Delays during the home buying process are frustrating. But, as Stephen Ward explains, in many cases the hold-up may be down to a diligent lawyer. Here he explains how to manage your expectations on transaction times and what you can do to speed things up
How long does it actually take to buy a home?
Anywhere from six weeks to six months, depending on who you ask.
Most conveyancers will give you an estimate, and eight to 12 weeks is the most widely quoted.
However, since 2020 and especially since the Stamp Duty Land Tax holidays in 2021 and 2022, transaction times have commonly become much longer. That is partly because of the volume of transactions alongside general pandemic pressures that we see across many industries.
Outside of the sheer pressure of the amount of activity in the home buying and selling market, there are multiple factors that can affect the time it takes between having an offer accepted and getting the keys. The chain – if you’re in one, the buyer, the searches and how long they take to come back, for example.
Some progress is being made to streamline the process such as digital identity checks, a practice that has been adopted by the majority of CLC-regulated firms.
However, the truth is that conveyancing is not a simple process, but it is a vital one to ensure that buyers understand exactly what it is they are buying.
What are you waiting for?
Conveyancers carry out the legal work necessary to transfer ownership of a property from the seller to you. It is their job to protect your interests and flag, at an early stage, any potential issues that may affect the purchase.
When delays arise, it’s often lawyers who get blamed, but the importance of their due diligence should not be underestimated.
Without it, you may end up buying a property with problems that make it unsaleable in the future.
For example, there may be a ‘restrictive covenant’ which limits what changes you can make, or confusion over boundary lines between yours and the neighbouring property leading to disputes over who owns what.
Your new home could stand on contaminated land or contain a water main, requiring access for repair and maintenance, which may scupper plans for an extension. There may be a planning application pending or approved to build a railway line right past your front door.
These are genuine risks and they are the reason why the time taken by your conveyancer to carry out detailed enquiries and searches is vital.
Some matters may also be outside your conveyancer’s control. They can only progress matters as quickly as the other parties allow and local authority searches, for example, can be a postcode lottery.
Research by Compare My Move last year found searches took as little as 24 hours or as long as 36 days depending on the area.
What can I do to speed things up?
Certain things have to be left to your lawyer, but you can save valuable time by preparing in advance.
Research conveyancers and make sure to choose whoever best meets your needs – all licensed conveyancers are now required to publish clear information about service, including estimated timescales and price, most of which is available online.
You should also think about your preferred method of contact. If you’ll struggle to meet in person or pick up calls during the working day, it may be sensible to go with one of the many firms that deal with matters remotely via email or portals you can log into to monitor the progress of your case when it is convenient for you.
Once you’ve found a property, you should consider appointing a conveyancer straight away so they can make a start on the legals while your offer is finalised.
If you’re able to get a ‘mortgage in principle’ at the start of your search, it will give you a clear idea of your budget and show sellers that you’re a serious buyer.
Both your lender and conveyancer will also ask for certain documentation in order to confirm your identity and check source of funds, a strict requirement that safeguards against money laundering and other types of fraud. This is likely to include your passport and recent bank statements, payslips and household bills.
If you’re selling a property, it’s also a good idea to pull together the deeds, details of mortgage and of any work carried out. Check whether paperwork has to be physically posted or can be scanned in and sent in an email.
The quicker you have all this to hand, the sooner you can get the ball rolling.
Peace of mind when buying your home
Regulated means reliable – and is also a requirement of most lenders when there’s a mortgage involved. We closely monitor all of our regulated practices to ensure they comply with our high standards, which also means you are protected should anything go wrong.
All of our firms must have professional indemnity insurance and we operate a compensation fund for specific rare circumstances where consumers have incurred losses.
Our secure badge should be prominently displayed on the websites of our regulated firms which when clicked on, should take you to our website here.
Stephen Ward is director of strategy and external relations at the Council for Licensed Conveyancers
