Just got your offer accepted on a house? Are you excited? Of course you are!
Now just to wait a couple of months for everything to process.
Conveyancing takes on average around 12 weeks, but it can be much shorter, with some transactions completing in as little as 4 weeks!
Many first-time buyers are surprised are surprised that the process is measured in months rather than weeks, but with the number of people and paperwork involved, it’s a must!
Buying and selling a property is different for everyone, asking how long it takes it like asking how long is a piece of string. The length of the chain, the time a year and lots of other factors can determine how long it takes for you to get your hands on the keys.
Here’s an example of the best case scenario:
Choose a conveyancer
The buyer and the seller each appoint a conveyancer to handle the legal transfer of ownership.
Sort the paperwork
The conveyancers start drafting, gathering and checking the relevant documents. This could include local authority searches, title deeds to the property, forms the seller fill in, details about the lease (if it’s a leasehold) and more. Finalising searches and contracts can take around a month.
Arrange the mortgage and survey
The buyer applies for a mortgage (if they need it) and arranges a survey of the building. It could be a month before the formal mortgage offer comes through.
Exchange and complete
All the questions have been answered and the documents are ready, so it’s time to agree on the completion date and exchange contracts. The seller’s conveyancer gets the buyer’s deposit. Up to four weeks later, on completion day, they get the rest of the sale price. The buyer’s conveyancer then gets the title deeds to the property and the buyer picks up the keys to move in.
Wrap it up!
The buyer’s conveyancer pays any stamp duty due to HMRC, sends the title deeds to the mortgage lender (if there is one) and registers the new owner with HM Land Registry.