a professional conveyancer or solicitor. But, most of the time buying a house can burden your pocket. To avoid any risk, you should ask for experts help for a smooth transfer of ownership. It involves different checks to transfer the ownership of property, status, and brief history. Different factors also affect the time required to proceed with the purchasing of a house. However, the major delays are often during the conveyancing process of buyers.
How conveyancing process proceed?
The average time requires to complete the conveyancing process is around 8 to 12 weeks. The duration can be reduced if the process is simple. So make sure to have the mortgage application in hand to avoid delays. In some cases, the process is not simple, and it involves complicated searches that cause problems and slow down the procedure.
Who handles the legal documents and paperwork?
A certified conveyancer deals with all legal documents and paperwork arrangements as part of their service. They also provide expert advice whenever needed. The important documents handled by conveyancers are:
- The contract acquired from the seller’s solicitor
- Your mortgage deal including all terms and conditions
Does the property survey cause conveyancing delays?
Yes, the property survey causes conveyancing delays even when the survey is straightforward. Any property survey can disclose issues that need to be reviewed and scrutinized timely. It is not unusual for surveyor’s reports to keep addendums specific to the conveyancing procedure. They can cause problems such as building control.
Who deals with property searches?
An important part of conveyancer duty is to handle searches on the property and surroundings. The number of searches and difficulty of work is based on multiple factors. It could include the type of property such as freehold or leasehold. Generally, all searches are conducted through the local authority. All the key searches are:
- Land registry searches
- Chancel repair searches
- Location searches
- Water authority searches
- Land registry searches
- Environmental searches
What does a conveyancer do after searches?
After conducting the searches, you can move towards the final stages of the purchase process. At this point, your conveyancer will agree on a completion date with the other party. The conveyancer will manage the signing and exchanging of contracts by the solicitors.
You will be required to sign a completion settlement and the property transfer paper that a conveyancer will forward to the seller’s representative. Your conveyancer will communicate with a mortgage lender and arrange the release of funds. It is the point where you legally own the property. However, your conveyancer still has a lot of work to do, such as:
- Inspecting the receipt of property title deed and completed transfer deed
- Registering the transfer of title with the land register
- Managing the tax return and payment
- Ensuring that any existing mortgage against property have been repaid
How long will conveyancing take without a chain?
All conveyancing processes are not the same. The average duration is approximately 12 weeks, but sometimes simple transactions can be complete within four weeks only. The shorter the chain will be, the fewer delays you will encounter in the conveyancing process. However, keep in mind that there are still some factors that can cause delays. That’s why it is hardly possible to set a timeframe on how long conveyancing will take.
What are the possible reasons for delays in the conveyancing process?
While buying or selling a property, you will face different issues. Conveyancing is a complex legal procedure, and it requires a lot of patience to get it done. Some most common delays in the conveyancing process are:
- Property title concerns such as missing deeds on an unregistered property
- Information required for leasehold purchase
- Buyers mortgage issues such as change of circumstances and incorrect information
- A cash buyer requires to wait for funds from an investment
- Buying or selling property in share ownership
- A building survey unleashing problem with a property
Conclusion
As no two parties are the same, so no two purchasing processes will be the same. People usually buy a few homes within their lifetime. Therefore, it is important to secure any purchase financially and legally. If you’re planning to move from your current home, we suggest hiring a professional conveyancing solicitor to get you through to settlement. They make the conveyancing process for buyers and sellers hassle-free.