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Tips For A Fast Conveyance As A Buyer
Understandably many buyers need a fast completion and are unable to wait the 8-12 weeks an average purchase takes to complete. At In-Deed Conveyancing we are often asked by buyers what they can do to help speed the conveyancing process up.
Unfortunately, when buying a property, there are many factors beyond your control. This includes mortgage lenders, waiting for search results, the chain and the other side’s conveyance solicitor. That is partly why chain-free, cash purchases are usually the fastest to complete. However, as a buyer, there is plenty you can personally do to keep things moving and to make sure you meet your deadlines.
Arrange your finances early
Mortgage lenders are notorious at holding the conveyancing process up so in an ideal situation you will be a cash buyer. If you are getting a mortgage and need a fast completion it may be worth letting your mortgage lender know. By doing this they can then work to your deadline or advise if they are even able to meet it. Knowing this information could ultimately affect the lender or mortgage you choose.
Hint: - It is not uncommon for mortgage lenders to take a long time to post documents to your conveyance lawyer. Ask your lender if they can fax documents to help speed everything up.
If any finance is being provided by a friend or family member your lawyer may require further information, such as whether the money is a gift or a loan to be repaid. Your lawyer may also need your friend or family member to provide proof of funds, sign a document or provide certified ID.
Hint: - Let your conveyancing lawyer know as early as possible if you are receiving funds from a family member or friend. Doing this gives everyone plenty of time to complete the extra documentation.
Complete the initial documentation and pay for your searches as quickly as possible
When you first instruct your conveyancing lawyer will need you to fill in some forms and send them your certified identification. Completing this quickly means your lawyer has everything to hand when they receive the sale contract.
Similarly, paying for your searches (with In-Deed this is £260) and confirming when you want these submitted (e.g. immediately or after survey results/mortgage offers etc.) will keep everything moving swiftly.
Hint: - It is important to remember that search results can take some time to be received so the earlier these are submitted the greater the chance results are received before your deadline.
Submit enquiries to the seller swiftly
Once the sale contract has been received your conveyancing lawyer will submit enquiries to the buyer and their lawyer. These may be based upon detail in the sale contract, as a result of the searches or perhaps for clarification over fixtures and fittings etc. Your lawyer will also send any questions you have.
Hint: - If you have any specific enquiries you wish to ask the seller it is best to get these to the seller as quickly as possible in order to give them time to reply. Although some enquiries will be easy to answer, others may require the seller to supply documentation, which may have to be obtained from third parties.
Once enquiries are submitted you can choose to send additional enquiries. It is important to give these to your conveyancing lawyer quickly as waiting for answers could potentially delay the conveyancing process.
Get all the signed documentation to your conveyancing lawyer in advance
Send your signed contract, mortgage deed, transfer deed etc. to your lawyer as early as possible as they will unable to exchange contracts until these are received. It is important to remember your conveyancing lawyer is likely to only accept signed originals of some of these documents and they will need to be posted.
Rather frustratingly, as a buyer, you may often find yourself waiting around. You may find yourself waiting for:
- The sale contract – This is sent by the seller’s solicitor towards the beginning of the conveyancing process. Unfortunately there is a limited amount your lawyer can do until this is received.
- Search results – Search results could take 1-3 weeks to be received and the speed is determined by where the property is based. Fortunately a lot of other tasks can be completed whilst waiting for these.
- Answers to enquiries – Enquiries can take some time to be answered by your seller, especially if they need to speak to third parties or obtain documents.
Your lawyer will always try to speed the conveyancing process up by regularly chasing your seller’s solicitor. You may also want to chase the estate agent and/or seller on a regular basis to also keep everything moving. Make sure you tell your lawyer when you are chasing so the seller does not feel hassled.
A leasehold or share of freehold purchase is always going to be more complicated than a standard freehold purchase. This is due to the addition of another third party, either a management company or landlord.
Firstly, your seller will need to pay for a leasehold or information pack from the management company/landlord, which your lawyer needs to receive with the sale contract. Frustratingly these can take some time to be prepared and sent.
Secondly, you and your lawyer is also likely to ask questions which need to be answered by these bodies and they can take some time to respond.
Although you cannot make a management company/landlord move faster stressing the importance of speed to your estate agent and seller and having your lawyer highlight the same to your seller’s solicitor could help keep everything moving.
At In-Deed we combine an experienced and dedicated conveyancing lawyer with a secure online system so you can manage your purchase easily on a day to day basis. Our lawyers are proactive and will always endeavour to meet your deadlines so please let your lawyer know if you require a fast completion. You can read what previous clients have said about us on Feefo.
Alternatively, get an instant online conveyancing quote. All our quotes are protected by our no completion, no fee policy. We also do not charge for expedited transactions (fast completions) or simultaneous exchange and completions.