Conveyance services usually take about an average 8-12 weeks for the entire process to come into successful completion. This is because property buying and selling incorporates so many time-consuming factors. Some of the factors are beyond the control of either the client or solicitor. Mainly, buying property using mortgage takes longer compared to cash purchase. Despite the difficulties involved, much can be done by the client and conveyancing solicitor to achieve quick conveyance.
Tips to ensure quick conveyance
Strict adherence to the following insightful tips will significantly reduce the total time taken for deal completion.
Clients should have their finances in order before venturing into conveyancing process. Cash purchase of the property is ideal as payment happens as soon as it is required. Those who go for a mortgage should ensure that the lender knows that you need it processed within your chosen timeframe. You can also request the lender to fax your documents to your lawyer instead of posting them as they usually do and it takes more time. Let your conveyance lawyer know your source funding in advance so that their documentation work can take a short period.
Your initial documentation and your searches payment should complete within the shortest time possible. Giving certified information to your lawyer about your identity early enough ensures that nothing will hold them back once the sale contract is complete. Early submission of your searches crucial as it gives the respondents ample time to reply.
The buyer should provide enquiries to the seller within the shortest possible hence giving ample response time to the seller and their lawyer. Some responses can take very little time while others can take too long especially those that need documentation.
You need to send all your signed documents such as mortgage deed, signed contract, etc. to your lawyer as early as time allows you. Contract exchange can then proceed swiftly.
Instances that hold up to things like search results, sale contract or enquiry answers, requires you and your lawyer to keep those in charge on their toes. This time, may also be used to finalize on other tasks as you wait on the pending matters.
CHECKLIST AND THINGS TO CONSIDER
- Let the solicitor know early enough about the exact time you need the conveyancing complete. They will, in turn, inform you of time if it is possible or impossible.
- The seller and buyer need to work closely together for a faster completion. Each of them will do as they are required within a certain agreed timeframe and make the process move faster.
- You need to give instructions to the solicitor as early as you put your house on sale. This gives you ample time to deal with documentation work and makes everything ready once the buyer is ready.
- Your mortgage offer needs to be sorted out and complied with just to be sure that you will get the mortgage and avoid delays caused by your uncertainty of obtaining the mortgage.
- You also need to remain contactable just in case anything needs your attention from any party involved in the process.
- Information on leasehold management and lender details need to be with you. This will put the solicitor in a better position for protection of your interests.
- Your finances need to be sent or stored in a suitable account that will not cause delays once the payment is required.