How Long Does Conveyancing Take With No Chain?
For an ordinary, no hold ups, straightforward property purchase, conveyancing can take between 6 to 8 weeks, though 12 weeks is a more realistic estimate of time scale. When you receive your solicitor quotes from our conveyance quote engine, you can clarify timescale before instruction. In some cases however, the process can be much shorter and in exceptional cases, usually those with no onward chain (being therefore chain-free), the process can be completed in as little as 4 weeks. (On the other hand, it could take much longer and be fraught with delays).
If a property is considered ‘chain-free’ this means that it is being sold by someone who does not need to purchase a new property after they sell. For example, the seller might be moving abroad, or might be a property investor, or a property could be being sold on behalf of someone who has passed away. Only 10% of all property transactions in the United Kingdom are chain-free.
New build properties are chain free. When you are buying a new home straight from the housebuilder, there is no onward chain. Some housebuilders even have Part Exchange offers, so you don’t have to worry about problems with selling your current home.
Generally speaking, the smaller the chain, the less likelihood there will be of delays since it is usually people that cause the problems when moving house, which impacts on the process for all involved. The smaller the chain, the less people there are involved and the less risk there is of hold ups, so conveyancing with no chain increases your chances of a quick transaction.
This is of course good news if you are hoping to move into your new home as soon as possible. As long as the paperwork is completed and filed in a timely manner, there is little reason why a chain-free property sale or purchase should take much more than a month. Though please note that even without a chain there are still factors that can cause a delay. Exact time scales are impossible to determine.
Online conveyancing has helped to speed up the conveyancing process, especially for simple property sales. This is because information can be exchanged instantaneously, communication can be made outside of usual office hours since emails and form completion are not bound by time constraints. Buyers and sellers can make requests and upload details at any time of day, allowing searches to be initiated and forms to be filed first thing the next morning. Queries and delays can be resolved within hours, rather than taking days or even weeks to address, and this again speeds up the conveyancing process.
When making enquiries into your conveyance quotes, you will notice that the speed and efficiency at which you can instruct a conveyancing solicitor is also much quicker that traditionally.
The sale process can still be held up in a number of ways:
Complex funding: When you have made your conveyancing comparison, you should let your solicitor know if the funding process is complex. Once you have all your solicitors quotes, you should inform your chosen company if you are making a purchase with the help of loans from relatives, for example, in which case the paperwork can take a little longer to complete.
Getting a mortgage: Whilst a mortgage in principle can be acquired fairly quickly, securing the actual funds is a different matter. It can take around a month from making the application to receiving a formal mortgage offer. It is a highly protracted process which should be factored in to the conveyancing timeline. Also, if the purchase price has changed since the initial mortgage offer, it is likely to delay the mortgage application further.
A cash sale will usually be the fastest way to complete conveyancing, while a straightforward mortgage is also reasonably speedy once approval is granted.
Surveys: The mortgage company will also require a survey of the property. A slow surveying process can delay the progress.
Search delays: Can also slow down the process, especially in spring when there is usually a surge in the desire to move home. Conveyance compare in high season and you can expect to wait a little longer for a result.
A chain is just one of many reasons that conveyancing can be held up. It is the most common reason, due to the complexities of arranging mortgages and purchases by everyone in the chain: a delay on one sale can hold up the entire chain. It is important that you choose carefully from your solicitor quotes and communicate your desire for a quick, hassle free transaction.
Tips to speed up the conveyancing process
The most effective way to speed up the conveyancing process is look carefully your solicitor quotes, examine the services they offer and appoint an experienced conveyancing solicitor to manage your purchase. Ask that they stay in regular contact with you, and chase them up if you think things are taking too long.
Ensure your funds are readily accessible and that the speed of transfer is guaranteed. This will aid the speed of the conveyancing process. If you are applying for a mortgage, be well prepared with all the necessary documentation bank statements, pay slips etc… as this can go backwards and forwards until they are satisfied.
If you are prepped ready you can help speed up the Conveyancing Process and get in your new home sooner.