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Tips For A Fast Conveyance As A Seller
Fast conveyancing is often important when selling a property. With the average property staying on the market for 90 days many sellers need a speedy completion once they’ve accepted an offer.
Typically it is third parties who hold the conveyancing process up. This could include mortgage lenders, waiting for the buyer’s search results, problems within the chain or the other side’s solicitors being slow. This is why the fastest sales are usually cash purchases and chain-free! Unfortunately, there is little you can do to help move these third parties along, but there is plenty you can do to make sure you are always prepared for the next step!
Below I have included a number of hints and tips of how to complete fast if you are a seller. Following these could potentially take weeks off of your conveyancing transaction.
It is highly likely that your buyer will need to wait for the sale contract before searches can be submitted and enquiries sent. For your conveyancing lawyer to create the sale contract you will need to fill in some forms including a sale questionnaire, fittings, fixtures and contents form and property information form. Your conveyance lawyer will also need certified ID for everybody listed on the title deeds. Completing these documents as fast as possible is important if you want a fast completion.
Hint: - With In-Deed we will send you these forms as soon as you instruct, even if you have not accepted an offer. This means you can complete this documentation in advance and have your lawyer draft the sale contract before finding a buyer. Doing this could easily cut a few days, even a couple of weeks off of your conveyancing! In-Deed offers this service completely free of charge.
Once the sale contract has been received your buyer’s lawyer will submit enquiries, which need to be answered by you and your lawyer. Answering these enquiries can take some time especially if you need to locate additional documents or request information from third parties. Once the answers have been received by your buyer they may choose to ask additional enquiries so the whole process could take a while to complete.
Hint: - To keep your sale moving, answer as many of these enquiries as quickly as you can. If there are some you cannot answer straight away explain why and when you expect to be able to reply. Doing this allows your buyer and their lawyer to submit any additional enquiries before they have received full responses and hopefully speed up the entire conveyancing process.
In order to exchange contracts your conveyancing lawyer will need to receive an original copy of your transfer deed and contract.
Hint: - Returning these a week or two before completion means your conveyancing lawyer has them to hand as soon as your buyer is ready to exchange contracts. With In-Deed your lawyer will upload these onto your online In-Deed account at the earliest possible moment to give you plenty of time to sign and return them.
It is important to note that a leasehold or share of freehold sale is always going to be more complicated than a standard freehold sale and on average these will take longer to complete.
Along with the sale contract your lawyer will need to send your buyer’s solicitor a leasehold or information pack containing information about ground rent, sinking funds, upkeep of communal areas etc. This information will need to be provided by your Management Company or freeholder. Occasionally these bodies can take some time to provide the pack and therefore could potentially delay the process by a week or two.
Hint: - In order to speed the process up you might want to consider paying for this pack before finding a buyer. This gives them time to prepare the details and have them sent to either you or your lawyer.
Once the sale contract and leasehold / information pack has been received by your buyer they may submit enquiries which need to be answered by the Management Company / Freeholder.
Hint: - In order to achieve a fast completion send these enquiries to them as quickly as possible. It is important to note that you may need to chase them in order to receive prompt replies.
With In-Deed you will work with an experienced and dedicated conveyancing lawyer and use a secure online system to manage your sale on a day to day basis. You can read what previous clients have said about our service here.
Or 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.