|
|
How to speed up conveyancing
Whether buying or selling a property, you will want to complete the process as quickly as possible. But first, you must place yourself in the hands of a conveyancer to deal with the ‘legal side’. It’s a necessary process, but the part you invariably believe slows the transaction down.
However, never lose sight of the fact that your conveyancer will be as keen as you for your sale and purchase to complete. Forget any notion that solicitors string out the process for personal advantage. Most conveyancing is on an agreed fixed fee basis – a fee the conveyancer only receives on completion.
Most importantly, the conveyancing process protects you, particularly if you are purchasing. So, whereas your surveyor advises you on the physical condition of your proposed new home, your conveyancer ensures you know exactly what you are getting from a legal perspective. This involves considerable work, with much of the required information gathered from third parties, which takes time. Nevertheless, there are steps you can take to help reduce the length of the transaction.
For buyers
Ensure your finances are in order
Having a mortgage agreement in principle (AIP) means you satisfy the lender’s eligibility criteria. This can help speed up the overall home-buying process, as you will know how much you can borrow. Evidence of an AIP also increases your appeal to a seller and their estate agent. According to a Which survey in 2019, 62% of first-time buyers had an AIP before making a formal mortgage application.
For sellers
Improve your home’s legal kerb appeal
Before marketing your home, you will likely invest considerable time and expense improving its cosmetic kerb appeal. Indeed, perhaps your makeover is so complete you will question your decision to sell! However, it’s less likely you will give as much, if any, thought to your property’s attractiveness from a legal perspective. All that time, energy, and money spent to captivate a potential purchaser can prove wasted once their conveyancing solicitor casts an eye over the documentation.
Poor legal kerb appeal often delays the conveyancing process and can even result in your sale falling through. Whilst your misty-eyed buyer will likely accept the odd unwelcome surprise, their solicitor will not wear the same rose-tinted spectacles. After all, they also act for the mortgage lender.
Improving your home’s legal kerb appeal involves addressing legal problems before you find a buyer. For more information, see our earlier article: Improving your home’s legal kerb appeal.
Instruct your conveyancing solicitor early
As a seller, an easy step to shorten the conveyancing process – sometimes considerably – is to instruct your conveyancer as soon as you market your property. Estate agents always recommend this to sellers. But in reality, many wait until they accept an offer before even beginning to request conveyancing quotes.
You may not realise that much legal and administrative work can begin before finding a buyer. See our earliers article: Sellers – the importance of instructing your solicitor early.
For buyers and sellers
Always instruct an experienced conveyancer
Instructing on recommendation is usually best. Avoid the online conveyancing ‘factories’. Those who use them discover that one person does not deal with their transaction from start to finish. Indeed, a common complaint is the inability to speak to the same person twice.
In addition to continuity, an experienced local conveyancing solicitor is well-versed in any issues relevant to properties in your area. And they are very likely to have previously encountered other properties close by. Another advantage for my clients is that I can recommend other local professionals and services.
Communication
As the transaction progresses, your conveyancing will inevitably require further information from you. Typically, this enables them to answer questions raised by the other party’s solicitor. Responding promptly to your solicitor helps to keep the process moving forward.