In Conveyancing, this is one of the questions that we get asked frequently.
As an estimate, we would say that a straightforward, freehold transaction can take between 8 – 12 weeks.
You may know someone who has completed a transaction much quicker than this but every transaction is different. There are many elements to a conveyancing transaction and several factors that can, unfortunately, cause a delay. This could be something like a delay with the Searches as some Councils and/or Search Providers take longer than others to produce the required information.
Timescales are also influenced by other parties. In a purchase, for example, we are dependent on your Seller and their Conveyancer or Solicitor. Your Seller may also not be in any rush to complete the matter. Once the Seller has provided the required information to the Buyer’s Solicitors, timescales are also dependent on how quickly this information can be dealt with and submitted to us. The same also applies if we are acting in a sale – once the Contract pack has been drafted, the Buyer’s Solicitors will need to review all the information and documentation provided and raise their enquiries.
A delay may arise if there is a problem with the property’s legal title, which will need rectifying before the matter can complete. An issue with the legal title to the property is problematic for 2 reasons:
1.We may not be able to register the property into your name following completion (we also have an obligation to your Mortgage Lender to ensure that their interest in the property is registered against the property title)
2.The property may be difficult for you to sell in the future if the issue is not rectified at this stage. We also need to consider how this will affect your Mortgage Lender (if applicable)
If you are purchasing or selling a leasehold matter, this will take longer. It is very difficult to advise just how long this might take because, as above, the matter is dependant on third parties and this also includes the Landlord and/or the Management Company. In any leasehold sale or purchase, information needs to be obtained from the Landlord and/or the Management Company in order for the matter to progress and every Landlord/Management Company is different in how long they take to provide this information. You should also be aware that if you are selling a leasehold property, you may need to pay a fee to the Landlord and/or Management Company for their information pack (Management Pack).
Lenders also have very strict requirements in relation to Leasehold properties and there may be matters that need reporting to them in order that the Lender can confirm that they are happy to proceed. Again, Lenders have their own timescales in dealing with leasehold matters and depending on the nature of the report, they may also need to refer the matter to a valuer.
In any event, we can guide you as to timescales and we will always inform you if we become aware of any matter or issue which is likely to cause a delay. We are a Law Society Accredited Conveyancing quality firm of Solicitors.
Whether you need a conveyancing Solicitor in Lancaster, Kendal or Preston or a Solicitor in Bath, Maidstone or Sevenoakes & Kings Hill , our conveyancing team can assist you. Our Conveyancing Team is always on hand to assist with any queries that you may have, so please do not hesitate to contact us if we can be of assistance.
All information is correct on the date of posting.