Tips to Speed up the Conveyancing Process
Oftentimes, selling and purchasing a home can send even the strongest on an emotional roller-coaster ride. There is the exhilaration and excitement of getting you house sold at the right price, finding a new dream home and then moving in. That being said, right alongside that there can be feelings of impatience, irritation, and the consistent wondering about why you haven't et heard from your solicitor.
Jo Barker and her husband recently sold their first home and are now waiting to move in with their three year old daughter to a wonderful family property. When she says; "We are currently in the stage of having handed over all the documents, everything has now gone quiet. It seems as if it is taking forever!" she expresses the frustration that many people feel.
At Saracens Solicitors, one of the senior conveyancers is Varsha Shah who has been helping people for ever ten years to buy and sell their properties. Here she discloses some conveyancing secrets to help you better understand the reason why this process takes time. She also offers ideas on how you can speed up the procedure so you can sell up, move on in and carry on with this new stage in your life.
Everyone is interested in knowing why it can take weeks to complete the conveyancing process. Would you please briefly explain to us what a standard transaction involves?
I always explain to my clients that they should view a property transaction as if it were a jigsaw; in order to complete the transaction, all the puzzle pieces must come together. The process commences once the seller and purchaser have agreed on the price, the lawyer receives the instructions. The agent will then provide me with all the details, make contact with the solicitor from the other side, look over the sale and purchase contract as well as perform any searches that may be necessary. An uncomplicated and standard property sale can however take four to six weeks to complete.
Speed Tip for the Client
Always stay in touch. What this means is that you must stay in touch with your agent and your seller/buyer to guarantee that the process is not derailed by any small issues. It is a lot simpler to make a phone call and and agree on something between each other than to permit the process to be derailed by a stubborn conveyancer.
What part of the process is the most time consuming?
The period where the contracts are under review, this is called the pre-exchange period and is definitely the most time-consuming process. I have to depend on third parties to send me relevant documents like mortgage agreements and search information so I am able to look over them and discuss any issues with my cline. While I'm waiting I always continue working on a file so I am able to finish the transaction as soon as possible. I know how eager my clients are to have the keys to their new house in their own hands!
Speed Tip For the Client
Ask your advisor that you be kerp blind copied for all outgoing emails. This will keep you updated as well as allow you to spot an issues early on, it will also avoid any eerie silence.
What kinds of surveys are done when I purchase a property? Why are so many needed? Is the process slowed down by this?
Ok, lets answer these one at a time.
If your purchase is being done with a mortgage, then a survey must be conducted anyways, so if you want to opt for a full survey, there are no additional delays.
Many clients are confused about the difference between a valuation and a full survey which can also be referred to as a Homebuyer's Survey, they believe they are the same thing. They are not. A valuation is done for a mortgage lender's benefit, not a buyers. On the other hand, a survey highlights any defects that may be found on the property. When a client asks if they should invest in a fully survey, I remind them that what they are buying is not a mere 'Mickey Mouse' watch. The small price that is paid for a fully survey is worth resting assured knowing that you are making a sound investment. And remember, if they find defects, a buyer is able to use the information to either ask to have the defects repaired prior to the completion of the sale or negotiate a better purchase price.
Speed Tip for the Client
Ask that your lender upgrade you from the valuation report to a complete buyers survey. Then all of it will be completed at the same time and save you some money.
What does 'no chain' mean? Is the process faster when there is no chain?
If you are advised by the estate agent that there is 'no chain', what it means is that the buyer who is interested in purchasing your property does not have to sell another house so that they can purchase yours. So yes, the process is definitely much faster if there is no chain involved.
How am I able to guarantee that I pick a good and speedy conveyancer?
Look into firms that hole a CQS (COnveyancing Quality Scheme) certificate, this is accredited by the Law Society. What is recognized by this accreditation is service that is exceptional within the niche of conveyancing practice.
Speed Tip for the Client
Other than looking out for the CQS, also look for other accreditations, for example Lexcel. These are in a sense badges of excellence, meaning that you are in good hands with fast acting advisors who know what they are doing.
As a vendor or purchaser, what can I do to help my lawyer with purchasing and/or selling my house as fast as possible?
Easy question, simply be organised. Make sure that you have heels on to all documents that real to planning permission as well as guarantees for work performed on your property, make sure that they are in order. Loads of stress can be removed from a sell and purchase price is you are able to find all that is needed and hand it over to your lawyer quickly and easily.