Conveyancing is one of the longest processes in the UK, but how long does it take? In theory, it shouldn’t take more than 56 days from start to finish. But don’t be fooled by this. There are a lot of variables that can change this timeline.
The Beginning
The conveyancing process starts when an offer is made or accepted. It will last until the completion day, when the keys for the property are already given to the new owner.
The ideal timeline of the conveyancing process is between 12 and 16 weeks. Indeed, it’s possible for everything to be finished within a month, but as mentioned, there are several factors that may impact the timeline—and sometimes, it could be beyond your control.
The Stages
You need to be aware of several stages of the conveyancing process to determine the approximate time it will take to finish.
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First Stage: Pre-Contract Work
The first stage is the pre-contract work that takes more or less two weeks. When you finally put in an offer to buy a property and it’s been accepted, the first thing to do is appoint a solicitor to start the conveyancing process.
The conveyancer will acquire all the legal documents and review them to provide you with legal advice. Your solicitor will also be the one to speak to the other party’s solicitor.
Local searches are done in the first stage as well, which generally takes 10 days. While searches are being done, it’s a good idea to order your own home survey to know the real condition of the property you want to purchase.
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Second Stage: Mortgage Offer
The next stage of the process is the mortgage offer, which often takes four weeks. As much as possible, it’s best to already have a Mortgage Agreement in Principle in place before you make an offer on a property. Doing so will make the process go quicker.
In this stage, when the offer has been accepted, your mortgage lender will start the process to turn it into a definitive mortgage offer.
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Third Stage: Drafting the Contract
The third stage of the conveyancing process is drafting the contract that will take 2-10 weeks. While your lender is working on your mortgage application, the conveyancer will be working on the contract draft. Your solicitor will gather all the necessary information from the Land Registry, the seller and the seller’s solicitor.
At this time, the local searches and survey results will be with you. Therefore, use this chance to raise issues that need to be resolved.
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Fourth Stage: Exchange of Contracts
The final stage is the exchange of contracts to completion that can take 1-2 weeks. When everything is sorted out, a completion date must be set. Usually, it takes a week between exchange and completion. However, you can choose whatever date works for you at this point.
On the completion day, you will exchange keys and finally own the home. It is also on this day when the funds will be transferred.
Make the Conveyancing Process Go Smoothly
Conveyancing is the transfer of the legal title of a property from one person to another. It used to be quite a lengthy process involving many parties and paperwork, but these days, the whole process can be over and done within months.
An effective way to make the whole conveyancing process go as smoothly as possible is to work with the right solicitor. Conveyancing Store will help you compare conveyance solicitors in England and Wales online. Get a quick quote today!
