Conveyancing is the critical step in buying or selling a property which involves the legal transfer of ownership of a property between individuals or businesses.
So it is a complex process and often takes several weeks or even months to complete depending on the complexity of the job. This can be frustrating for both buyers and sellers, who are eager to complete the transaction and move on to the next phase of their lives.
So let’s explore in more details why conveyancing can take so long? In this blog post, we’ll take a look at some of the reasons behind the time it takes to complete conveyancing.
Conveyancing is a complex legal process that requires a number of stages to take place:
- Rigorous checks need to be carried out on the people or businesses involved in the sale so as to prevent fraud and to make sure that the correct people are buying or selling a property.
- Checks and searches to be carried out to ensure that the property being bought or sold is in good order.
- Title deeds need to be checked for any outstanding debts or charges on the property,
- Local authority searches, which can take several weeks to complete, need to be checked to ensure there are no issues that need to be resolved
- The legal contract needs to be prepared to ensure the legal transfer of the property takes place without any issues moving forward, and then contracts exchanged with the other side
- Money then needs to be gathered whether deposits, mortgage advances/redemptions and final sum to complete the property transfer
- Finally there are post completion matters to attend to, such as making submissions to HM Revenue and Customs for stamp duty land tax (even if none are due), making sure that SDLT is paid, and registering the transfer of the property with HM Land Registry.
If the buyer is obtaining a mortgage, the lender will require a property survey to be carried out. This is to ensure that the property is in a suitable condition for the loan to be granted. The survey can take several days to complete and may reveal issues that need to be addressed before the sale can proceed.
If the survey reveals any problems with the property, the buyer and seller will need to negotiate a solution. This can take time, especially if the parties are far apart in their expectations. The negotiations may also extend to the sale price, which can take time to agree upon.
The conveyancing process involves a significant amount of paperwork, including contracts, deeds, and certificates. These documents must be drafted, reviewed, and signed by both parties, which can take time. Any mistakes or inaccuracies in the documents will also slow down the process as they need to be corrected.
Unfortunately, conveyancing is prone to delays for various reasons, such as holidays, public holidays, or other unexpected events. Delays can also occur if the parties involved are slow in responding to requests for information or in returning signed documents.
In conclusion, conveyancing is a complex and time-consuming process that requires several checks and negotiations to be carried out. While it can be frustrating to wait for the process to be completed, it is important to remember that the time it takes is necessary to ensure that the property being bought or sold is in good order and that the transaction is completed smoothly. To speed up the process, it is important to work with experienced and efficient conveyancers who understand the requirements of the process and can help you navigate the journey smoothly.