Is There a Way to Speed Up Conveyancing?
Conveyancing a house can be an enormously important milestone, and everyone wants the process to go as quickly and smoothly as possible. Unfortunately, conveyancing can take anywhere from 12 weeks to complete.
One of the major factors affecting conveyancing speed is communication. Buyers and sellers should stay in contact with their estate agents and solicitors to guarantee the transaction moves along smoothly.
1. Communicate with your conveyancer
With an unprecedented high number of property sales taking place over the last financial year, conveyancing firms are under immense strain to keep up with demand. To remain successful, they need to provide their customers with top-notch service while managing more cases than ever before.
One way to expedite online conveyancing is by communicating with your solicitor as soon as possible. Doing this allows them to have all the information they need and prevent any delays. Furthermore, asking for property searches ahead of time can save a great deal of time and hassle in the future.
It’s essential to do your due diligence on a property before buying it, as this can help determine if there are any issues with it. These could include debts secured against it, illegal changes made to the structure or an increased risk of issues like flooding or subsidence.
When purchasing property, investing a few hundred dollars into property searches is well worth the expense to ensure there are no hidden issues that could cost you tens of thousands in the long run. Furthermore, take the time to read through each report carefully as there may be plenty of small print you are not aware of.
Be mindful that some issues may only become evident after the transaction has been closed, so be prepared to address any problems that come up during conveyancing. This includes reaching out to your conveyancer with any issues so they can be addressed properly and swiftly.
If you are dissatisfied with your conveyancer, contact either the SRA (for solicitors) or CLC (licensed conveyancers). They can offer guidance and suggestions on how to resolve any complaints that arise.
2. Ask for property searches early on
House purchase or sale transactions involve a significant amount of legal and administrative work. Your conveyancer will typically handle most of this for you, but there are steps you can take to expedite the process.
Once you have officially accepted an offer on a property, ask your conveyancer to order property searches. These can range in cost from under PS30 to just below PS300 depending on the council and may include various types of searches.
These can identify a range of potential issues which could impact your new home. These could include environmental concerns (like contamination or flooding) or planning permission that needs to be obtained after you move in.
By gathering this information as soon as possible, you can begin the process of prepping to buy before it’s too late; that way, the property will be legally secure and ready for you to move in. Furthermore, doing some independent research and speaking to neighbours will give you a better insight into the property’s characteristics.
Another way to expedite the conveyancing process is staying in touch with your solicitor. This could be as straightforward as calling once a week to check on progress.
Final tip: Make sure you have a firm grasp on your finances and which mortgage product best suits your needs. Doing this ahead of time can save time and money in the long run, so take control of these decisions now.
Regulated searches are an integral part of the legal process, so make sure your conveyancer orders one as soon as possible and secures it using search companies if needed. They will be able to detect any issues that need further investigation, giving you peace of mind that the property is secure and you can continue with the sale without fear.
3. Keep in touch with your solicitor
Conveyancing is an essential step when purchasing or selling a home. However, it can take an extensive amount of time.
Conveyancing can take up to 12 weeks or more to be completed, as it requires verifying legal contracts and conducting property searches.
There are a few steps you can take to expedite the conveyancing process. The first is staying in contact with your solicitor on a regular basis.
Maintaining contact with your solicitor is an effective way to stay informed on the progress of your house purchase. Doing this allows you to detect any nuances or issues that need resolving quickly.
You may request a gift deposit be held on your behalf, allowing you to complete the transaction without worrying about repaying any money received as a gift. This way, any extra funds received as a present are securely placed into an escrow account for future use.
If your child has received a gifted deposit, it is wise to have your conveyancing solicitor draw up either a declaration of trust or deed of trust. Doing this will guarantee the money remains secure in case they divorce or separate.
In certain instances, you can even request your conveyancing solicitor to send a letter to the lender asking them to accept your gift deposit as an actual donation. Doing this can save time and ensure the conveyancing process is completed quickly.
Your solicitor’s frequency of contacts depends on where you are in the process. At the start, there may be less work for you to do and so may not feel compelled to check in often; however, nearing completion, there will likely be an even greater desire to stay connected.
4. Ask for a gift deposit
Gifted deposits are a popular way for first time homebuyers to get their dream homes. These funds come from family members and are given without any obligation on the buyer to repay them.
However, it’s essential to be aware that if you receive a gifted deposit, your mortgage lender must be made aware at the start of the conveyancing process. This is in order to comply with anti-money laundering laws and prevent the gift from being misused for illegal activities or placing you at financial risk.
To prove the money received as a gift, most lenders require a letter from the donor/s stating they have no rights or interest in the property being bought and no expectation of repayment. This document, known as a Gift Deposit Letter, must be signed by both parties and witnessed.
Saving for a deposit can be a great help if you’re having difficulty saving enough and it could help expedite the property ladder process. But it’s also worth remembering that gifts from non-relatives, such as aunts, uncles and cousins, tend to be seen by lenders as riskier investments, so they may not accept them in certain instances.
It’s wise to notify your solicitor of a gifted deposit as soon as possible, giving them time to collect all relevant information and evidence. Neglecting to do this could result in delays with the mortgage offer or even its withdrawal altogether.
When it comes to conveyancing, service levels can vary drastically; some traditional firms outperforming their tech-driven competitors. But it’s essential that you select a solicitor who takes an active approach in your transaction and acts for your mortgage lender as well.
5. Take a proactive approach
If you want to expedite your conveyancing, it is essential that you take a proactive approach. This typically entails tracking down any aspects of your case which aren’t progressing as quickly as expected and communicating regularly with both parties’ solicitors in order for everything to go through as smoothly as possible.
When communication breaks down during a critical step of your conveyancing process, it can drastically slow down progress. According to one-third of respondents to a Veyo survey, 35% experienced issues with their conveyancer due to ineffective communication.
It could be due to a number of reasons, such as lack of experience or expertise in the area, or an inability to communicate clearly and effectively with you. It could even be that they’re not on your mortgage lender’s approved solicitor list.
Any legal company not licensed to act for your mortgage lender should be avoided at all costs. Only use licensed conveyancers on your lender’s panel, and they must carry out additional due diligence in order to help secure the mortgage.
If you’re having issues with your conveyancer or are dissatisfied with the service provided, don’t be afraid to file a complaint. All firms should have their own complaints procedure in place so make sure that you follow it and ensure all details of your grievance are recorded in writing.https://www.youtube.com/embed/5h6gWGvvytg