Conveyancing is commonly used in real estate transactions when buyers and sellers transfer land, building, or home ownership.
Although solicitors and conveyancers ease out the whole conveyancing process, there is a specific time limit when property ownership is transferred to another owner.
Generally, it takes around 8-12 weeks from the date of agreement that conveyancing takes place, depending on the nature of the transaction. You need at least basic knowledge of the conveyancing process before buying or selling a property in the UK.
This article will explain how long conveyancing takes in the UK and how it is essential in your real estate transaction.
What is Conveyancing, and What Does it Do?
Conveyancing is a branch of law that deals with the legal side of moving a property’s ownership from one individual to another.
Generally, the conveyancing process is handled by two professionals: a conveyancing solicitor and a licensed solicitor.
The process of conveyancing is majorly divided into three categories:
- Exchange contract
You can expect to pay between £300 to £2000 as conveyancing charges if you make a real estate transaction in the UK. The seller and buyer must pay the amount as a conveyancing fee.
How Long Does Conveyancing Take in the UK?
Conveyancing can take time between 8 and 12 weeks from when the sale is agreed till the sale is finished. The time it takes to complete the conveyancing process will depend on whether you buy or sell the property.
However, times differ from situation to situation. Many processes can speed this process; sales that involve many chains can sometimes take up to six months, whereas a short chain with no complex issues can take up to one month.
You can only buy or sell a home by going through conveyancing. The legal process transfers property ownership from one person to another while purchasing and buying a property or a house.
If there is no chain involved in the buying process, you can generally expect to complete the process in three months. Conveyancing with no property chain is quicker and can take eight weeks from the point the sale is agreed upon till when the sale is completed.
Exchanging contracts usually happens within eight weeks of the conveyancing process. However, this depends on your situation. You will have to wait for the first transaction when the deal is done. To speed up the process, make sure you have everything with you.
The completion date is usually 7-14 days after exchanging contracts. The time between the exchange and the completion date depends on the type of transaction.
There are some reasons why conveyancing takes a long time in the UK:
- Length of the property chain
- Bad survey results
- Mortgage offer delay
- Delay in conveyancing search results
The main stage for the seller’s conveyancer is to put together the paperwork and then complete the process. If this stage can be undertaken quickly, it will help with the speed of the transaction.
Hence, you should always take the assistance of top conveyancing services in London, UK such as AVRillo before finalising a property deal.
Conveyancing can be a complicated process, but with the help of a suitable conveyancer, it can be completed relatively quickly and without too many delays.
Ensure you instruct your conveyancing as soon as possible when you start your house paperwork and all the legal work.
The conveyancing process takes around 8 and 12 weeks. Getting it done in a month is possible by completing the legal work as soon as possible.
You can start the process instantly from instruction, get real-time updates, verify your ID online, and sign documents digitally. Online case management systems can give you greater visibility and help in the conveyancing process, thereby speeding up the process.