The average time it takes to complete the conveyancing process is 8 to 12 weeks. However, this can vary depending on the type of property you are buying, your mortgage lender, and the solicitors involved. In this blog post, we will outline the different stages of conveyancing and give you an idea of how long each stage takes.
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Stage 1: Instructing a Solicitor
You’ve finally found the house of your dreams and you’ve been approved for a mortgage. The next step is to find a solicitor to help with the conveyancing process. Here’s what you need to do:
Instructing a Solicitor:
- 1. Find a list of local solicitors who are regulated by the Solicitors Regulation Authority (SRA).
- 2. Check that the firm you’re considering is on the panel of your chosen lender.
- 3. Look for online reviews and testimonials from past clients.
- 4. Get quotes from a few different solicitors to compare prices.
- 5. Once you’ve decided on a solicitor, give them a call or send them an email to instruct them. Make sure to include your full name, address, contact details, and the address of the property you’re buying.
Also See: Can Conveyancing Be Done in 3 Weeks?
Buying a house is an exciting time, but it’s also important to make sure you’re taking care of all the legalities involved. Conveyancing is an essential part of buying a property, and finding the right solicitor is an important part of that process. Hopefully, this guide has given you a good starting point for finding a reputable and affordable solicitor who can help make your dream of homeownership come true.
Stage 2: Searching
After you have been offered a mortgage and decide to go ahead with the purchase, your conveyancer will being the process of searching. This is an important stage as it ensures that there are no problems with the property that could affect its value or make it difficult to sell in future. Here is everything you need to know about searching during the conveyancing process in the UK.
Searching is an important stage of conveyancing as it helps to ensure that there are no hidden problems with the property that could reduce its value or make it difficult to sell in future. The average time it takes to complete searches is six to eight weeks, although this can vary depending on the local authority.
Also See: How to Appoint a Conveyancing Solicitor
Your conveyancer will carry out several different searches, depending on the type of property you are buying, including local authority searches, environmental searches, and water and drainage searches. If any problems are found during searches, your conveyancer will negotiate with the seller to have them rectified before completion.
Stage 3: Drafting Contracts
Once you have received a mortgage offer, the next step in the process is to draft a contract of sale. This document will outline the terms of the sale, including the purchase price and any special conditions that apply to the sale. Once the contract of sale has been drafted, it must be signed by both the buyer and the seller.
Also See: Does Conveyancing Include Surveys
After the contract of sale has been signed, your solicitor will request various documents from the seller, such as proof of ownership and any planning permission that may be required for renovations or extensions. Once these documents have been received, your solicitor will carry out various searches to ensure that there are no outstanding planning permissions or other issues that could affect your ownership of the property.
Once all of these checks have been completed, your solicitor will arrange for a date of exchange. On this date, both the buyer and the seller will sign the contract of sale and exchange keys. At this point, ownership of the property will transfer from the seller to the buyer.
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Stage 4: Exchange of Contracts
One of the final stages of conveyancing after a mortgage offer is the exchange of contracts. This is when the buyer and seller are legally bound to go ahead with the sale and purchase.
Also See: What Are Conveyancing Deeds?
The buyer will usually pay a deposit of around 10% of the purchase price at this stage. Once contracts have been exchanged, it is very difficult to back out of the sale without losing your deposit and potentially being liable for other costs. For this reason, it is important to be certain that you want to go ahead with the purchase before exchanging contracts.
Once contracts are exchanged, you should also arrange building insurance so that you are covered in case of any damage to the property.
Also read: How Long Does Conveyancing Take?
The exchange of contracts is an important stage in the conveyancing process as it marks the point at which you become legally committed to buying the property.
It is therefore very important that you ensure you are happy with all aspects of the contract before exchanging. Your solicitor will check through the contract to ensure that there are no special conditions which could delay or affect completion, and they will also agree on a date for completion with the seller’s solicitor.
Finally, they will arrange for you to pay your deposit (usually 10% of the purchase price) into their client account. Once all of this has been done, contracts can be exchanged and you will be one step closer to owning your new home!
Stage 5: Completion
One of the final stages of conveyancing after a mortgage offer is completion. This is when the sale of the property is completed and the keys are handed over to the new owner. The buyer will need to have paid the deposit and any other agreed fees before completion can take place. In some cases, the buyer may also need to pay stamp duty.
The conveyancing process can be complex and time-consuming, so it’s important to use a qualified conveyancer to ensure everything is handled correctly. Completion is an exciting time, but it’s also important to remember that it’s just the beginning of your journey as a homeowner. Once you’ve moved in, you’ll need to start thinking about things like home insurance and maintenance. But for now, enjoy your new home and relax knowing that the conveyancing process is complete.
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So there you have it! The five stages of conveyancing and an estimate of how long each one takes. Of course, this can vary depending on individual circumstances but it should give you a good idea of what to expect if you are planning on buying a property in the UK in 2022.