It’s understandable that when selling or buying a property that you’ll want to complete the transaction as soon as possible and understand the timings involved. Here we provide some answers to questions you may have about this.
How long does the conveyancing process take?
There are different stages to the conveyancing process. These include the solicitor obtaining confirmation that the buyer has a mortgage or money to buy the property, drafting contracts, arranging local searches related to the property being bought, and keeping in contact with all parties involved. It can take 3-4 months and more at the moment due to current high activity in the property market.
When will contracts be exchanged after being signed?
The process depends heavily on conveyancing solicitors to make the contracts available. The buyer must also have the deposit ready for the exchange to be completed, and the building insurance activated as a new owner.
When are contracts usually exchanged?
Once contracts have been signed the Conveyancing solicitors will usually decide to exchange contracts soon after (usually around midday on a chosen date) at which point the buyer is legally obliged to buy the property. The completion of the purchase (and when the keys to the property are released) usually then takes place within the next two weeks. Sometimes exchange and completion happens on the same day.
It may be possible to delay completion, particularly if the seller needs more time, but this has to be agreed between all parties before exchange.
What is the timescale for selling a house from offer to completion?
Normally, it can take between 6 and 13 weeks, but this depends on your conveyancing solicitor, your local authority, and other parties involved (including yourself) in handling paperwork and requests. It is therefore vital to keep track of each stage and provide the right information, or to respond as quickly as possible to enquiries.
Buying or selling a home can raise a number of questions. For further information, please refer to our Conveyancing Seller Package, Conveyancing Buyers Package, or our Guide to Selling and Buying.
You can also get the support of one of our branches, which can act as your agent.
The Reeds Rains Content Marketing Team
