We are often asked the question, ‘Why is the conveyancing taking so long’?
You’ve found your ideal home, had the offer accepted and now want to get going and book your removals van. However, the house purchase process takes time and we often get asked ‘what is taking so long?’ to get to exchange and completion.
The conveyancing process is often complex with various stages that need to be met and until this is achieved then progress can grind to a halt.
First Steps
In the first instance, we would advise that you speak to, and instruct a solicitor before finding a home. Information gathering is a large part of the initial stages for all house purchases and if you are ahead of the game, with your solicitor already on board, it will speed up the process. This includes obtaining:
- Proof of Identity
- Proof of origin of funds (to comply with money laundering legislation)
- Mortgage offer
Once your offer has been accepted and the wheels are set in motion, the initial excitement may fade as it turns into a bit of a waiting game. However, if you have got all your information in place up front then it is just a case of waiting for the other side.
What are you waiting for?
- The fixtures and fittings forms from the sellers take time to complete and as do any building regulations, certificates for extensions, windows etc
- The mortgage provider also requires copies of all the certificates too. If a property is close to HS2 for example additional searches will also be required
- Missing planning permission documents
- Tree Preservation Orders
- Lack of building regulation documentation
Your conveyancing team will look for gaps in the seller’s package and make sure that all documentation is in place. This is called ‘raising enquiries’. Given it is ‘buyer beware’ with all house purchases it is your solicitor’s job to make sure that you have all possible information available.
Having the monies in place can also take time
All monies need to be in place with the solicitor for the day of completion. Origin of all funds will also need to be confirmed. An indemnity insurance policy will also cover the lender if a gift sum is involved and will need to be put in place for a fee. Some mortgage lenders will attach conditions such as needing to have a credit card paid off before the money can be transferred.
Sometimes with a long chain it takes time for funds to flow through and CHAPS payments can take all day. Solicitors are often waiting for one payment in the chain to arrive before being able to instruct completion for the whole chain. Taking out Removals Insurance is wise in case your completion happens late and the removal van is forced to return to the depot (like lorry drivers they have set hours that they are permitted to operate).
There is a lot that can be done ahead of making an offer and again more once the offer has been accepted. If you get all your ducks in a row and have your documentation in place it will help to speed up proceedings and then hopefully shorten the waiting game and feeling of being in limbo.
If you would like any further help with your home search and/or conveyancing questions please do get in contact. Tel: 01494 6720856. Email: enquiries@chilternrelocation.com or visit: www.chilternrelocation.com
