It is the legal process of buying and selling homes. Conveyancing deals with the legal transfer of home ownership from one owner (seller) to another (buyer).
The process begins when an offer on a house is accepted to when the keys are released. A solicitor or conveyancer oversees the legal conveyancing process. You could do the conveyancing yourself but if you have a lender you must instruct a solicitor or conveyancer.
How long does it take?
The conveyancing process timeline depends on a lot of factors. Such as whether there is a chain of properties being bought and sold at the same time, whether the property is freehold or leasehold, whether external elements are a factor like the need for probate certificates or private charges and so on.
The conveyancing process timeline is usually around 12-16 weeks however this may be shortened if you are a cash buyer with no chain. Current market climate has seen the conveyancing process timeline stretch to some 5 month average nationwide.
Based on a conveyancing process timeline of 12-16 weeks however, the process would look something like this:
Pre Contract work, instruct conveyancer, instruct local searches, get survey, get draft contract pack in = 2 weeks (approx)
Arranging a mortgage = 4 weeks (approx)
Draft Contract: reviewing survey, local searches, answering enquiries = 2-10 weeks (approx)
Time between exchange and completion = 1 week (approx)
Total time from an offer being accepted to completion = 12-16 weeks (approx)
Process of buying a house
Step one of how to buy a house, save your deposit and check all other finances to check you can afford it.
How to buy a house step two see how much you can borrow.
How to buy a house step three, find a property and put an offer down
Next step once the offer is accepted instruct a conveyancer, note the national average to get to an exchange of contracts is currently 5 months at AVRillo we are proud to say we beat this national average and aim for 3 months.
This is not a fast process and with good reason, the potential issues that you can come across can be massive both financially and mentally having an impact on your pocket health and relationships if it doesn't work out as planned.
How to make the house buying process faster
You may be lucky enough to get gifts from family members to get you on the property ladder, that will reduce your time to save.
Make sure you keep an eye on your credit score, this will help with your mortgage application, and provide the lender all the documents they request as soon as they request it as they lender is under no obligation to lend you the money so the speed is not their top priority you need to make sure you are fast to reduce delays.
You can use quick conveyancing solicitors in London like AVRillo as they are faster than the national average, so speed is something they are interested in but not the only thing as getting things done right is the number one priority. AVRillo are also the top licensed conveyancing solicitors in Nottingham.
Do what your conveyancer asks when they ask, log in to your online portals to keep updated and email your Conveyancer with updates where possible.