Tips for speeding up the Conveyance process
2nd August 2017
Tips for speeding up the conveyance process
Belts are tightening, mortgage lenders are asking a lot more questions and delving deeper into your financial history before saying yes to a loan, and bricks and mortar simply aren't moving as quickly as before. House prices are still growing (mostly), but at a considerably reduced rate compared to 2016, Pre-Brexit. However, if there is one thing that really puts the brakes on a house sale, it is the paperwork. So how can you speed up the conveyancing process?
Know the pinch points
There are several pinch points that can complicate your house purchase or sale, including:
The conveyancing process
While each of these can act as a roadblock to a successful sale or purchase, the top pinch point has to be conveyancing.
What is Conveyancing?
Conveyancing includes all of the information you need in order to make a transaction. That can include information on planning permission, the title deeds, probate, and gathering material from local authorities. You also have to bear in mind that your conveyancer is not just working on your property sale/purchase, but a dozen others, too.
Just like a jigsaw, to successfully sell or buy a house you need to have all the pieces in place. That means ensuring you have finances confirmed (through a mortgage or loan), that you have chosen all the criteria for your ideal property, and that you have already got your conveyancer in place before you start.
The big slow-down
The pre-exchange period, the point at which the contracts are reviewed, really slows things down to a crawl. This is when your conveyancing expert is waiting for other people to supply them with information, whether it is mortgage agreements, a draft contract, search results, or copies of other documents such as planning permissions. Even in this digital age, 'radio silence' can happen and it is very disconcerting for the client to wait for days or even weeks without a peep from the conveyancer. If you want to avoid that nerve-wracking wait then ask to be blind copied on all outgoing emails so you stay updated, as well as letting you spot any potential problems earlier.
How to get things moving
- Cut down the delay time by finding a conveyancer as soon as you start looking for properties. Look for an experienced conveyancer who holds the right quality marks such as LawNet Quality Standard ISO 9001:2015
- Get everything in place such as finances and certified identification
- Look for properties without a chain. This can shave months off the completion time and make things much easier for your conveyancer, as they are not left hanging while the next property in the chain finalises their mortgage arrangement or completes a survey.
- Get organised. Make sure all your ducks are in a row, that you have all the paperwork in place and that you stay on top of the process from day one. Work with your conveyancer to speed the process up and always have all those important documents at hand.
Note: This is not legal advice; it is intended to provide information of general interest about current legal issues.