Conveyancing solicitors are often asked the following question: How long does it take for a property to sell? It's a tough question for them to answer as there are often a number of factors that can affect the speed of the process.
Solicitors want conveyancing to go as smoothly and quickly as possible. But there are several things that can cause delays that they're not responsible for.
Stage before contract stage
If you're buying a property, your conveyancing process begins as soon as you submit an offer and continues through to completion. This process will usually take between twelve and fourteen weeks, according to the national average. However, this time can be extended if you have problems or delays with other links in your chain or if your conveyancer needs to take extra time to respond to pre-contract enquiries.
What it takes to get to the Pre-Contract Stage
Once you have submitted your offer, and your conveyancer has arranged searches, surveys, and mortgage offers (if applicable), then you can enter the pre-contract stage. This stage can take anywhere between two and ten weeks depending on your circumstances.
You can speed up the pre-contract stage by answering your conveyancer's queries as soon as they raise them, allowing your solicitor to move forward faster with your sale or purchase. This will help reduce the number times your conveyancer needs to request additional information from the Land Registry or other parties.
The next step in the conveyancing process is for the buyer's solicitor to carry out a thorough investigation into the property. They will conduct a series of searches, including environmental and local, to uncover any problems with the property that could affect the purchase. This can include defects to the building, planning permissions that might be required and rights of way or other potential problems.
The solicitor will ask you to sign the contract. This is to ensure that you fully understand all terms and conditions. You cannot change your mind or cancel the deal at this stage. It's then that the contract becomes legally binding. Know more about property conveyancing melbourne.
After the contract has been signed, you will need to set a completion date. This will usually be within seven to 14 days of exchange, but can be arranged further in advance or at a mutually convenient time for both parties and the chain.
It is important to make sure you have everything you need before you exchange. Many sales fall through between pre-contract and exchange due to a variety of reasons. For example, the purchaser may not be able to obtain a loan approval or an engineer's inspection showing unexpected problems with the property. This could lead to a delay in the sale that could cause frustration and disappointment for everyone.
Also, you should arrange to exchange contracts on a date when everyone in the chain has the keys to the property. This will allow them to move in as soon possible. This could make the difference between a successful sale and a missed opportunity for your buyers to secure their dream homes.
You can speed up the pre-contract stage of your conveyancing by being prepared and punctual with your paperwork, returning it promptly and organising your surveys and searches. This will allow you to celebrate the completion and reduce the time that your conveyancer spends on your transaction.