How long does conveyancing take?Written by homebuy1
How long does conveyancing take?
Conveyancing - Transacting a property from offer accepted to completion.
Remortgaging - Conveyancing a remortgage should be fairly easy - The Homebuyer Conveyancing panel average, is 5 weeks for a remortgage.
New Build - Often the developer stipulates that the buyer exchanges within 28 days - It helps all parties if information requested is promptly passed to the Conveyancer. We hear that Homebuyers and Investors want a fast completion but take weeks to return the initial signed client care documents. This causes delays. You can also discuss a fast track service with your Conveyancer. Onesearch Direct offer an express search which the Homebuyer panel have access to.
We also have a legal pack that will be launched in March 2016 where we can stop gazumping. Developers agree to sell at a price and Homebuyers and Investors agree to purchase but can pull out if a Survey is bad or that they cannot get finance. Watch this space for news on this product.
Sale and Purchase - No chain involved then you can expect to complete within 12 weeks
Sale and purchase - In a chain - Restricted by the chain - Our average is 16 - 20 weeks
Purchase Only - When you make an offer on a property, understand the motivation of the seller. Do they want a fast sale?
Completion times vary because there are many variables which Homebuyers and Investors cannot control. All that we can all do is return paperwork promptly and set achievable deadlines for parties in a chain to follow. Asking for updates everyday will lead to a slow completion. Agree with your Conveyancer about your achievable conveyancing timeline when is best to seek an update
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