17 Sep How to Speed Up the Conveyancing Process
Buying and selling a house can often be an emotional roller-coaster ride for several home owners. It involves a combination of mixed emotions from feeling excited and exhilarated about selling your home at the right price to frustration and impatience trying to find your new dream home and moving in. This process can be long and tiring with endless asking of, ‘why hasn’t my conveyancing solicitor contacted me?’ Sometimes it might almost take forever to finalise the deal even if a professional property solicitor is involved in the transaction. Here are some things to consider when trying speeding up the conveyancing process:
What does the standard transaction involve and why does it take weeks to complete?
Property transaction should be treated like a jigsaw where are the pieces should fit together in order for the transaction to be completed. Once the seller and buyer have reached at an agreed price, the property solicitor will be informed about the specific instructions who will then obtain necessary details from the estate agent and negotiate with the other side’s solicitor. The property solicitor will go through the sale and purchase contract and begin with necessary searches. A standard transaction will take up to four to six weeks to be completed.
Tip to Speed Up the Process: Keep in touch with your property solicitor and ask questions so that small issues don’t derail the process. Be sure to ask the solicitor necessary details such as conveyancing fees or his/her role in this process. Be the one to initiate communication both ways.
Which Part of the Process is Time Consuming?
The pre-exchange period is the most time consuming part of the whole process. This is because the property solicitor has to depend on third parties for search information and relevant documents so that they can be reviewed and discussed with the client.
Tip to Speed up the Process: Ask your property solicitor to keep you updated on all outgoing emails so that you are aware of what communication is taking place between the property solicitor and the third parties. This will help spot any issues and also avoid the eerie silence.
Why Are There So Many Property Surveys Involved? Are they All Necessary?
If you are opting for a full survey then there are no additional delays. Many clients become confused between a valuation report and a full survey. A valuation report is performed for a mortgage lender not the buyer whereas a full survey highlights potential defects in the property. You should keep in mind that you aren’t buying a pair of shoes and paying additional charges for a full survey will give you a peace of mind knowing that your investment is in a sound place. If there are defects in a property you can negotiate for a better purchase price.
Tip to Speed Up the Process: Ask your property solicitor to upgrade you to a full survey which although might take some time but saves money.
How to Ensure Selecting a Speedy but Good Conveyancer?
It is best to check the company holds a Conveyancing Quality Scheme (CQS) certificate that is accredited by the Law Society. Through this accreditation, you can expect to receive outstanding service and great customer satisfaction.