Once your offer has been accepted on a property, one of the first questions you are likely to ask is, “how long does conveyancing take?”
There is no fixed conveyancing timeline because every transaction is different. A straightforward purchase with no chain can sometimes progress relatively quickly, while a longer chain, mortgage delays, leasehold enquiries or problems with the property’s title can extend the process considerably.
As a broad guide, many residential conveyancing transactions take around 8 to 16 weeks from instruction to completion, although some complete sooner and others take considerably longer.
AFG Law’s Residential Property team handles sales, purchases, remortgages and other residential property transactions. We keep clients updated throughout the conveyancing process and work to identify potential problems as early as possible.
What happens after my offer has been accepted?
Once an estate agent confirms that your offer has been accepted, both the buyer and seller should instruct their conveyancers as soon as possible. If you are buying with a mortgage, you will also need to progress your mortgage application. An agreement in principle obtained before making an offer is useful, but it is not the same as receiving a formal mortgage offer for the property you are purchasing.
Your mortgage lender will carry out its own assessment before confirming that it is prepared to lend against the particular property. Meanwhile, the legal work can begin.
What is the conveyancing timeline when buying a house?
Although transactions differ, a typical purchase will involve the following stages.
1. The draft contract is issued
The seller’s conveyancer prepares the draft contract pack and sends it to the buyer’s conveyancer.
This normally contains the contract, information about the property and the registered title documents. For a leasehold property, additional information will usually be required about the lease, service charges, ground rent and management arrangements.
Your conveyancer reviews these documents and raises any necessary enquiries with the seller’s conveyancer.
2. Searches and surveys are carried out
Your conveyancer will usually order the searches required for the purchase. These can include local authority searches, drainage and water searches and environmental searches. The time taken to receive search results can vary depending on the search provider and local authority involved.
Buyers should also consider whether they want a property survey. Searches and surveys perform different functions. Conveyancing searches investigate legal and environmental matters affecting the property, whereas a survey examines its physical condition.
If a survey identifies problems, you may need further advice or decide to renegotiate with the seller before proceeding.
3. Your conveyancer investigates the property
Receiving the documents and searches is not the end of the legal work. Your conveyancer needs to investigate the property’s title, review the contract documentation and consider the search results. They may need to ask the seller’s conveyancer further questions before they can recommend proceeding.
Problems with boundaries, rights of way, restrictions, alterations, missing documents or leasehold information can all result in additional enquiries.
If you are obtaining a mortgage, your conveyancer must also ensure that the transaction meets the requirements of your mortgage lender.
4. Your mortgage offer is received
For buyers using mortgage finance, the lender needs to issue the formal mortgage offer before the transaction can normally proceed to exchange. Delays can arise if the lender requires further information, has concerns about the property or the buyer needs to provide additional documentation as part of the mortgage application.
A cash buyer does not need to wait for mortgage approval, which can remove one potential source of delay. However, a cash purchase still requires the usual legal investigation of the property.
When do you exchange contracts?
Once the legal work has been completed, the buyer is satisfied with the property and any mortgage arrangements are in place, the parties can prepare for exchange of contracts. Before exchange, the parties will normally agree a completion date.
Exchange is a significant point in the transaction because the agreement to buy and sell becomes legally binding. Before this point, either party can usually withdraw from the transaction, although they may lose money already spent on searches, surveys, mortgage fees or legal work.
The buyer will usually also provide the required deposit before exchange.
How long is it between exchange and completion?
There is no compulsory period between exchange and completion. The date is agreed between the parties and will often depend on the wider property chain.
Some transactions exchange and complete within a relatively short period, while others agree a later date to allow everyone time to prepare for the move.
On completion day, the buyer’s conveyancer sends the purchase money to the seller’s conveyancer. Once completion has taken place, the estate agent can normally release the keys to the buyer.
The buyer’s conveyancer then deals with the necessary post-completion work, including Stamp Duty Land Tax requirements where applicable and registration of the new ownership with HM Land Registry.
How long does conveyancing take with no chain?
People often assume that buying without a chain will result in a very quick transaction. So, how long does conveyancing really take with no chain?
A chain-free transaction can certainly be quicker because you are not waiting for several linked sales and purchases to reach the same stage. However, having no chain does not remove the legal work involved. Your conveyancer still needs to investigate the title, obtain searches, raise enquiries and, where applicable, deal with your mortgage lender.
A problem with the property itself can therefore delay a chain-free purchase just as it could any other transaction.
Does buying a leasehold property take longer?
The process of buying a leasehold property can take longer. Buying a leasehold property usually involves additional documentation and enquiries. Your conveyancer needs to review the lease and information relating to matters such as service charges, buildings insurance and the management of the building or development.
Information may need to be obtained from the freeholder, managing agent or management company. Waiting for this information or responses to additional enquiries can increase the overall conveyancing timeline.
Sellers of leasehold properties can sometimes reduce avoidable delays by requesting the relevant management information early in the process.
What causes conveyancing delays?
Property chains are one of the most common reasons transactions take longer than expected. Even if your own purchase is ready to proceed, another buyer or seller in the chain may still be waiting for searches, mortgage approval or responses to enquiries.
Other delays can arise from:
- slow search results;
- outstanding mortgage offers;
- title or boundary problems;
- missing property documents;
- unanswered enquiries;
- leasehold management information;
- issues discovered during a survey; or
- delays agreeing the completion date.
This is why it can be difficult to give an exact completion date at the beginning of a transaction.
Can I speed up the conveyancing process?
There are things buyers and sellers can do to reduce unnecessary delays. Instructing your solicitor or conveyancer promptly is a good starting point. Buyers should progress their mortgage application and provide requested documents quickly, while sellers should complete their property forms and gather relevant paperwork as early as possible.
If you are selling a leasehold property, requesting the management information early can also help.
Most importantly, respond promptly when your conveyancer asks for information. Not every delay can be prevented, but being organised can prevent your transaction from losing time unnecessarily.
How long will my property transaction take?
While an estimate of around 8 to 16 weeks can be useful for planning purposes, the actual time required depends on the individual transaction. A straightforward purchase involving a cash buyer and no chain could move faster, while a complicated chain or a legal problem with the property could take longer.
Your conveyancer should keep you informed as the transaction progresses and explain any issues affecting the likely timescale.
AFG Law’s Residential Property team advises buyers and sellers throughout the conveyancing process, from the point an offer is accepted through to exchange of contracts, completion day and the necessary post-completion work.
If you are buying or selling a property and would like advice on the conveyancing process, contact AFG Law’s Residential Property team to discuss your move.