There are a number of points to consider when answering the question of how long conveyancing can take. We have listed some circumstances that will impact the amount of time the conveyancing process might take:
- If the property benefits from a management company, there may be some delays as the management company are treated as another party to the transaction. The seller’s solicitors would need to request the management company pack from the management company. When this has been received, it is then sent to the buyer’s solicitors for them to review and raise enquiries. Any enquiries in relation to the management company pack are forwarded to the management company by the seller’s solicitors. Each management company have different timescales to respond and tend not to have an escalation process to move things along quicker.
- If the property is purchased with a mortgage, the buyer’s solicitors may need to report matters to the lender for approval. Corresponding with the lender may also cause delays as lenders have different departments that they refer matters to.
- If the property is leasehold, the buyer’s solicitors may raise enquiries specific to the landlord. This would then mean the seller’s solicitors would need to contact the landlord’s solicitors for responses. The landlord’s solicitors would be treated as another party to the transaction alongside the management company. As there are more parties to the transaction, this may result in further delays.
- If there is a long chain, it may be a matter of waiting for everybody within the chain to be ready before being in a position to exchange. On the other hand, if a party within the chain withdraws, it is likely everybody would have to wait until that party has been replaced within the chain unless somebody agrees to break the chain. If a new party is added to replace the old party within the chain, the conveyancing transaction would start from the beginning for that new party.
- The buyer’s solicitors may order searches through a search provider. Each search provider has their own timescales of estimated dates for search results.
- If the buyer will be having a gifted deposit, it must be reported to the lender. In addition to this, the giftor will be contacted by the buyer’s solicitors to confirm the source of the money for money laundering purposes and the giftor may be required to obtain independent legal advice.
To prevent delays, we would always recommend returning any forms and correspondence back to your solicitor as soon as possible.
The team at Hegarty work hard to ensure that the conveyancing process is as quick and smooth as possible.
Need more information or advice? Contact our team today.