Why is Conveyancing slow? (Sometimes).
Here are some of the slowest parts of conveyancing in England, acknowledging these speedbumps and working with us can allow us to minimise the delays of these milestones.
Property searches: One of the slowest parts of conveyancing is the property search process. This involves conducting searches with local authorities and other relevant bodies to uncover any issues that may affect the property, such as planning permissions or environmental concerns. The length of time this takes can vary depending on the area and the type of searches required.
Mortgage approval: If the buyer is taking out a mortgage to purchase the property, this can also be a slow process. The lender will need to carry out their own checks and assessments before approving the mortgage, which can take several weeks or even months in some cases.
Chain delays: If the transaction involves a chain of buyers and sellers, any delays in the chain can slow down the conveyancing process. For example, if one party experiences unexpected financial difficulties, this can cause delays for everyone else in the chain.
Legal documentation: Another slow part of conveyancing is the preparation and approval of legal documentation, such as contracts and transfer deeds. This requires careful attention to detail and can involve multiple rounds of revisions and amendments.
Receiving mortgage funds: Once the transaction is ready to complete, the buyer's lender will need to release the mortgage funds to the solicitor. This can take several days to process, and the transaction cannot be completed until the funds have been received.
While these are some of the slowest parts of conveyancing, it's important to remember that every transaction is unique and the time it takes to complete can vary depending on a range of factors. The best way to ensure a smooth and efficient conveyancing process is to choose an experienced and reputable conveyancer and to communicate clearly with all parties involved in the transaction.
Our team would be more than happy to help you with any questions you may have about the legal process.