Jane Meldrum answers questions on the timescales involved in conveyancing and property transactions.
How long will my transaction take?
This is probably the most commonly asked question of a conveyancer. The time taken to complete a property transaction depends on a number of factors. A straight forward sale or purchase, where no major problems occur, can be achieved in around 4 to 6 weeks. However, some transactions can take longer than this.
The length of the chain is one important factor as the more people that are linked up and reliant on one another, the greater the potential for problems to occur which can delay the move. Your conveyancer will carry out searches on the property you are buying and investigations into the legal title of the property. These enquiries can sometimes uncover issues which require further action before your solicitor advises you to commit to the purchase.
Clients often ask if there is anything they can do to speed things up. If you need a mortgage it is a good idea to talk to your lender before making an offer on a property. A lender will confirm your income and credit history and give you a decision, in principle, for a set loan amount. By doing this you can be clear how much you are able to borrow, and therefore spend.
I need to complete quickly – can you guarantee me a timescale?
We will always try to accommodate quick completions where circumstances allow. A quick completion depends on the willingness of all parties involved to work towards this together. This means your buyer or the person who is buying your property, their solicitors and also any mortgage companies involved as well as others.
Norrie Waite and Slater will always endeavour to meet challenging timescales, but because of the involvement of third parties we cannot guarantee a timescale. No solicitor can guarantee you a timescale for the same reason; they are not wholly in control of the transaction. We will never over promise or guarantee a timescale just to get your business, beware of solicitors who do. Also, unlike some solicitors, we do not charge extra for quick completions.
Contact us with your request and we will honestly tell you if we think it is achievable.
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