As you prepare yourself for all the paperwork and stress that come with buying or selling your property, you may be thinking about how long the conveyancing process is going to take. However, there is no exact timeframe that can be applied to every situation. Most of the time, the settlement will be finalized in a few weeks after all documents and paperwork have been signed and completed. However, the time period can be much longer or shorter depending on the situation of both buyer and seller prior to signing the contract.
There are many factors that come into play when it comes to transferring the property from one owner to another. It may be suspenseful to wait for the process to finish.
Conveyancing: An FAQ Guide to Closing The Real Estate Deal
If you are in the process of selling your property, it is reasonable to want to know what this process entails and how long it will take. You may be curious as to how the entire process works, especially if it is your first time engaging in a real estate transaction. Here are a few questions that may have been on your mind:
How long does the process take?
Realistically, there is no exact time scale that even the most seasoned real estate brokers can quote when it comes to the transfer of ownership of a property. However, this process is supposed to have the customers in mind. Conveyance officers do not wish to make the waiting time any longer than it has to be. Their aim to be able to please their clients and work within the most reasonable time frame possible.
If you feel that the process is taking too long, it is best that you ask your conveyance officer about the reason. They will be happy to entertain you if you have any questions as to why the transaction has not yet been fully completed. They will be able to explain to you why the process is not yet finished and what you can expect from it. Although they may not be able to give you an exact timeline, they will be able to give you a rough estimate of how much longer you can expect to be waiting.
Is a Survey needed when I buy a property?
If you participate in a real estate transaction, no matter how clean-cut or straightforward the sale may seem, there will always be the need to involve a solicitor. Both sides of the real estate transaction (meaning both the seller and the buyer) will need to have a licensed conveyancer to help transact and deal with the mortgage lender involved. Keep in mind that these parties aim to make the transaction as smooth as possible. Even if you are the one paying your conveyancer, they will still have a legal obligation to the other party to ensure that the deals and contracts are fair and just.
Why do I need to pay a fee?
Whether you are a buyer or a seller in a real estate transaction, you will have to pay a minor upfront fee to get the process started. This fee paid at the beginning of the real estate transaction will usually go towards the nitty-gritty details that are necessary for the conveyance process to progress. Depending on the situation, the rest of the remaining balance may be paid down the line as the process nears completion.
What does the “exchange of contracts” mean in conveyancing?
A literal exchange of contracts will take place once both parties involved in the real estate transaction will agree on all terms. The buyer and seller will then need to sign the contracts at this point. A fee in the form of a deposit will be paid to the buyer and will be paid during the exchange of contracts. The deposit and signing of the contracts will make the transaction legal and binding.
There are, however, still instances where either the seller or buyer will back out of the contract and withdraw from the transaction, even at this advanced stage of the process. Should the buyer decide not to push through with the transaction, at this point, the deposit will need to be taken off them. However, the situation is more serious if the seller will decide to withdraw from the deal. In most cases, the buyer will opt to sue the seller if they decide to breach the contract at this stage of the process.
What things are crucial for both parties?
To avoid encountering any trouble or legal complications with the conveyancing process, it is important to make sure that the legalities of the contract are checked thoroughly before proceeding. The seller should also make sure that the house will be ready to be moved into before the agreement is finalized.
To make sure that no untoward incident happens after the exchange of contracts, it is crucial that both buyer and seller will be able to uphold their end of the bargain before signing. The buyer has to ensure that they are ready to invest in the property while the seller has to make sure that the house is fit to live in. This means making sure that the electrical wiring, water pipes, and all other aspects of the home are all in working order before even putting the property up for sale.
Why hire a licensed real estate conveyance broker?
There are many legalities and documents that may be needed when it comes to real estate deals. The speed of the transaction as a whole will depend on many factors including how quickly conveyance brokers will be able to get their hands on the correct information and documents from the other conveyance brokers involved with the transaction.
Whether you are buying or selling your property, it is wise to look into hiring the services of a licensed conveyancer to help you with the process. These professionals will be able to ensure that the process will go smoothly without any complications. Conveyancing officers will also be able to answer any questions you may have about any of the necessary fees. This will minimize the risk of any problems happening down the line, especially when the contracts will have already been signed. Conveyancing professionals will also be happy to answer any relevant questions you may have about what to expect after the transaction will be completed.
If you are interested in knowing the amount you will need to pay for the conveyancing process, you can use Conveyancing Fees Calculator UK. We provide instant online residential conveyancing quotations using our trusted and accurate conveyance fee calculator. Get your online quote from us today!