Not so many of property investors are familiar with how the conveyancing process goes. Basically, it is the legal aspect where the ownership of the property is transferred from one the other. The required tasks in conveyancing itself takes roughly 6 to 8 weeks while varied outside situations may cause longer delays.
This is why no conveyancing solicitor can give out an exact timeline as to when everything will be completed. They can offer as much as an approximate duration and a detailed explanation of the activities and tasks to be carried out. However, your chosen conveyancing solicitor should at least set your expectations properly by letting you know of possible factors that may cause delay throughout the transaction.
This factor is usually taken for granted by some buyers, especially when they think than an Agreement In Principle is good to cover them to make an offer to the seller. The truth is as mortgage approval itself takes days, sometimes weeks, to complete as the lenders will have to do their own checks before they determine how much they’re willing to lend to their borrowers. Until this is sorted hold back from sending an instruction to conveyancers to make purchase offers, conduct searcher, or exchange contracts.
Property Survey Access
For mortgage companies to determine how much they can lend they need to survey the property for valuation. At the same time buyers also need to conduct their own survey to check for any issues surrounding the property. This will need the sellers to give them access and if they fail to coordinate with the parties involved, everybody is left waiting for days. It is important that everyone in the transaction has effective ways of communicating with each other to arrange these activities ahead of time.
Post-Survey Issues On The Property
At some point surveyors may find issues surround the building – affecting its value and causing the lender to decrease the mortgage amount, and prompting the seller’s attention to fix things before pushing through with the sale. This means that buyers will have to wait a little bit longer until everything is sorted.
The property search itself can take days as there are a number of activities involved – Local Authority, environment, building repairs in the area, and drainage system among others. These searches require a lot of time, and any glitch in coordination in terms of sending and approval of search form takes up more time. The same goes for when it’s time to get the search results.
Transaction Within “The Transaction”
In many cases there are other buying-selling processes involved outside what sellers are doing with their buyers. Yes, sellers may sometimes have to buy another property of their own to move into and they might just need to money they’re getting from what they are selling to cover the costs. This them turns into interlinked transactions and if the coordination amongst the people involved are very poor, the weeks of waiting can turn into months.
Sellers do not necessarily have to own the property they’re selling as long as they’re able to provide a clean title. The problem lies when they’re mere executors of a dead person’s estate and the probate has not been granted yet – more waiting time is definitely needed. The same issue can pose a risk delay when the property is unregistered yet at the Land Registry and the deeds are nowhere to be found. It takes a lot of time to verify the original ownership of the property before it is registered and made legally eligible for sale.
The Six P’s To Avoid Delays and Stress
One sentence consisted of 6 P’s should be good enough to make the conveyancing process less daunting. “Proper Planning Prevents Piss Poor Performance.”
When choosing a conveyancing solicitor to act on your behalf throughout the transaction, be sure to find someone at their best to assure you of a considerable timeline. They should be able to talk to you about how the entire conveyancing process goes and what issues may come along the way that could make it take longer than expected. Coordination and communication is always the key to set the right expectations.
If you plan things ahead with your solicitor, and anticipate what possible issues may come along, both of you should be able to gather the necessary documents and prepare an action plan to sort things out diligently.
This is the reason you need a suitable and well versed conveyancing solicitor who can efficiently carry out the tasks. What’s great is that most conveyancing firms and independent solicitors are now accredited members of the Law Society’s Conveyancing Quality Scheme – which means you are assured of a properly regulated flow of tasks and activities and a considerable timeline to complete the process and deal with conveyancing challenges.