One of the most common questions our Barnstaple conveyancing solicitors are asked is, ‘How long does conveyancing take?’
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The conveyancing process generally takes between 2 and 4 months, but every transaction is different. Some transactions can be completed in a shorter space of time and on occasions we have been able to complete within just a few days from the sale being agreed. Other transactions may take a little longer for a variety of reasons. Experienced Barnstaple conveyancing solicitor, Andrew Burke, has put together this short guide to the factors that can impact on how long conveyancing takes:
Do you need a mortgage?
If you do not need a mortgage to buy your property, or your purchases don’t require one, then the transaction is likely to move more quickly. When a mortgage is required it can take time for the formal Mortgage Offer to be made by the mortgage company. That Offer may then be subject to conditions that have to be satisfied before the transaction can be finalised.
Is there a chain?
If you are involved in a chain of transactions we generally won’t be able to exchange contracts until your buyer – and any other people in the chain – are all ready to proceed.
Is all the required property information available?
Whether buying or selling, a great deal of property information has to be provided. Sometimes all the necessary information is not immediately available and delays can arise while people make enquiries or attempt to obtain key documents.
Do you need a survey?
If you are buying a property then you may wish to obtain a survey. This could be a HomeBuyer’s report or a full structural survey. Both will take time to be prepared and there may be further questions to be asked once the survey has been carried out.
Are there good lines of communication?
Good communication is key to a speedy conveyancing transaction.
Although solicitors are not allowed to speak directly to other sellers and buyers, we can speak to their solicitors as well as the estate agents involved. Ensuring all these channels of communication are open will help to avoid misunderstandings and keep the transaction moving.
What is the time gap between exchange and completion?
The completion date is agreed by the conveyancers when contracts are exchanged. The time between exchange and completion varies, but is normally a week or two. Occasionally we are able to exchange and complete on the same day.
We understand how important it is for sellers and purchasers that delays in conveyancing are avoided. Our Barnstaple conveyancing solicitors are therefore committed to eliminating unnecessary delay from the conveyancing process. It is our job to move the transaction forward and anticipate problems that might arise so these can be dealt with expeditiously, without holding things up or impacting on the timetable.
If you would like further information on, ‘How long does conveyancing take?’ or you would like to discuss a new transaction with an experienced Barnstaple conveyancing solicitor then give us a call on freephone 0808 139 1606 or email [email protected]