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Understanding Conveyancing Timescales: What Affects How Long Your Property Transaction Takes?


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Home > Knowledge Hub > Understanding Conveyancing Timescales: What Affects How Long Your Property Transaction Takes?

As Conveyancers, one of the most common questions we are asked is how long a conveyancing transaction can take. In simple terms, the time it takes to complete a transaction is dependent on a variety of factors, many of which are outside of our control.

In England and Wales, the average time from the acceptance of an offer to completion is roughly five months (about 20 weeks). However, a straightforward, chain free transaction can sometimes be done in as little as 4 to 6 weeks, while a long chain of multiple parties can stretch the process to 4 to 6 months, or more.

In this article, I will be focussing on the tenure (e.g. if it is a Freehold or Leasehold) of a property and how that can affect timescales, and what you can do to ensure there are as little delays as possible.

Freehold vs Leasehold Transaction Times

Whilst Freehold properties typically complete faster than Leaseholds, and new build homes follow their own timetable (often quick to exchange but slower to complete depending on build), there are a number of factors to account for including (but not limited to) searches, mortgage offers, and how quickly the parties involved (for example, buyers, sellers, solicitors, and lenders) act.

In comparing Freehold with Leasehold transactions, a freehold would typically have the fewest complications with a simple Freehold sale and purchase taking place within 8 to 12 weeks. This is as there is generally no third party Management Company (unless you live on a managed estate) or landlord involvement, nor typically any lengthy documents, such as a lease, to be investigated. That being said, some Freehold properties do still have a large number of documents attached, or even missing, to be investigated, dependent on the age of the property and the history of the same.

In comparison, a Leasehold transaction may have further complications and take 10 to 16 weeks to complete. This is as third parties, such as a Management Company and Landlord, need to be contacted, a lease investigated, and if the terms of the lease are not found to be sufficient, the lease itself modified via a deed.

New build properties operate on their own timetable where exchange is typically expected by a seller to exchange within 4 to 6 weeks, but completion can take place many months later when a property is ready to be occupied.

Therefore, when in a chain within a property sale and/or purchase, the tenure of a property can impact transaction times, with each individual transaction being at different stages of the process.

Common Delays and How to Avoid Them

There are a number of delays in a conveyancing transaction and in this section, I will be listing ones to look out for and what you can do to avoid them.

Incomplete Seller Forms – This is referring to what are collectively known as ‘protocol forms’ (consisting of a Property Information Form, Fittings & Contents Form, and for Leasehold transactions, a Leasehold Information Form). To ensure that there are no delays on this, a seller should complete these forms as quickly as possible and ask their Conveyancer to check that no parts have not been completed and all answers are accounted for.

Management Packs – For Leasehold transactions, sellers will need to obtain Management Packs from a Management Company and/or Landlord (and occasionally a Freehold if on a managed estate) which can on occasion take 4 weeks or longer to receive. Sellers should therefore seek to contact the Management Company and/or Landlord as early on as possible to pay for a Management Pack and order the same.

Source of Funds – As part of the property buying process, a Conveyancer will need to check a purchaser’s source of funds with particular reference to how the purchase money has been accrued, where it is currently held, if a mortgage offer is being obtained, and if there are any gifts being received towards the purchase price. A buyer should ensure that all money being used towards a purchase can be accounted for and provide requisite paperwork to their Conveyancers early on in the process to avoid delays.

Legal Work Delays – The fastest Conveyancer in a chain can only complete on a transaction as quickly as the slowest. If a Conveyancer in the chain operates slowly, this can impact the rest of a chain and lead to undesired delays and even in some cases transactions falling through. To mitigate this, it is prudent to research Conveyancers and look at aspects such as their reviews, communication style, and that they are able to competently deal with the transaction.

Searches – On a property purchase transaction, your Conveyancer will typically order three types of searches, namely the Local Authority Search (which looks at planning history, road schemes etc.), Water & Drainage Search (which looks to confirm the property is connected mains water supply and public sewerage amongst others), and an Environmental Search (which looks at local ground subsidence, flooding, transport infrastructure, and local planning application, amongst others). Whilst some searches can take a matter of days to return, the Local Authority Search can take a lot longer, with some going into over a month. To ensure that there are no hold ups with respect to ordering searches, buyers should ensure that their Conveyancers have the necessary money on account and return of initial paperwork so searches can be ordered straight away. It may also be prudent to ask your Conveyancer to check the current estimated return times for Local Authority Searches for the area they are buying in.

By understanding the process and potential pitfalls, you can assist in making Conveyancing as smooth and fast as possible.

If you have any questions about the contents of the article, or you would like to speak to a member of our Residential Property team, you can contact us here.

Disclaimer: General Information Provided Only

Please note that the contents of this article are intended solely for general information purposes and should not be considered as legal advice. We cannot be held responsible for any loss resulting from actions or inactions taken based on this article.

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