It is likely that you will ride an emotional rollercoaster whilst buying or selling a property – particularly if it’s your home. You may be looking forward with excitement to new pastures but selling or buying a home is quite unlike anything else you will do because it generally involves large amounts of money.
You may spend a great deal of time, sometimes years, searching to find the dream home but now you have to wait agonisingly to move in.
But why? Conveyancing in the UK has an unfortunate reputation for being slow, awkward and cumbersome. Whilst some countries seem to buy and sell property in the blink of an eye, in Wales and England, with Scotland having slightly different conveyancing laws, it can take a minimum of 8 weeks or so to get in the dream house, and that is if the whole process runs smoothly! Is quick conveyancing a possibility?
Understanding the process can speed things up
The conveyancing process starts with the buyer making an offer on a property which is accepted and then a conveyancing firm being instructed to act on the buyer’s behalf. This then starts the gathering of the conveyancing documents and information with a simple, uncomplicated house purchase being completed in around 8 weeks. It is possible for some new build houses to be completed quicker but you may find a conveyancing firm will charge more for this.
Staying in touch with everyone, from the agent to the seller, as well as your own conveyancing team can mean that any small issues that can cause the biggest derailments can be ironed out quickly and easily.
There can be periods in the conveyancing process where everything seems to go quiet, like a boat sitting in a calm sea, there is no wind, no means of propulsion to shift the process along.
This is usually in the pre-exchange period when your conveyancing team is waiting for documents and information to be returned from third party sources. This may be search pack results and information from local authorities, as well as mortgage agreements etc.
Conveyancing firms know how important it is for buyers to be in their new homes and so will chase as hard as possible to get the transaction completed. They only get paid when the transaction is complete so it is in their interests to complete as soon as possible.
Staying in touch with your conveyancing team via telephone, email or through a secure online portal will mean that you can be at hand to deal with any problems early and avoid some of the issues that develop within the house-buying process.
The Searches and Survey– why so many?
Many people are easily confused by the number of searches and surveys that need to be carried out during the conveyancing process. The perception is that it seems as though obtaining these slow the process down.
A valuation report, for example, is completed by the mortgage lender as they want to know that the property is worth the money they are lending against it. A survey is completed to check that the structural integrity of the building is sound and the property is generally in good shape.
Some people believe that some survey’s may allow the process to be moved on quicker but in many cases this is not correct. A full survey may be essential because it can highlight significant defects that could cause the house sale to fall through and you having to re-negotiate on the price of the property.
The No-Chain buyer
You may have seen some properties advertised with: ‘no chain’ blazoned across it and, with good reason. This means that the seller is not looking to buy another property until they have sold. As a buyer, if you are not in a chain then this is a perfect, speedy solution to buying a new property. The whole process is likely to be a lot faster.
Can any online conveyancing firm offer a speedy service?
Any conveyancing firm that operates professionally, with standards of excellence to uphold will try to speed up the process as much as possible because they only get paid when the transaction is complete. Choose a company that is a licensed conveyancing firm or a solicitors firm specialising in buying and selling land and property and they should be regulated by the Law Society or other regulatory body.
Please be organised! As both a seller or a buyer of a property, being organised by sending signed documents back quickly and keeping in touch with your chosen conveyancer is a great way to keep the whole conveyancing process moving!
Do you have any quick conveyancing tips? Let us know in the comments below.
photo credit to Alan Cleaver