Monthly Archives: August 2016

conveyancing time estimation

Estimating the Conveyancing time duration

Many people do not like the extended amount of conveyancing time it takes for someone to make a real estate transaction. If you are a buyer you have first to note down what it is you want, go to the realtor and hope that he finds a suitable home fast. You then have to start the actual transaction which adds up with the legalities that have to be taken care of. For sellers, the process is more or less the same only that you have to go through the painstaking process of listing it on the market and then to hope that someone will buy it before it starts to lose value.

For both the buyer and the seller, however, the most difficult part of the process lies in the legalities. For that, you will need the services of a conveyancer or a solicitor who will try to do it as fast as they can.

Now there is no limit to conveyancing time for a piece of property to be sold in any country or region. The time depends on a variety of factors. This is why as a buyer or a seller you should be wary of conveyancers who will tell you that they can complete a transaction who will assure you fast completion. This is usually just a sales gimmick, and the truth is they do not know how long it will take to complete the transaction.

When you approach a conveyancer, the best question to ask is the average amount of time they take to complete a transaction. You can also be keen to find out how willing they are to work towards a short deadline. Many solicitors and conveyancers will be happy when working towards a short deadline; this means a quick turnover that will not take up much of their time, and it is also much more fun that way.

In the UK, an average of 8 – 12 weeks of conveyancing time is expected for one to complete a transaction depending on some factors.

  • The Chain – The transaction most of the times does not only involve the seller and the buyer. Many at times the property may change a couple of hands before it finally reaches you. The conveyance process and the transaction as a whole depend on the number of parties involved. The shorter the chain the faster the process. The process is also dependent on its weakest link. If one party takes a long time, then the process will take longer. For the quickest results, one needs a short chain and individuals taking very little time at every process.
  • Financial Transactions – It is always better to carry out your transaction in cash as it is the fastest way for cash to flow. Mortgage lenders might take much time to release cash thus causing a delay in the whole transaction. No matter the mode you choose one has to ensure that you can access cash when it is needed.

At the end of it all the speed and duration of conveyancing time all comes down to you and your conveyancer, you should ensure that you have the best man for the job.