According to the Land Registry, £2bn of new build leasehold houses were sold in England and Wales in the last year alone. In the same more…
Tick tock… Make sure you leave enough time for conveyancing!
There’s no doubt the local property market is seeing signs of improvement and there are pockets of the City where demand out-strips supply.
With buyers and sellers sometimes being put under pressure to exchange and complete as soon as possible, there’s a risk of moving too fast and not allowing the legal process to run its course, which above everything else, is there to protect whoever it’s representing.
It’s only been within the past 15 years where the gap between exchange and completion has been reduced to two weeks or even less. Back then, a month was deemed to be enough.
This period not only allowed lawyers to make the necessary checks before the final transaction happened but also allowed enough time to make sure funds were in the right place ready for completion.
As the property market boomed and anyone involved in the property process dealt with an ever increasing workload, the time between exchange and completion got less and less. Now, as we begin to come out from the shadows of recession, there is an expectation that the whole conveyancing process can be completed within only a few weeks.
The process is a tried and tested one. There are many legal elements to consider when buying or selling a property and although it can seem like an age to wait until you can pick up the keys for your new home, the process is absolutely necessary. It ensures that all the checks that need to be done have been done, protecting people against future risk.
Trying to get all of this done within a few weeks is dangerous and unrealistic. There’s of course a certain degree of anxiety when buying or selling a home and always the risk of the chain breaking down.
But, it’s important to allow enough time so that the proper legal process can be followed, making sure the property you’re buying is fit for purpose and is everything you expected it to be.
Regardless of how long it takes, our Conveyancing team are always on hand to guide you through the process, making sure that by keeping to the right legal path, you avoid problems in the future.
For a free quote, complete our short form. Our charges are transparent and we quote for all fees and disbursements up front, meaning that you’ll understand the full extent of your conveyancing charges from the very start.
You can also visit our downloads page for more advice and information about the conveyancing process.