The period of time from having an offer accepted on the house of your dreams to actually moving in can seem like an eternity. Therefore it is useful to have a basic understanding of what your conveyancer is actually doing during this period.
How long should the conveyancing process take?
When communication is good, no major issues are identified and buyer and seller are equally committed to achieving a quick sale, the process can be completed in as little as 8 weeks.
Often, the process is delayed by problems with the property’s title or the buyer’s mortgage application. Sometimes the seller isn’t forthcoming with the necessary information or local authorities are slow to provide information. Sometimes issues identified on a home buyers survey take time to resolve.
Whatever the reason, these problems can have a significant time and cost impact and create untold frustration.
How the process should operate
1. Instruct a conveyancer. As soon as your offer is accepted, you should instruct a conveyancer to obtain and review all legal documentation associated with the sale. They will conduct local searches and recommend that you instruct a surveyor. Many conveyancers, such as https://www.samconveyancing.co.uk/homebuyers-survey, can help you to choose an appropriate surveyor.
2. Mortgage and contract work. You will need to apply for a mortgage from your chosen lender. Meanwhile, your conveyancer will draft a contract consisting of all of the information provided by the seller, the Land Registry and local authorities.
3. Exchange of contracts. A mutually acceptable completion date will be set at contract exchange. You should arrange for a buildings and contents insurance policy to start on the completion date.
4. Completion. This is the point at which funds are transferred to the seller and you receive the keys to your new home.