When it comes to buying or selling property, one of the most common questions asked is, “How long will the conveyancing process take?” As solicitors, we understand that time is of the essence in property transactions, and our clients want to know when they can expect to finalise the deal. McPartland & Sons Solicitors shed light on the conveyancing timeline from our viewpoint, outlining the key stages and factors that influence the duration of this critical process.
Preliminary Stages (1-2 weeks)
The conveyancing timeline kicks off as soon as an offer is accepted on a property. The initial stages involve gathering essential documents, such as title deeds and property information forms. This typically takes about a week or two, depending on how quickly the parties involved can provide the necessary information.
Searches (2-3 weeks)
One of the most crucial aspects of the conveyancing process is conducting searches. These searches include local authority searches, environmental searches, and water and drainage searches. They are essential to uncover any potential issues, such as planning restrictions, flooding risks, or contaminated land. Each search can take a couple of weeks to complete, and their complexity can vary based on the property’s location.
Mortgage Approval (4-6 weeks)
If you’re obtaining a mortgage to purchase the property, the lender will need time to assess your application and carry out a property valuation. This step can take anywhere from 4 to 6 weeks. Delays may occur if there are issues with the valuation or if additional documentation is required.
Contract Exchange (1-2 weeks)
Once all the necessary checks and searches have been completed, the solicitors for the buyer and seller will exchange contracts. This is a significant milestone in the conveyancing process, as it legally binds both parties to the transaction. The time it takes to exchange contracts can vary, but it generally takes about 1 to 2 weeks from the time the draft contracts are first issued.
Completion (2-4 weeks)
Completion is the date when ownership of the property is transferred from the seller to the buyer. It typically takes place 2 to 4 weeks after the contract exchange, although it can sometimes be longer if there are complications or if both parties agree on a different date. On the completion day, the remaining funds are transferred, and the keys are handed over.
Post-Completion (1-2 weeks)
After completion, there are still a few administrative tasks to complete, such as registering the property with the Land Registry and paying any outstanding stamp duty. This can take an additional 1 to 2 weeks, depending on the efficiency of the solicitors and government processing times.
In conclusion, the conveyancing timeline can vary widely, but on average, it takes around 8 to 12 weeks to complete a property transaction. However, it’s essential to remember that each case is unique, and unforeseen delays can occur. At McPartland & Sons solicitors, our goal is to navigate the process as efficiently as possible while ensuring that all legal requirements are met. For more information on how we can help you with your property please contact a member of our team.