Conveyancing transaction times are not fixed and generally depend on the complexity of the purchase or sale. It is normal for the whole process to take around 12 weeks from start to finish.
The theme of day 2 of National Conveyancing Week is conveyancing transaction times, so we have compiled our top three external factors that cause movers the most frustration and greatest delays:
- Delays with mortgage lenders – We are finding that it is taking much longer than usual for mortgage applications to go through. Coupled with this is a move by some lenders to reduce the period that any offer is valid for, for example, from the usual six months to just three months (depending on the mortgage lender). This is in response to climbing interest rates and general volatility in financial markets. Extensions aren’t always possible but it’s a question worth asking your broker when you apply for your mortgage
- Delays at the Land Registry – The Land Registry holds a record of information about the ownership, boundaries and interests of land and property. Your solicitor will need to liaise with The Land Registry to check the Title Register of the property you are buying or selling. Any changes to ownership must be registered with The Land Registry and if a property is unregistered, The Land Registry will need to carry out checks before registering it for the first time. All of this can take time and the department has been experiencing backlogs and delays which have added to conveyancing transaction times.
- Choice of conveyancer – It can be tempting to choose an online or bulk conveyancer to carry out the legal work on your transaction, but, be careful and do your own research when choosing a conveyancer because you don’t want any delays. Online and bulk conveyancers can be unqualified and deal only with very straightforward transactions. Your matter will not usually have the personal attention of a legal expert, it could be handled by several different people. This can lead to significant chasing, delays and frustration when you have questions and require updates.
The cost of instructing a reputable solicitor often ends up being no more than an online or bulk conveyancer, so don’t be lured in by initial fee estimates, its important you do your research and compare quotes.
If convenience is your priority, most good solicitors now use secure portals and apps to share important documents with you and have mechanisms for e-signing to eliminate the need for you to visit their offices. This makes it just as convenient for a client to use a solicitor as an online firm. For example, our Beswicks Legal app enables you to track progress with your transaction in real-time, receive instant updates and alerts, securely view and download documents and message your solicitor.
Moving house can be stressful and increased conveyancing transaction times can undoubtedly add to that stress, but if you entrust the move to your dream home to an experienced solicitor, they will ensure the process goes as smoothly and quickly as possible.
For more information about our conveyancing and property services or to receive a no-obligation quote, please don’t hesitate to contact our team by phoning our Stoke-on-Trent solicitors on 01782 205000 or our Altrincham solicitors on 0161 929 8446. Alternatively, you can email firstname.lastname@example.org.