Buying or selling a property is one of life’s biggest decisions. But what happens between having your offer accepted and getting the keys? That’s where conveyancing comes in.
You may have heard the term ‘Conveyancing’ a lot, but what does it mean? Essentially, it is the legal transfer of property ownership from seller to buyer.
One of the first questions that we are often asked is how long it will take for the sale or purchase to complete. The answer is quite simply that ‘it depends’ – every matter is different and the time it may take for each stage in the transaction to be completed will differ. In addition, the timetable that will be expected by the parties at the outset may change and the order in which the processes are undertaken may alter. Matters can also take longer if there is a large ‘chain’ of connected transactions.
There is no ‘normal’ transaction, but we find that, on average, it takes 12 to 16 weeks for the process to be completed. Please be aware though that this is only a general indication.
So, what can you do, as a buyer or seller, to make the process run as smoothly as possible? Below are what we hope you will find to be some useful hints and tips:-
1. Instruct a Solicitor
Now this may seem pretty obvious but do it and do it as soon as possible, whether that be before you have put your home up for sale or made that offer on your dream property.
A solicitor will act in your best interests and explain how the home selling/buying process works. You should look for a firm who is part of the Conveyancing Quality Scheme (CQS) - which John Hodge Solicitors is - and means that they meet The Law Society’s high standard of technical expertise and client services.
One of the key facets of the conveyancing process comes at the very start: onboarding. Onboarding is the process of ‘taking on’ a new client and includes form filling and ID verification. While these processes do not typically take a lot of time, you may find that you want to undertake them before your sale or purchase is agreed.
It may be the case that further documents are required, for example in relation to proving your ownership of the property or the source(s) of funding your purchase and it is preferable to address these points at the very beginning of the transaction, as opposed to weeks after a deal is agreed.
2. Get Your Paperwork in Order
When selling and buying a property, you will want to be able to supply any required documents as soon as they are requested to avoid delays. Make sure you dig these out as soon as possible.
If you are selling, you should locate copies of any planning or building regulations consents for works that you have had carried out to the property (together with any valid guarantees), and any servicing records (relating to, for example, the boiler or electrics). It is a common for the buyer’s solicitor – as part of their initial enquiries – to ask you to have the boiler serviced or electrics tested and please be aware that this is not a legal requirement (although you may choose to have such checks carried out), unless you currently let the property you are selling, in which case you have some duties as landlord.
If you are selling a leasehold property or freehold home that shares services with other houses (such as a ‘green’ areas, estate roads etc.), then you should provide details of, where applicable, the Landlord, the Management Company and any Managing Agent. They will need to provide information required by the buyer’s Solicitor and the sooner this can be obtained, the better. Please be aware that these third parties will make a charge for providing this information. Leasehold property transactions tend to take longer to complete than freehold property transactions, as they are more technical and more parties are involved in the process.
If you are buying with the aid or a mortgage, then you may need to provide your Mortgage Adviser with, for example, pay slips or bank statements and you should have these to hand.
3. Need an Update? Drop us a Line.
The key to efficiently managing the process of selling and buying a house is communication. There can be a lot of background noise and mistruths spread during the conveyancing process, which can increase stress levels no end. We will provide you with regular updates as to the status of your transaction in a calm and measured manner, advising you as to what the next steps are and what – if anything – is required from you.
We understand that there may be times when you come to us for an update – this is absolutely fine, and we are happy for you to contact us by e-mail, telephone or letter. We appreciate that there are a lot of parties trying to ensure your transaction runs smoothly as possible, but we will be able to provide you with a real time update, that others cannot. Please rely on us to provide such an update as it will save you what is precious during this process: your time.
4. Be Prepared to Respond Quickly to Queries and Requests
Throughout the conveyancing process we will need to ask you questions or request more information. Answering these questions quickly ensures that the transaction continues to move apace.
We would stress that the questions should be answered fully and properly; we find it can save time in the long run to take a little time to answer questions thoroughly, as opposed to providing rushed responses that require further clarification later down the line.
Make sure to check your e-mails and phone regularly.
5. Get Practicing your Signature
There are various forms that need to be completed, and documents signed during the sale and purchase processes. It is likely that you will not have signed so many documents in your life as you will during this period, so get practicing!
It is imperative that you read, sign and return any paperwork sent to you quickly. We can send these documents to you electronically via e-mail, and while we are happy for you to complete, scan and return these to us, we will need to receive hard copies of the majority of them.
6. Plan for Completion
Once your sale or purchase completes, you either need to move out or can move in, usually by around 1pm. Make sure you have your moving plans sorted in advance to avoid any last-minute stress.
When selling, ensure that you have removed all items from the property other than those you have agreed with your buyer to leave. If you do not, then expect to receive a bill from the buyer for the cost of removing your rubbish!
We also recommend that you take a final walk around to check that you have left nothing behind, check that all doors and windows are locked and do not forget to record final meter readings.
Whether you are buying or selling property, John Hodge Solicitors aim to make the process as straightforward as possible for you.
We are conveyancing Solicitors based in Bristol, Somerset and North Somerset, providing legal services in relation to property sales, purchases, remortgages and transfers of equity.
Next Steps: Get in touch
To discuss any of the above or if you have any specific queries please don’t hesitate to reach out to our team of legal experts at John Hodge Solicitors based at our Bridgwater, Bristol, Clevedon, Wedmore, Weston-super-Mare, and Yatton offices.
You can reach us via our website or by calling 0800 097 8611.
Mark Wright
Gareth Richards
Magdalena Neale
Louise Garner
Samuel Turner