Everyone wants their house sale to happen fast.
One of the most time-consuming aspects is conveyancing.
It can add weeks or months to your deal’s completion time.
But why does conveyancing take so long? What causes delays in it? And what effect might it have on you?
Read on to find out.
What is conveyancing?
Conveyancing the legal process of transferring ownership of a property between two (or more) people.
There are several stages to it, involving exchanges of contracts, property searches, and legal paperwork.
A licensed solicitor or conveyancer usually carries out the conveyancing process.
- Pre-Contract
- Pre-Completion
- Post-Completion
Your conveyancer will be in regular contact with the representative for the other party (i.e. the seller/buyer), ensuring that any issues are dealt with and all processes are correctly followed.
Can you carry out conveyancing yourself?
It is possible to complete the conveyancing process yourself.
However, it is only recommended that you do so if you have previous experience.
After all, the following tasks are complicated:
- Completing paperwork
- Transferring title deeds (TR1 form)
- Carrying out money transfers.
And more.
Also, if something goes wrong, you risk losing the property and forfeiting your deposit.
When do you not need to pay for a conveyancer?
One of the other rare instances, when you may not require a conveyancer is when selling to cash house buyers.
This route is chosen by people who want to save time and money since selling directly to a cash buyer can prevent you from having to fork out for a conveyancer yourself.
When selling on the open market, you will want to consider many factors when deciding which conveyancer to hire – an essential part of this is efficiency/timeliness.
Delays in the conveyancing process are never ideal, so finding someone with the time, expertise and experience to do the job well is essential.
What causes conveyancing delays?
Your conveyancers’ backlog
First of all, some professionals have a long backlog of clients/cases, so it may take them longer to get things sorted for you.
It would help if you spoke to the person or company about their:
- Current availability
- How long they expect the process to take
- What their fee is.
And more.
Missing information
Your conveyancer will also wait for specific information to be provided to them before they begin the work.
Providing proof of your identity or transferring funds to your conveyancer may be required up-front. If so, you should be ready to complete these steps quickly so work can begin.
Similarly, completing documents incorrectly may cause them to be returned and re-done, so make sure you follow all instructions, too.
Mortgage complications
Plenty of complications are involved with the transaction itself that may slow things down, too.
For example, suppose a mortgage offer expires before the exchange of contracts.
In that case, this will force the entire mortgage application process to be restarted.
Property chain issues
In some instances, the delays may be the fault of other conveyancers in the property chain.
As many property experts say, ‘the chain can only move as fast as the slowest link’.
So, if there are delays elsewhere in the chain, your conveyancer may be restricted regarding what they can do, too.
Conveyancer is waiting for information
Your conveyancer may also encounter specific challenges when completing searches on a potential property. The house can only be inspected when the seller permits it.
Your conveyancer may have to wait several days/weeks to hear back from the council or other local bodies regarding important information about your deal.
How conveyancing delays can effect sales
Delays in the conveyancing process may increase the cost of selling your house.
Plenty of legal firms charge by the hour. So, if specific steps need to be repeated, then this will increase your fees.
Since conveyancing typically represents one of the most significant costs associated with a sale (with prices usually being in the thousands), this can have a substantial impact on the profitability of your transaction.
In some cases, conveyancing delays may cause the house sale to fall through.
Claiming money back on conveyancing delays
Depending on the circumstances, you may be able to claim back any extra costs associated with your conveyancing delays.
Home Buyer’s Protection Insurance
Home Buyer’s Protection Insurance may enable you to get some of this money back.
And if the deal falling through has been caused by ‘professional negligence’, then you may have a case against the conveyancing firm, too.
You are getting input from an expert in this, which is always a smart idea.
Claims against other parties
Sometimes, if the fault of delays or the sale falling through is the other parties, then you can claim against them. You should seek legal advice before you proceed.
Remember that conveyancing costs usually depend on how far along your deal’s house-selling process is.
Your conveyancer sometimes may not charge you if the transaction falls through – it just depends on the circumstances.
Tips for reducing conveyancing delays
Have paperwork to hand
Firstly, getting all your paperwork in order as soon as possible (in an ideal world, before you contact the conveyancer in the first place) will speed things along.
Communication matters
Maintaining clear and consistent communication with all parties will make a difference, too.
You can keep following up with your conveyancer to ensure you stay at the top of their priority list. And you (or your conveyancer) can also maintain a line of communication with the other people in the chain to keep everyone on the same page.
Do your research
Researching before you choose your conveyancer is a brilliant idea, too. Some companies have a reputation for being fast, while others may be known for inefficient delays.
Ask your friends and family for recommendations or look closely at online reviews to find the right choice.
