The UK average for how long conveyancing takes on a transaction is 8-12 weeks. There are often delays which extend the transaction and hinders how long the conveyancing takes beyond this period.
Why does conveyancing take so long?
Conveyancing is the legal side of the transaction to buying and selling property, there are multiple key factors which can slow the process down. Firstly, there are third parties in which we are reliant on for the conveyancing to progress smoothly. Secondly, the solicitors acting on the other side need to be responsive for us to move you as quickly as possible. This unfortunately is not always the case.
Most recently, we have had the stamp duty holiday which has exhausted the conveyancing industry due to the incredibly high demand and this has caused issues with how long conveyancing takes than it has prior to this due to the pressure on lenders, land registry, councils, estate agents and solicitors.
You should always choose the best conveyancing solicitors in London who can assist you in matters related to property buying and selling. AVRillo are also the top-rated Enfield conveyancing solicitors and the most reliable conveyancing solicitors in Loughborough.
What can you do to help with not having the conveyancing delayed?
If we are acting on your behalf your assistance throughout will affect how long the conveyancing will take. If you are a seller, you must provide supporting documents immediately such as planning permission, certificates etc. If you do not have certain documentation which would be legally required, we can explore indemnity options. If you’re a buyer you can assist us by ensuring your paperwork is filled out correctly with supporting documents, for example, source of funds – we need to satisfy AML which is again a detrimental part of the conveyancing process and can slow everything down if we’re unable to investigate quickly and thoroughly.
Our advice: To keep the conveyancing process to a minimum follow the above and instruct a firm which is known for getting the conveyancing done in a timely manner. In short, there is no real answer as to how long conveyancing takes, it is dependent on a multitude of parties.
The cost of conveyancing varies from firm to firm and transaction to transaction. Your total conveyancing cost will not be something that can be provided upfront, you will always be given an estimate.
Where can I find out what my conveyancing will cost?
When looking for a conveyancer to deal with your transaction you will be provided with a quote from your chosen firm. Firstly, there are legal fees plus VAT, this will normally be a base rate. The amount of the base legal fee will more than likely differ if you’re selling a leasehold property as opposed to a freehold property. Secondly, there will be disbursements which would include payments for searches, land registry fees and stamp duty. The quote provided to you will not always be the amount of conveyancing fees you will pay on completion if additional work is to be carried out.
When do I pay my conveyancing fees?
During your conveyancing transaction you will more than likely be asked for funds at different points, for example payment for searches, this will need to be paid as soon as the contract pack has arrived from the seller’s solicitor. If there is a management company or landlord and a management pack is required you will be asked to pay for this as soon as the contracts are drafted as they can take some time to arrive, you should normally pay this directly to the landlord/MA to avoid delays.
All other fees such as legal fees, any additional work, and stamp duty will be paid just prior to completion. You will be provided with a completion statement which you should review carefully to ensure you’re paying the correct conveyancing fees for your transaction. There will be a final amount for you to transfer but if you’re selling only the amount will normally just be deducted from your net sale proceeds. Your conveyancing fees will alter throughout and if your conveyancer is required to carry out additional work you should always check what the additional fee for that work is.
Our advice: Shop around for your conveyancer, don’t go with the cheapest firm because cheap conveyancing fees sometimes reflect the quality and speed of the work that will be done.