Buying a property, especially if it is your first home is ridiculously exciting and stressful at the same time. While you want to ensure your purchase is all above abroad and undergoes thorough conveyancing process, you also do not want it to drag on for months. In some cases buying a property can be as quick as 8 weeks, however various factors can cause it to slow down.
What to do if your property purchase is taking too long? This depends on the reason why. Once you understand that, the good news is you do have options other than sitting on your hands.
Read on to find out what to do when you are getting seriously fed up with waiting and how to speed things along.
How Long Should The Legal Part Take To Buy A Property?
There are various stages of buying a property and the conveyancing is essentially the legal part. On average this can take anything from 4 – 12 weeks. Every buyer is different and while some are not in a rush, others have pressures to complete as quickly as possible. Ideally you would want your property conveyancing process to be within this kind of time line. And if things go beyond 12 weeks you have the right to be inpatient. However, before you call your estate agent or conveyancer to tell them to pull their socks up – it is important to understand the cause of delay. Here are some common reasons why you could be moving at tortoise pace.
What Causes Delays in Conveyancing Process?
From overworked law firms, under motivated sellers to a lack of communication there could be a number of reasons why your conveyancing process is taking beyond the average 4- 12 weeks. In some cases, the conveyancing can be slow simply because it is necessary. For example, legal searches may reveal matters that require further investigation. The first step is to start with some digging. In our humble experience it could be one of these…
Case Overload
Choosing the right conveyancer for you can have a big impact on your property transaction. If speed is of the essence, a firm like Waterstone Legal who is celebrated for their quick turn around and focus on urgency could be for you. We offer fixed fees and even provide a fast-track service for a quicker completion. As a firm we pride ourselves on not taking on too many files at once so we can give each client the time, energy and support they need.
Communication Issues
Property purchases involve a lot of different parties. You have the estate agent, the buyer, the conveyancer, the seller, the lender, the surveyor… you get the picture. A bit like in a healthy relationship, communication is key to keeping the ship sailing. The solicitors need to be responding to each other quickly. Especially if there are any unusual findings in searches or changes in circumstances of the buyer or seller. It’s good to talk, so make sure everyone involved are chatterboxes regarding your transaction.
Money Matters
Central to a property purchase is having your finances in place. While you may have started your conveyancing process without a mortgage, it is recommended you do that bit first. Having a mortgage approved causes the most tension and hold ups in a lot of property purchases. Do your research and get this in place before you put in an offer if possible. This can not only speed up the property sale, having finances in order will give you priceless peace of mind. And once you have a mortgage approved you can focus on all the other parts of buying a home. Like you know, the furniture, the moving vans and how you are going to celebrate.
Search Results
Sometimes search results reveal things that need further investigation. For example, environmental searches or issues with the title. It is important that your solicitor thoroughly researches any red flags to ensure your interests are properly protected. If there is building work that is going to happen or high service charges, you will want to be aware of all these matters in advance. While it can be tedious, sometimes these checks are important. So, ask your solicitor to keep you up to date and manage your expectations.
What Can You Do To Speed Things Up?
Once you understand the reason for the delay you can take the best course of action to speed things along.
Firstly, make sure everyone is communicating. If your conveyancer is being particularly slack or you feel they are the main cause of the waiting game, you can change conveyancer. However, depending on how far along you are in the transaction, this may not be the best option. For no obligation chat, give us a call at Waterstone Legal and we can advise if this is a sensible option.
Next get your pennies ready, literally. Chase your mortgage lender to make sure your finances are in order and you are ready to proceed when it is time to exchange.
Finally, try and focus on the things you can control. Sometimes conveyancing is not one of those things and ultimately it is better that it is done slowly and efficiently.
A Swift Final Note
Slow conveyancing can be frustrating and we understand you want to complete and pick up the keys as quickly as possible. However, understanding the reason for the hold up is important before taking action. Mostly it is down to a lack of communication between the parties involved, having a good conveyancer, and your finances in place before entering the deal. Sometimes taking your time pays off. Get prepared and when you do find the perfect property you will be all set to go full speed ahead.
