Buying a home

How Long Does Conveyancing Take | The Top Questions You Need to Ask

Stone Jonathan Swead Marketing
DATE 07.09.21

Buying and selling a property is a legal process that transfers ownership from the seller to the buyer, known as conveyancing.

Purchasing a new build home in London offers a host of benefits that make it a compelling option for many buyers. These modern properties are designed with energy efficiency in mind, reducing utility bills and environmental impact. With streamlined purchasing processes and various financial incentives, investing in a newly built home is a smart choice for those seeking comfort, efficiency, and contemporary living.

 What is a Conveyancing Solicitor?

A conveyancing solicitor manages the legal aspects of property buying or selling. These professionals handle the transaction to ensure all requirements are met for a smooth property ownership transfer.

 Key Responsibilities

  1. Property Searches and Enquiries

Conducts searches with local authorities to check for issues affecting the property, such as planning permissions or potential hazards.

  1. Drafting and Reviewing Contracts

Prepares legal documents necessary for property sale and purchase, ensuring compliance with legal requirements.

  1. Managing Financial Transactions

Handles fund transfers between buyers and sellers, including stamp duty payments and mortgage arrangements.

  1. Liaising with All Parties

Coordinates with estate agents, mortgage lenders, and other stakeholders to facilitate a smooth transaction.

  1. Ensuring Legal Compliance

Ensures all legal documents are correctly filed, and the property transfer complies with laws and regulations. By overseeing these tasks, conveyancing solicitors play a crucial role in ensuring efficient and legal property transactions.

 How to Choose the Best Conveyancing Solicitor

Start by seeking recommendations from family, friends, or colleagues. While developers or estate agents may suggest their conveyancer, you’re not obligated to choose them. Ensure your mortgage lender approves any conveyancer. Use a price comparison site for quotes and check customer reviews for service quality.

 Cost Considerations

Conveyancing typically costs between £500 and £1,000 plus VAT. Ensure quotes include all costs, including Land Registry fees and telegraphic transfers. Be prepared for additional expenses like ID checks and understand refund policies if the sale falls through.

 Payment Requirements

You may need to pay for Local Authority searches upfront and settle the total fee upon completion. Transfer deposit and stamp duty funds to your solicitor for timely clearance.

 Required Information

Prepare proof of identity, address, and mortgage offer before exchanging contracts.

How Long Does Conveyancing Take?

Usually, it takes 8 to 12 weeks from offer acceptance to completion, depending on property type, chain involvement, searches, mortgage processing, and legal issues.

 Step-by-Step Process

  1. Instruction (1 week): Agree on terms and fees with the chosen conveyancer.
  2. Draft Contract (2-3 weeks): Receive and review property details and legal documents.
  3. Searches and Enquiries (2-3 weeks): Verify property issues with various checks.
  4. Review and Negotiation (1-2 weeks): Discuss and finalize contract details.
  5. Mortgage Offer (3-6 weeks): Arrange lender valuation and approval.
  6. Exchange of Contracts (1 week): Confirm legally binding terms.
  7. Completion (1-2 weeks): Transfer funds and receive property keys.

 Tips for a Smooth  conveyancing Process

Choose an experienced conveyancer, respond promptly to requests, stay organized, and communicate regularly.

What communication methods do you use, and how often will I receive updates?

Clear communication is crucial during conveyancing. Knowing how they update you and their frequency helps manage expectations and reduce uncertainty.

How do you handle unexpected issues or delays?

Understanding their approach to challenges ensures preparedness. It gives insight into their problem-solving capabilities and responsiveness

What are the warranty details for the property and its components?

Understanding the warranty coverage helps anticipate future maintenance costs and ensures peace of mind.

Key Takeaways

Conveyancing durations vary widely depending on circumstances, typically ranging from as little as 2 weeks to as long as 18 weeks . Factors influencing the timeline include property type, chain involvement, and legal complexities. It’s advisable to anticipate a process that generally spans 8 to 14 weeks. Effective communication with a trusted conveyancer helps streamline the process, ensuring a smoother property transaction experience.