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by
Leanne Smith |
One of the first questions we are always asked by clients is
"How long will my transaction take?".
This is really the old
proverbial "How long is a piece of string?" question, and the
answer is always the same - it depends on the individual
transaction as no two are ever quite the same. Unfortunately,
you can only move as fast as the slowest person in the chain
but 2-3 months is probably an average time.
The length of the chain and the efficiency of all parties
within it are the main factors that make the difference but
there are some things that you can do to help this process
along:
- It is essential to return all documents and information
immediately.
- Try to ensure that you supply us with all relevant
information on day one. Basic details such as your current
mortgage account numbers may seem obvious but it is
surprising how many people forget them! Without these we
cannot request your title deeds.
- Make sure information supplied to the mortgage company
is correct and current and be sure to return all forms
speedily.
"We have learned to
accept
that many other legal firms are
not as efficient or as well organised
as we are!" |
If you are selling, then as soon as your title deeds arrive
(we cannot do much without them!) a contract will be drawn up
and sent to your purchaser's lawyers. The time it takes to
receive a reply will depend on the conveyancer on the other
side - some raise enquiries immediately while others wait for
searches and mortgages to come in. We can chase, of course,
but if you attempt to force another lawyer to move faster by
pestering them every half hour, you may end up actually having
the opposite effect to the one you are seeking!
Most purchases involve obtaining a Local Authority Search.
On average these take about 2-4 weeks depending on the area
and, at the present time, conveyancers are unable to vary this
timescale. Once all councils are capable of doing these
searches online it will greatly assist the process.
Leasehold transactions depend on management
companies/landlords sending through essential documents and
replies to enquiries. Therefore, if you have any relevant
documentation please supply it to us at the outset, especially
accounts for the last three years and recent receipts for
service charges and ground rent.
Once all enquiries have been answered and all searches and
mortgage offers received, the contracts will be sent out to
you to be signed. Two weeks is the norm between exchange and
completion to allow sufficient time for post exchange searches
and enquiries to be dealt with, redemption figures to be
received, money to be requested and cleared and, more
importantly, to give you time to pack and prepare for the
move.
One thing you can rely upon, our team will always do
everything in their power to ensure that your transaction
completes as soon as possible.
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