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Conveyancing Process

If you're buying a home or other property, you have to go through a conveyancing process. But what is conveyancing, and how does it impact the transfer of the property you purchase?

What is Conveyancing?

Conveyancing is the legal and administrative process associated with transferring the ownership of land or buildings from one person to another. It forms the legal framework that binds the buyer and seller together. The term conveyance also refers to all the legal and administrative tasks required to transfer ownership of land or buildings from one person to another.

The conveyance process starts when an offer on a property is accepted and only ends when the final contracts are signed and the funds have been transferred to complete the purchase.

Who Does Conveyancing?

There are several available options when considering who handles your conveyancing. You can complete the process yourself by working with us conveyancing solicitors in London, a property lawyer, or a licensed conveyancer. While all solicitors are qualified to handle conveyancing, choosing someone specialising in residential property transactions is often wise for extra peace of mind.

What Steps Does the Conveyancing Process Include?

The conveyance process has several steps that must be completed at different stages of the purchase process. These stages include:

Pre-contract

The pre-contract stage starts when you submit your offer and can take up to two weeks. It involves various steps, including searches, surveys, and confirmation of the documents and details of the buyer and seller.

Mortgage offer

One of the tips your solicitor will advise is to get a mortgage agreement in principle. This should be secured before you start seriously hunting for the property. With the AIP in place, Receiving a concrete mortgage from a lender takes less time. This usually happens within a few weeks.

The mortgage offer may take some time because the lender must conduct their own valuation and survey of the property. They may also require paperwork from you before putting the offer together. This stage can take up to six weeks to complete.

How Long Does Conveyancing Take?

The time it takes to complete all the stages of the conveyancing process varies depending on the type of property and the legal challenges associated with the property. It also depends on whether you buy the property through a mortgage or cash. Typically, cash deals take a shorter time than mortgage purchases.

Freehold transactions generally take 12-20 weeks, while leasehold transactions take 16-24 weeks because they involve more paperwork and checks, which could lead to delays.

However, the process can take longer if you're involved in a complex chain and could take up to six months to complete. An issue with the transaction, such as a mortgage application, can delay the process even further for everyone.

Why Does Conveyancing Take So Long?

Conveyancing solicitors need time to carry out searches and surveys and ensure that each step of the transaction is completed accurately so there are no issues or delays later on. The process also involves multiple checks and relaying information between the buyer and seller, who sometimes may be unresponsive, and there are search delays.

Some of the reasons why conveyancing can take so long include the following:

  • Slow response to enquiries: Buyers and sellers can delay the process by not providing essential information in a timely manner or disagreeing over price and moving and completion dates.
  • Complex transactions: complex transactions such as long property chains can delay and slow purchasing.
  • Conveyancing searches: The UK has up to 340 local authorities, and each manages property searches differently. Some may be slow to provide the information, with turnaround times ranging from 48 hours to several weeks in some local authorities.
  • Problems with the property: If the home buyer survey flags issues with the property, such as electrical issues, damp, and a central heating system, the results can lead to further questions, renegotiations, and agreements, which can extend the completion time of the process.
  • Mortgage application issues: Buyers purchasing property through mortgages can experience challenges with their lender that could delay the mortgage's processing. The lender also needs time to do its due diligence, which includes valuing the property, which can take some time.
  • The condition of the property: Purchasing a new property can take longer if the property is not ready on time due to a hold-up with construction.

Is It Possible to Speed up the Conveyance Process?

Speeding up the conveyance process is possible, but only for the factors within your control. One of the best ways to speed up the conveyance process is to work with conveyance solicitors. These seasoned experts will help you understand the process and have the right documents before they are needed to ensure the process moves much faster. Some of the other ways you can help the conveyance process move along faster include:

  • Do your research: The conveyance process is detailed and involves various steps. Knowing what is expected at every step can help you stay prepared and make the process flow more easily. Your conveyance solicitor can help you file and acquire the necessary documents in a timely manner and explain what to expect at every transaction stage.
  • Act fast: Once you make the offer, instruct your solicitor to submit your mortgage application immediately to avoid further delays. Also, find out what you need to complete your mortgage application.
  • Arrange the survey: Arrange to have a surveyor assess the property and promptly forward the report to the solicitor once you have it.

Making communication easier and remaining accessible can also help push the conveyance process forward. Some solicitors have online platforms that you can use to track the progress of your case, which can allow you to manage and review documents with ease.

Conclusion

Conveyance is a vital legal process that transfers the registration of a property from one person to the next after it is purchased. It might be complex, but working with a conveyance solicitor can make it much easier.