Firstly what is conveyancing, well conveyancing is the exchange and transfer of the legal title of the property which takes place in two stages, the exchange of contracts and completion. Exchange is when the deal is fixed and in place and agreed by both parties, completion is when the sale is finalised and the legal title now passes ownership.
As an average conveyancing takes around 12 weeks, however it has been known to take as little as four weeks or be dragged out for months due to delays. The smaller the chain the less complicated things will be and in theory take less time.
So, what delays can take place, there are many common reasons why delays can take place and these include:
- The property has a title issue or missing deeds
- The buyers mortgage may have issues that need to be resolved
- A leasehold property may need extra information
- Cash buyers may need to free up funds
- Sellers that are waiting for a new build property
- Property searches
- Shared ownership properties
- Probate properties need to wait for the right paperwork
- A survey may find some issues that previously no one was aware of
Properties that have a chain can increase the time of conveyancing in many ways as you are relying on the sales of properties above yours in the chain. So delays at the top of the chain will affect the ones at the bottom even if they go smoothly.
Just because you don’t have a chain it doesn’t always go smoothly, problems can arise from searches that take place for example a structural issue.
There are many things you can do to put things in place to help speed up the process, for example setting a completion date from the start that both parties can agree to.
Here at Peregrine Properties we are always on hand to answer your questions, keeping you informed and up to speed with the process throughout.