AFG Law offers a full range of legal services for individuals and businesses alike. Many of the firm’s services are provided UK-wide, with physical offices located in Bolton and Bury.
How long does conveyancing take when buying or selling a house?
Once an offer has been accepted on a property, buyers and sellers are usually keen to know one thing: when can we move?
There is no fixed conveyancing timescale because every transaction is different.
As a broad guide, many residential property transactions take around 8 to 16 weeks from instruction to completion, although straightforward transactions can be quicker and more complicated purchases or sales can take longer.
At AFG Law, our Residential Property team helps buyers and sellers through each stage of the conveyancing process.
What happens after an offer is accepted?
Once the estate agent confirms that an offer has been accepted, both parties should instruct their conveyancers promptly.
The seller's conveyancer prepares the contract documentation, while the buyer's conveyancer investigates the property's legal title, orders searches and raises any necessary enquiries.
If the buyer requires a mortgage, they will also need to progress their mortgage application.
A mortgage agreement in principle is not the same as a formal mortgage offer, so the lender's requirements can affect the overall timescale.
Once searches and enquiries are complete, the mortgage offer is in place and everyone is ready to proceed, a completion date can be agreed.
What can delay conveyancing?
A property chain is one of the biggest variables.
Even if your own transaction is ready, you may be waiting for another buyer or seller further along the chain.
Other common causes of delay include issues with the property's title, slow search results, outstanding mortgage offers, missing documents and additional enquiries.
Leasehold properties can also take longer because information may be required from a freeholder, managing agent or management company.
Having no chain can make matters quicker, but it does not remove the legal work involved in buying a property.
When does the sale become legally binding?
The transaction becomes legally binding at exchange of contracts.
The parties will usually have agreed the completion date by this stage.
On completion day, the purchase money is transferred and the buyer can normally collect the keys.
How AFG Law can assist in the conveyancing process
Although nobody can guarantee an exact timescale at the outset, instructing your conveyancer early, returning paperwork promptly and progressing your mortgage application can help avoid unnecessary delays.
AFG Law’s Residential Property team can manage the conveyancing process from the point your offer is accepted through to completion.
We will deal with the legal paperwork, searches and enquiries, liaise with the other party’s conveyancer and your mortgage lender where required, and keep you updated as your transaction progresses.
Buying or selling a property?
Contact AFG Law's Residential Property team at enquiries@afglaw.co.uk or visit AFG Law's website to find out how we can help with your move.
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