Property Solicitors: Why do Some Conveyancing Transactions Take So Long To Complete
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Date Added: 5th April 2011
Author: ©Natalie Madley
Property solicitors will tell you that conveyancing transactions on average should take between 4 to 6 weeks for a
straight forward freehold sale or purchase. A straight forward leasehold sale purchase will usually take a little longer due
to the additional issues, which requite the attention of your conveyancing solicitor, however on average these would take
between 6 to 8 weeks.
One of the most frustrating parts of buying or selling a property is how long the transaction can sometimes take with come
property solicitors. Even a straightforward freehold sale or
purchase with no chain, can take what seems like months and this will often leas to a nightmare transaction and stress for
all parties.
There are number of reasons why this happens, and I will look at each in turn.
- Poor Communication: - This can stem from any of the parties to the conveyancing transaction, i.e. estate agents,
mortgage brokers, lenders or even the buyer or seller themselves. Especially when there is a chain involved, if all parties
do not communicate and keep each other in the loop then there will always be one party playing catch up, which can cause all
sorts of delays.
- Funding Problems: - with there being a reduction in mortgages being granted at the moment, this can cause delays in
conveyancing transactions regardless of whether there is a chain involved. This can be problems obtaining a mortgage where a
buyer has steamed in and placed an offer without the same being finalised and this can also be related to costs and deposit
monies.
- Synchronising a Sale & Purchase: - it is often the case, that a seller will find their dream home before any offers
have been made on their current home. This will stem to the purchase transaction starting ahead of the sale. If this happens,
you will usually find that those throughout the chain are in a similar position and may be either behind or in front of
them. If this happens, it can be difficult to synchronise all transactions and get them at a similar point.
- Search Delays & Surveys: - With conveyancing picking up, it is likely that there will be more people instructing
local searches from local authorities. This can lead to a back log and delays on this end will transfer to other areas of
the conveyancing transaction. A survey may also cause delays with regards to access being arranged and reports being
prepared analysed and works carried out where required.
- Other breaks in the Chain: - Even with a small chain, any problem in any part of the chain will cause delays to your
particular transaction. For example if a sale or purchase falls through it will be as if you are back to square one. Any of
the problems discussed above can contribute to this either if your solicitor has done everything they can to get things
through – it may be out of their hands.
In most cases, there is little can be done to speed things up by the
property solicitors. as in most cases it is normally through no fault of your solicitors but instead due to delays
elsewhere in the chain.
There are a few things that can be done to speed up the process and make the transaction a little less stressful, these
include: sufficient communication; funds being in place as early as possible; all documentations being made available at the
earliest opportunity and simple communication throughout the chain.
Usually the estate agents are the easiest way to chase things up and their skills at this should be used more often by
property solicitors.
We at Havillands & Co. Solicitors are a national conveyancing centre with expertise in providing residential and
commercial conveyancing. Our property solicitors have over 40 years of experience on all aspects of conveyancing and property
law.
Visit our website for more information and a conveyancing quote.
