In the UK, conveyancing is part of the process of completing the purchase of a property, including the exchanging of contracts, property surveys, legal and financial checks, and more. If you’re buying or selling a home in the UK, you will have to go through conveyancing to complete the sale of a property.
Typically, conveyancing can last between 8 to 12 weeks from the time of accepting an offer to completion, though it can vary based on factors such as the property chain, mortgage arrangements, and potential legal complexities. To fully understand how long conveyancing can take, it is crucial to understand each step of the process, and what is involved.
Conveyancing in 8 Steps
Conveyancing can be broken down into 8 steps, some of which can be taken at the same time, in order to expedite the buying process. With that said, all steps must be completed for the sale of a property to go through, and failing to comply with the process can lead to losses and delays for buyers.
Instructing a Solicitor or Conveyancer
The first step in the conveyancing process is to appoint a solicitor or licensed conveyancer to act on the buyer's behalf. A conveyancer specialises in property law and will handle all the legal aspects of the transaction, but there are plenty of solicitors who specialise in property transactions without using this term.
Solicitors will verify the identification and residency status of the buyer, which is particularly important for overseas buyers in order to complete any purchase. The next step will be to request details about the property from the seller's solicitor, ensuring the buyer’s conveyancer is fully informed and ready to move forward.
Property Checks
Property checks are a key part of conveyancing intended to uncover any potential issues with the property that may not have been initially disclosed or, the owner was unaware of before receiving an offer. These checks must be carried out so as to mitigate any risks prior to the sale of the property and it is possible to carry out several different checks depending on the property.
Common checks include working with several authorities:
The local authority: This reveals any planning applications, road schemes, or other factors that might affect the property. These checks are done with the cooperation of the local authority and may take several weeks or even months depending on how quickly they respond to requests for access.
Environmental Agencies: This checks for flood risks, land contamination, and other environmental factors and can take several weeks or longer depending on the time it takes to engage a surveyor and/or receive a report.
Water and drainage: This confirms that the property is connected to the water supply and drainage systems without issue. This is not as common as the previous two checks but can still take up to several weeks.
Mortgage Applications
If the buyer is taking out a mortgage to buy a property, they will need to submit a mortgage application to their chosen lender. It is preferable to have already begun this process before initiating conveyancing. Once the lender processes the application, they may carry out their valuation to ensure the property is worth the amount requested on the mortgage application and then issue a formal mortgage offer after establishing everything is in order, including the applicant's finances.
This can take between 3 to 6 weeks, depending on the complexity of your application and the speed at which the lender operates. You can begin this process before settling on a property to buy by approaching lenders early and testing how much they will allow you to borrow against your current finances. Doing so can help speed the process up, but the lender will still usually want to take the same steps when valuing the property.
Reviewing Contracts and Raising Enquiries
Once the buyer’s solicitor has received the draft contract from the seller’s solicitor, they will begin to review the agreement and examine key documents such as the property’s title deeds, and any leasehold agreements (if applicable). They will also raise inquiries with the seller’s solicitor to clarify any outstanding issues at the property if any have come to attention as a result of surveys or from disclosing property documents.
This stage is very important to ensure there are no hidden surprises that will come with the property after the purchase. The possible issues the buyer’s solicitor might inquire about could be anything from disputes with neighbours to boundary issues or, outstanding planning permission for extensions or modifications. This process typically takes 1 to 2 weeks, though it may take longer if the inquiries reveal complex issues that require further investigation or worse, litigation.
Carry Out a Property Survey
At this point, it’s recommended (but not legally required) to survey the property. A property survey assesses the physical condition of the home and highlights any defects or issues that may not have been apparent during the original viewing. Arranging a survey and receiving the report usually takes around 1 to 2 weeks.
This can be carried out whilst waiting for property documents or responses from the local authority and normally falls under two possible criteria:
A Homebuyer’s Report: suitable for most properties, assessing the general condition of the property and typically highlighting significant problems such as damp or subsidence.
A Full Structural Survey: a more in-depth inspection, recommended for older properties, giving a detailed breakdown of the property’s structure and any repair work that may be required either immediately or, in the near future.
Exchange of Contracts
Once all the previous checks have been completed and both the buyer and the seller are satisfied with the terms, they may sign and exchange contracts, making the purchase of the property legally binding. Both parties agree on a date to complete the sale, at which stage the buyer will pay the deposit – typically 5-10% of the property price unless otherwise agreed or arranged.
The exchange of contracts usually happens around 6-10 weeks into the process depending on how quickly the earlier steps have progressed. Whilst contracts can be exchanged and signed within as little as a week, the date of completion may remain several weeks or in some cases, even months in the future depending on the seller’s circumstances and how long they require to vacate the property or if the funding to complete the purchase does not arrive in time.
Completion
Once the day of completion arrives, your solicitor will transfer the remainder of the purchase price to the seller, providing there have been no delays in receiving the funds, at which point the buyer will receive the title deeds and keys to the property.
Completion usually takes place 1 to 2 weeks after the exchange of contracts, though it can be longer as previously stated. However, this is not the final step of the conveyancing process. The buyer may now have completed the purchase, but a final step remains to be officially recognised as the property's new owner.
Registering the property with the Land Registry
After completion, the buyer’s solicitor must register the property with the Land Registry, transferring the legal title into their client’s name. Buyer must pay any applicable Stamp Duty Land Tax (SDLT) on the purchase to ensure the purchase is fully compliant with the law.
The registration process usually takes around 2 to 4 weeks, but it can sometimes take longer depending on the efficiency of the Land Registry or if there are issues with the property’s title deeds. Once the registration is complete, the new owner will receive an official title deed confirming ownership of the property and this will have finally completed the conveyancing process.
Common Delays in Conveyancing
The most common factors that can slow down the process include:
The Property Chain: If the purchase is part of a chain (where the seller is also buying a new property or the buyer is dependent on selling their property to complete the new purchase), delays in other transactions can affect your timeline.
Property Checks: Delays with the local authority are a frequent cause of hold-ups particularly in major urban areas where resources and personnel might be stretched.
Mortgages: If a lender takes longer to approve a mortgage or requests additional information, it can slow down the process considerably.
Legal issues: Complicated legal inquiries, disputes regarding ownership or the building’s condition, or, problems with the property’s title can slow down conveyancing.
While in the best-case scenario, conveyancing can typically take 8 to 12 weeks, it’s essential to remain flexible as delays can and do happen. The process may seem daunting, but understanding each stage will help you anticipate what’s to come and make the process smoother.
By staying in regular contact with your solicitor, submitting all necessary documents, and responding promptly to inquiries, you can help avoid unnecessary delays and ensure your property transaction proceeds, as efficiently as possible.
